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blue-check Exchange rate used for calculation of social insurance contributions applicable in the last 6 months of 2020: VND 23,235 /USD

Announcement No. 1523/BHXH-QLT dated July 2nd, 2020 of Ho Chi Minh city Social Insurance Agency regarding exchange rate applicable in the last 6 months of 2020
Posted: 16/7/2020 7:59:44 AM | Latest updated: 20/7/2020 12:53:02 PM (GMT+7) | LuatVietnam: 5004 | Vietlaw: 467
VietlawOnline

This exchange rate shall be used for conversion of salary mentioned in the labor contract in foreign currency into VND upon calculating and recording social insurance contributions.

It should note that the signing of a labor contract with salary in foreign currency is only allowed with regard to foreign employees (Clause 14 Article 4 of Circular No. 32/2013/TT-NHNN).

Clause 1 Article 26 of Decree No. 115/2015/ND-CPstatus2 regulates:
Each employee having salary mentioned in the labor contract in foreign currency, the social insurance payment and social insurance recording shall be carried out as follows:
The monthly salary as the basis for social insurance payment in VND by converting the salary in foreign currency into VND according to the average exchange rate on the inter-bank foreign exchange market announced by the State bank of Vietnam on every January 2 and July 1. If the announcement date falls on a legal holiday, the exchange rate of the following date announced by the State bank of Vietnam shall be applied.
Ms Phuong Thao (VietlawOnline.com)
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PublishedVietlaw's Newsletter No. 467
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Foreign laborers