E-Invoicing in Vietnam

Vietnam Is on the Road to E-invoicing

Like many countries around the world, Vietnam has become a part of the e-invoice revolution. E-invoices there became mandatory in July 1, 2022 for all taxpayers.

Electronic invoices are expected to save time and money, which will contribute to more efficiency for enterprises and tax authorities.

Several regulations have been issued, including technical and infrastructure regulations, such as the most recent Circular 78/2021 / TT-BTC, issued by the Ministry of Finance, which sets out the guidelines for the development of e-invoicing implementation under Decree 123/2020/ ND-CP.

The General Department of Taxation (GDT) has rolled out a roadmap for implementing e-invoicing with a two-phase pilot program across the country, encouraging businesses that are ready to switch to e-invoicing to apply early and start the implementation process.

E-Invoicing requirements in Vietnam:

• Obligation - All businesses must issue electronic invoice to buyers, digitally report all their transactions to the tax authority (GDT), and register (on the GDT website) before using electronic invoices in order to gain approval from the General Department of Taxation (GDT)
• Data Format - XML is the main e-invoice data format and contains two elements, e-invoice data and digital signature data
• Digital Signature - is mandatory 
• Archiving - Electronic invoices must be securely stored for a period of 10 years