At the 2024 Vietnam Digital Finance Conference held in Hanoi on September 20, the General Department of Taxation revealed that it has collected data from 140 million online business accounts and seen significant growth in tax revenues from e-commerce activities.

During the event, Deputy Minister of Finance Bui Van Khang emphasized the Ministry of Finance's efforts to enhance digital infrastructure, improve data management, and develop digital services.

These initiatives have helped streamline tax, customs, treasury, and securities procedures, significantly reducing paperwork and costs for both businesses and citizens.

According to Nguyen Nhu Quynh, Director of the Institute of Strategy and Financial Policy, over 99% of enterprises nationwide now use electronic tax filing and payment services.

By the end of August 2024, the tax authorities had processed approximately 9.6 billion electronic invoices.

In the first eight months of 2024, over 40,000 businesses registered for electronic invoicing services. The General Department of Taxation has also worked closely with the Ministry of Information and Communications, the Ministry of Industry and Trade, and commercial banks to collect data from 929 e-commerce platforms and 284 online sales apps, covering 140 million business accounts.

Tax revenues from e-commerce have grown significantly, rising from VND 83 trillion in 2022 to VND 97 trillion in 2023, and reaching over VND 50 trillion in just the first half of 2024.

The Ministry of Finance has also launched a portal for foreign suppliers to register and pay taxes in Vietnam. So far, 106 foreign suppliers have registered, contributing around VND 16.8 trillion in taxes.

As of now, cash transactions account for only 0.069% of total state budget revenues. The Ministry of Finance has fully digitized the collection of state budget revenues by leveraging the network of commercial banks.

By the end of 2023, around 98,000 units using the state budget participated in public services, and 99% of state budget disbursements were processed through online public services.

In the customs sector, the Ministry of Finance has integrated 100% of administrative procedures into the National Single Window, making it easier for citizens and businesses to handle export and import procedures.

The customs information system is also connected with the national population database, eliminating the need for citizens to present household registration books or other residency documents when handling customs services.

Despite these advances, the Ministry of Finance acknowledged challenges in further enhancing its digital transformation, particularly in terms of infrastructure and data collection for managing electronic invoices and e-commerce.

After a decade of implementing digital solutions, many of the Ministry’s systems require upgrades to keep pace with technological advancements, but financial constraints remain a significant hurdle.

Binh Minh