Vietnam Revamps Employment Law

(MENAFN) Vietnam’s National Assembly approved significant amendments to the Employment Law on Monday, broadening access to preferential loans and extending unemployment insurance coverage, a local news agency revealed.

The updated legislation empowers the government to adjust loan eligibility criteria and interest rates flexibly in response to socio-economic changes. This measure aims to increase the number of workers able to secure concessional credit for job creation, job retention, and overseas employment opportunities, according to the state media report.

Previously, only specific groups could benefit from these loans. Now, the law includes workers at start-ups, innovation-focused enterprises, near-poor households, and businesses employing a high number of women or older laborers, effectively replacing the fixed categories of beneficiaries.

Moreover, the scope for overseas employment loans has expanded. Instead of being limited to disadvantaged or prioritized groups, all Vietnamese laborers working abroad under contract will now qualify for support.

In addition, the law broadens unemployment insurance eligibility. It will cover employees with contracts lasting at least one month as well as part-time workers earning monthly wages that meet or exceed the minimum level required for compulsory social insurance, the report noted.

The revised Employment Law is scheduled to come into force on January 1, 2026.

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