Business

Nearly 1,500 household businesses converted into registered enterprises in H1

Authorities are now looking ahead to revising the Law on Tax Administration to ensure fair, convenient and transparent tax policies for all business models, especially household businesses.

A shop issues e-invoices generated directly from its point-of-sale system. (Photo: VNA)
A shop issues e-invoices generated directly from its point-of-sale system. (Photo: VNA)

Hanoi (VNS/VNA) - Nearly 1,500 household businesses officially transitioned into registered enterprises in the first half of 2025, with 910 making the switch in June alone, accounting for almost two-thirds of the total.

This information was revealed by Director of the Ministry of Finance's Department of Taxation Mai Xuan Thanh in a meeting on July 9.

The trend reflects growing momentum as Vietnam pushes for private sector formalisation under Resolution 68-NQ/TW issued on May 4, which aims to boost Vietnam’s private sector as a key pillar of the national economy.

As of June 30, over 47,000 household businesses had registered for e-invoices – surpassing the target by 125%.

According to Decree 70, only 37,000 were expected by March 2025, but actual adoption exceeded projections by a wide margin.

In e-commerce tax revenue, the Government collected 98 trillion VND (3.75 billion USD), marking a 58% increase year-on-year. Tax debt management also improved, with total outstanding tax debt falling by 4.6% compared to the end of 2024 and collections reaching over 43.1 trillion VND.

Administrative reforms in the tax sector are gaining pace, with plans to cut more than 44% of procedures, reduce processing time by 40% and cut compliance costs by 45%.

The Department of Taxation has also dispatched field teams to directly observe citizen interactions at tax offices to better understand barriers and expectations.

Under Project 06, 95% of tax identification numbers have been standardised and synchronised with the national population database. The tax authority has also rolled out digital identity accounts for organisations to access e-tax services on July 1.

According to Thanh, the integration of technology and data is essential for streamlining procedures and improving transparency. A unified national database helps reduce paperwork, saves time and improves efficiency for both Government agencies and citizens.

Authorities are now looking ahead to revising the Law on Tax Administration to ensure fair, convenient and transparent tax policies for all business models, especially household businesses. /.

VNA
#Department of Taxation #Resolution 68 #household businesses #e-commerce tax
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