E-invoices have been mandatory in Vietnam since July 1 2022 for all taxpayers. The system promises to save time and money, which will contribute to greater efficiency of businesses and tax authorities.
All businesses must issue e-invoices to buyers, digitally report all their transactions to the tax authority (GDT), and register (on the GDT website) before using e-invoices, in order to obtain approval from the General Tax Department (GDT). Guidelines for the development of e-invoicing in Vietnam are set out in circular 78/2021/TT-BTC issued by the Ministry of Finance, which concerns the development of e-invoicing implementation under Regulation 123/2020/ND-CP as well as several other regulations, including technical and infrastructural ones. The implementation of e-invoicing was gradual, and has been optional in Vietnam since 2011. As a first step, the General Tax Department (GDT) implemented the e-invoicing rollout plan in a two-phase nationwide pilot, encouraging businesses that were ready to switch to e-invoicing to apply early and start the implementation process.
There are two forms of invoices in Vietnam: with and without verification codes. Coded invoices are mainly used by companies with an annual turnover of less than VND 3 billion, while unencrypted e-invoices are issued by small businesses with an annual turnover of more than VND 3 billion or fewer than 10 employees, and industries such as energy, telecommunications and e-commerce.
In Vietnam, companies must submit e-invoicing data to the tax authorities either directly or through an authorized e-invoicing service provider. Invoices issued by taxpayers need to be transferred to the General Department of Taxation in order to obtain a unique verification code. Once received, e-invoices will be sent to buyer. Enterprises and economic organizations are obliged to use electronic invoices with tax authority codes when selling goods or providing services, regardless of the value of these goods and services, except for the cases specified in art. 91 of the Tax Law 2019 No. 38/2019 /QH14.
XML is the main e-invoice data format and contains two elements, e-invoice data and digital signature data
Mandatory is digital signature
Electronic invoices must be securely stored for a period of 10 years
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