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Foreign enterprises have highest social insurance debt

Released at: 15:31, 11/05/2015

Foreign enterprises have highest social insurance debt

Unpaid social insurance by foreign enterprises rose 192% last year against 2013.

by Minh Tuyet

Foreign enterprises owed the most in unpaid social insurance dues in 2014, according to a government report sent to the National Assembly recently. It comes as something as a surprise, with the sector overtaking domestic non-state enterprises in having the highest unpaid social insurance debt.

Unpaid social insurance by foreign enterprises exceeded VND2.1 trillion ($98.5 million) last year, an increase of 192.48 per cent against 2013. Meanwhile, unpaid dues of domestic non-state enterprises was more than VND1.89 trillion ($87.4 million); nearly half the figure of the previous year.

The government also said that as at the end of 2014 total unpaid social insurance stood at VND5.578 trillion ($257 million), equal to 4.93 per cent total expected collections and a decline of 10.8 per cent compared to 2013.

Meanwhile, as at December 31 there were 9.2 million people covered by unemployment insurance, accounting for 80.5 per cent of those subject to insurance provisions, an increase of 537,221 people, or 6.2 per cent, against 2013.

Unpaid unemployment insurance in 2014 totaled VND336 billion ($15.4 million), or 2.95 per cent of expected collections, a fall of 41.3 per cent compared to 2013.

Social insurance debt is common throughout the country, but the government report for 2014 did not name those companies that were sued for unpaid debts, as happened in the previous year’s report.

The government has moved to sanction companies with large social insurance debts, such as dissolving them or ceasing their operations.  

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