Path to Vietnam's Welfare System Sustainability

Abstract

This research paper examines the Vietnamese welfare system, concentrating on its distinctive characteristics shaped by cultural influences, demographic demands, and the country's developmental trajectory. The four elements of Vietnam's social protection system are employment and guaranteed minimum income, social insurance, social assistance, and basic social amenities. The importance of cultural practices, such as street vending, in combating poverty and providing affordable food options cannot be overstated. However, the welfare system's sustainability confronts obstacles, such as low pension coverage, financial viability, an early retirement age, and limited participant benefits. The report suggests increasing pension coverage, enhancing financial viability, re-evaluating the retirement age, enhancing benefits, and bolstering social welfare programs. The purpose of these recommendations is to resolve obstacles and improve the sustainability of Vietnam's welfare system.