Vietnam Proposes Abolishing Maximum 12-Month Limit for Pension Proxy Receipts

Vietnam's Ministry of Interior has proposed a legal amendment to abolish the maximum 12-month limit for proxy receipts of pensions and social insurance benefits. The proposal is undergoing review by the Ministry of Justice and is expected to be debated and passed by the National Assembly in October. Under current law, proxy receipts for pensions and social insurance benefits have a maximum validity period of 12 months from the date of establishment and require notarization. However, the proposed amendment seeks to remove this time limit, aligning proxy arrangements with civil law provisions. The Social Insurance Agency plans to manage beneficiaries by connecting with national databases, such as the population database and civil status records, to strengthen the verification of eligibility. The revised law aims to stipulate that pension and social insurance benefit payments will primarily be made through the beneficiary's bank account, with detailed implementation to be regulated by the government. Furthermore, social insurance books will be issued primarily in electronic format, with paper versions available upon request and holding the same legal validity. Currently, over 3.4 million people in Vietnam receive pensions and benefits. Among them, more than 11,500 individuals receive over 20 million VND (approximately $800 USD) per month. This proposed legal change is expected to provide greater convenience for many recipients, particularly the elderly living in remote areas or those facing difficulties with procedures due to illness.