Since 2013, Vietnam had adopted regulation to promote voluntary pension policy. Despite the high expectation, after more than three years of deployment, the market for pension insurance remains very limited. This thesis aims to explain the legal contracts which impede the development of pension insurance. The thesis also analyses the right of clients to terminate the pension contract and to withdraw money in advance of pension contract. Finally, the thesis reviews tax implications on current policies of corporate income tax and personal income tax applied for corporate and employee clients.As a result, this thesis proposes that pension regulation should admit the client right of termination of pension contract; extend the client right of withdrawal of money in advance in any circumstances. And last but not least, tax policies should be adjusted to ensure the fair tax treatment between voluntary pension and social pension.In this thesis, research instruments are used including survey, statistics, comparison and analysis to support for the persuasion.