On 15 October 2020 in Hanoi, BIDV and Vietnam Social Security 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 organizations 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 organizations 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. The 24/7 social insurance collection service via the social security portal allows individuals and organizations to link their accounts with BIDV to make 24/7 online payments for social insurance. The payments for social insurance are automatically accounted through the bilateral payment system, and information about the payment is automatically transmitted to the Social Security system.

Vietnam Social Security is one of the pioneers to apply information technology in serving people and businesses regarding social insurance and health insurance. In the first 9 months of 2020, Vietnam Social Security received and processed 52.7 million electronic documents of more than 500,000 companies and over 7,000 individuals, helping save time and costs for businesses and individuals.

The strategic cooperation between the leading state commercial bank in Vietnam BIDV and Vietnam Social Security has brought maximum benefits to social insurance payers and beneficiaries, creating favorable conditions for people 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.