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3.4 Pension provision

Commentary

3.4 Pension provision | Vietnam

Vietnam

State pension provision

Employees – including local and expatriate employees – contributing social insurances from 20 years or more, who have reached their retirement age (see 9.1 for more details), may be entitled to a pension upon their retirement.

The pension benefits – which are tax free – are currently determined in accordance with the below formula (Decree 115/2015/ND-CP, Art 7):

Pension = Pension rate × Average monthly contribution salary

In which:

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