WB offers Vietnam recommendations on social insurance reformThe World Bank (WB)’s experts have suggested Vietnam promptly reform its social insurance sector systematically in order to ensure the balance between collection and spending in the mid-and long-terms. According to the experts, Vietnam’s reforms in social insurance policy, which began in 2014, are not strong and visionary enough to deal with ongoing challenges. The total asset of the Vietnam Social Security (VSS) now accounts for 12 percent of the gross domestic product (GDP), the highest level. Vietnam should raise retirement pension at a rate lower than that of the salary and adjust retirement pension in line with inflation, they said. In reply, Deputy PM Hue said the WB’s assessments would help the Vietnamese Government complete a project on social insurance reform which will be submitted to the Politburo during the upcoming seventh plenum of the Party Central Committee.