Electronic Invoicing in Vietnam
Is e-invoicing mandatory in Vietnam ?
Vietnam's e-invoicing model is gradually moving from a 2010 model that allowed e-invoicing upon approval from the tax authority towards a mandate for Business-to-Business (B2B) transactions.
From July 2022, electronic invoicing in Vietnam will be mandatory in all cities and provinces across the country for companies and individuals providing goods or services. Self-printed invoices, pre-printed invoices, or invoices purchased from the tax authority will no longer be valid.
Vietnam began the implementation of the new e-invoicing model in two phases:
- Phase 1 (Nov 2021-Mar 2022) – Introduced the model in 6 provinces and cities, including Hanoi, Ho Chi Minh City, Hai Phong, Quang Ning, Phu Tho, and Binh Dinh.
- Phase 2 (Apr 2022 – Jul 2022) – Implemented new e-invoicing model in the remaining 57 provinces and cities.
Prerequisites for electronic invoicing in Vietnam include prior registration through the General Department of Taxation (GDT) website and approval by the tax authority. E-invoices must be extracted and transmitted in an XML format. They must include a digital signature and GDT tax code
Taxpayers report data from electronic invoices to the tax authorities either directly or through an authorised service provider.
Draft changes to e-invoicing legislation
The Ministry of Finance released a third draft decree amending Decree No. 123/2020/ND-CP on invoicing for public comments, including:
- Invoices of Export Processing Enterprises: EPEs with business activities subject to VAT must use VAT invoices or sales invoices;
- E-commercial invoices can be used for exported goods/services;
- E-invoices generated at points of sales: Decree 123 outlines the general principles, and the draft decree clarifies applicable cases, required content, and adds QR codes for buyers to search invoices.
Want to learn more about e-Invoicing compliance?
Download our Global e-invoicing and Tax Compliance fact sheet here for more information.
Archiving
Records in Vietnam cannot be kept solely in electronic form, except e-invoices and certain e-tax documents as specified in Circular 110/2015. Paper copies must still be kept.
Daily accounting records (e.g. payment vouchers, receipt vouchers, etc.) have to be kept for at least 5 years.
Want to know more about Basware’s archiving services?
Download our Basware Vault fact sheet here to learn more about our flexible and scalable solution.
Basware Services
Basware offers CloudScan for clients to scan their paper invoices with optical character recognition (OCR) technology. Basware's Scan & Capture service is also available.
Want to find out how we can help in your specific case?
Speak to a member of our team to learn more.
Interoperability
Basware currently has no connections to any interoperability partners in Vietnam.
Our advice
Currently, we advise customers in Vietnam to use CloudScan with self-validation for light volumes or to use Scan and Capture for higher transaction volumes.
Want to understand how we can help in your case?
Get in touch with our experts.
