Joining forces to boost electronic insurance payment

Dang tHang

Mr. Tran Long, senior EVP of BIDV (left) and Mr. Le Hung Son, Deputy CEO of VSS shake hands after signing the agreement in Hanoi

On 15 October 2020 in Hanoi, BIDV and Vietnam Social Security (VSS) signed an agreement on bilateral electronic connection and cash flow management.

This event marks BIDV’s continual efforts in accompanying Vietnam Social Security in deploying services and utilities for individuals and organisations to pay social insurance via electronic channels such as BIDV SmartBanking, BIDV Online, BIDV Business Online, the National Public Service portal, and the social security portal. Such utilities have facilitated individuals and organisations to pay social insurance fees, especially during the complicated development of the Covid-19 pandemic. The two sides also announced the official implementation of 24/7 social insurance collection service via the electronic social security portal after the signing of the agreement. This service allows individuals and organisations to link their accounts with BIDV to make 24/7 online payments for social insurance. The payments for social insurance are automatically accounted for through the bilateral payment system, and information about the payment is automatically transmitted to the Vietnam Social Security system.

According to Mr. Le Ngoc Lam, senior executive vice president in charge of BIDV's Board of Management, in recent years BIDV has strongly and comprehensively implemented the cooperation in collecting social, health and unemployment insurance with social insurance agencies at all levels. BIDV always ensures fast, safe, and effective standards for payment and collection transactions with social insurance agencies.

Vietnam Social Security is one of the pioneers in applying information technology to services for individuals and businesses related to social insurance and health insurance. In the first nine months of the year, Vietnam Social Security received and processed 52.7 million electronic documents of more than 500,000 companies and over 7,000 individuals, helping to save them time and costs.

The strategic cooperation between BIDV, the leading state commercial bank in Vietnam, and Vietnam Social Security has brought maximum benefits to social insurance payers and beneficiaries, creating favourable conditions for individuals and businesses to actively participate in social insurance as well as strongly promoting non-cash payments and administrative reform according to the direction of the government.

Last September, BIDV became the first commercial bank to successfully implement a bilateral e-payment system with Vietnam Social Security, helping to move social and health insurance collection/payment to electronic methods.