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Vietnam’s Social Insurance (BHXH) says the country currently has about 3.4 million people receiving monthly pensions and social insurance allowances. Among them, 2,410,910 people—around 80%—receive pensions ranging from 3 million VND to less than 10 million VND per month. BHXH also reports that 564,249 people receive pensions below 3 million VND per month, a level that may not ensure social security in retirement.
BHXH states that pension benefits are determined by the contribution base and the duration of contributions to BHXH. It says low pensions are mainly linked to a low contribution base, a shorter contribution period, or cases where retirees take early retirement, which reduces pension rates. Under the current rule cited by BHXH, each year of early retirement reduces the pension by 2%.
From 10 May 2026, workers will be able to improve their retirement income through an additional pension scheme under Government Decree No. 85/2026/ND-CP. Participation in this voluntary plan can be pursued alongside mandatory BHXH participation.
Under the framework, employers sign contracts to participate in the voluntary pension program with the fund management company. Based on the employee list, the fund manager opens individual pension accounts for employees.
Contributions to each personal pension account include employer contributions (if any) and employee contributions (if any). The contribution level for the supplementary pension is set through voluntary agreement between the employer and the employee.
The payout from the supplementary pension fund depends on the value of the personal pension account at the time of withdrawal. The rules on payout and the agreement between the employee and employer regarding the supplementary pension program apply.
Employees participating in the supplementary pension can choose to receive monthly payments, a lump sum, or a combination of both. Participants may also authorize others to receive payments.
In the event of inheritance, the legal heirs of a participant inherit all rights and obligations under the Civil Code related to the supplementary pension program.
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