WB to help Vietnam Social Security in pension fund management

Deputy General Director of the Vietnam Social Security (VSS) Nguyen Dinh Khuong recently held a working session with a delegation from the World Bank (WB) led by financial expert Alwaleed Alabatani in Hanoi to discuss the launch of a technical support program for pension fund management.

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Khuong thanked the WB for assisting the VSS in improving its ability to manage pension funds and asked the lender to continue helping the VSS expand its investment portfolio and improve training, governance, and the capacity of its Department of Fund Management and Investment.

At the working session

Alabatani said building on the success of the first stage of the program (2017-2018) with a focus on training and improvement of pension fund governance, the WB will arrange financing to continue assisting the VSS in the efforts during the second stage from 2019-2021.

Earlier, the lender announced it had mobilized USD 500,000 from First Initiative Foundation to assist the Vietnamese government in pension reform.

Both sides agreed on a working plan to implement the technical support program based on priorities set by the government. They discussed the VSS’s fund management and investment, the supervision of private pension and the organisation of seminars on the field.

Source: VNA