Type: Legislation
Effective Date: July 1, 2022
The Vietnamese Prime Minister issued Directive No 129/CD-TTg to push the remaining businesses, especially retail and local enterprises, to adopt e-invoicing. By mid-2023, 99% of businesses in Vietnam had transitioned to the system, generating over 4.5 billion e-invoices. The system, implemented in two phases from November 2021 to July 2022, requires VAT-compliant invoices in XML format with digital signatures, with stricter rules for high-risk taxpayers and large businesses. Businesses can register directly with the General Department of Taxation (GDT) or use authorized third-party agents. This transition aims to reduce fraud and streamline tax administration, particularly for Vietnam’s rapidly growing e-commerce sector.
