On July 1st, e-invoicing will become required in Vietnam, putting an end to a decade-long effort by the government to find a way to eliminate VAT fraud. The deadline for mandatory e-invoicing was originally set for July 2020, but it was postponed. It announced a new deadline of July 2022 for the implementation of the new regulations in October 2020, which coincides with the advent of new laws addressing the e-invoicing system envisioned in the Tax Administration Law.
The new e-invoicing system will be implemented in all remaining cities and provinces across the country beginning in April. By July, all firms will be able to link to their local e-invoicing system and, as a result, will be in compliance with Decree 123’s rules.
Effective date: 1 July 2022