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Oct 27, 2023 / 21:48

Hanoi-based FDI firms pay $313 million to social security fund

The capital is home to 3,500 FDI enterprises, including 612 from Japan.

Hanoi's foreign direct investment (FDI) enterprises paid a total of more than VND7.7 trillion ($313.4 million) to the city's social security fund between January and September.

 Twenty Japanese companies operating in the northern region receive commendations from Vietnam Social Security. Photo: The Hanoi Times.  Photo: The Hanoi Times

According to Hanoi Social Security, the city is home to more than 3,500 FDI companies employing nearly 251,700 workers. Among them, there are 612 Japanese companies employing 115,000 people.

These Japanese companies paid about VND3.2 trillion ($130.2 million) to the city's social security fund in the January-September period, accounting for 41.7% of the total.

The Hanoi Social Security reported that with the increasing number of FDI and Japanese companies on an annual basis, their payment to social security has also increased.

Most FDI companies strictly follow the rules of the Vietnamese and Hanoi governments on social and health insurance, the agency said.

"It shows good compliance with the law and good ethics among these enterprises," Hanoi Social Security said at a conference with FDI enterprises in northern Vietnam this week. More than 100 Japanese companies attended the conference, with 70 of them operating in Hanoi.

The conference aimed to clarify the uncertainties of FDI enterprises on the implementation of social security and medical insurance regulations, to facilitate their long-term and stable operations in Vietnam, and to ensure the benefits and rights of employees.

At the conference, Nguyen The Manh, General Director of Vietnam Social Security, presented the "For Vietnam Social Security" medal to individuals working at Japanese organizations and agencies in Vietnam.

The Vietnam Social Security also gave commendations to 20 Japanese companies that have done a great job in complying with the rules on social insurance and medical insurance in 2023.

Among these companies, five are operating in Hanoi, including Nitori Furniture Vietnam EPE, Sumi Vietnam Wiring Systems Co. Ltd; Yamaha Motor Vietnam Co. Ltd., Panasonic Vietnam Co. Ltd. and Canon Vietnam Co. Ltd.