The paper shows that the Vietnam's system of social security policies during its reforms increasingly supports risk prevention, mitigation and management, positively contributing to the implementation of targets for human development. This system, however, reveals many shortcomings, such as its limited coverage and low impact on beneficiaries. Since the system, in which all citizens are guaranteed to be engaged, should assure people's fundamental needs and increase its scope of impact, greater accountability of involved parties is required. Additionally, on the basis of synchronous development of all components of the social safety net, it is vital that the policy model, organizations in operation and/or services and finance resources providers be diversified and that the development of social security policies be attached to economic and social development.