Summary
Vietnam Electronic Invoicing and Digital Reporting Requirements
Background
Mandatory e-invoicing was introduced on July 1, 2022.
Before issuing e-invoices, taxpayers should register with the General Department of Taxation and obtain a digital certificate.
What Types of Businesses Does This Apply to?
It applies to taxpayers in Vietnam specified in Article 2 of Decree 119 of 2018.
Governmental Body Responsible for E-invoicing in Vietnam
Penalties for Not Adhering to Vietnam's E-invoice Mandates
- A fine between VND 4 million and VND 8 million is imposed for issuing e-invoices without the GDT’s approval or without the GDT’s code.
- A fine ranging from VND 10,000,000 to VND 20,000,000 is imposed for failing to issue invoices when required by law.
What does the e-invoicing process in Vietnam look like?
There are two categories of e-invoices:
- Issued with the GDT’s confirmation code
- Issued without the GDT’s confirmation code.
Taxpayers should register with the GDT before issuing e-invoices to be approved and obtain a digital certificate.
Taxpayers can send e-invoices directly to the GDT or through a certified service provider. After receiving the e-invoice, the GDT validates it, and only after validation can the e-invoice be sent to the buyer.
Taxpayers who only issue a small number of e-invoices can issue them via the GDT’s web portal.
Is SAF-T Needed in Vietnam?
No.
E-Invoicing & Global Tax Automation with Fonoa
One way to comply with Digital Reporting Requirements in Vietnam is to use a provider like Fonoa.
With Fonoa you can:
- Have one integration for your global needs, including Vietnam
- Save time and money by automatically cleaning your data to minimize errors and manual work
- Utilize our validation mechanisms to ensure reporting accuracy, data completeness, full control, and compliance
- Rest assured that transactions are successfully reported or queued for internal investigation with our retry mechanisms
- Get full visibility with our dashboards by filtering criteria, analyzing granular transaction data, and quickly importing /exporting information
Disclaimer on Tax Advice
Fonoa does not provide professional tax opinions or tax management advice specific to the facts and circumstances of your business and that your use of the Specification, Site, and In addition, due to rapidly changing tax rates and regulations that require interpretation by your qualified tax professionals, you bear full responsibility to determine the applicability of the output generated by the Specification and Services and to confirm its accuracy. No professional tax opinion and advice. Fonoa does not provide professional tax opinions or tax management advice specific to the facts and circumstances of your business and that your use of the Specification, Site, and In addition, due to rapidly changing tax rates and regulations that require interpretation by your qualified tax professionals, you bear full responsibility to determine the applicability of the output generated by the Specification and Services and to confirm its accuracy.