Vietnam: What are the regulations on the time for issuing invoices for sale of goods and service provision?

Vietnam: What are the regulations on the time for issuing invoices for sale of goods and service provision? (Illustrative Image)

According to the Draft Decree on invoices and records, the time for issuing invoices in Vietnam is determined as follows:

- Invoices for sale of goods (including the sale of state-owned property, property confiscated and put into state fund, and the sale of national reserve goods) shall be issued when the right to own or use goods is transferred to buyers, whether the payment of the invoiced amount is made or not.

- Invoices for provision of services shall be issued upon completion of the provision of services, whether the payment of the invoiced amount is made or not.

In case where multiple deliveries are required, or each goods item or service phase is accepted, it shall be mandatory to issue an invoice showing quantity, value of goods or service for each respective delivery or acceptance.

- The time for issuing invoices in Vietnam in specific cases is as follows:

- For activities providing electricity, water, telecommunications services, television services, information technology services sold according to a definite cycle, the invoice issuance time is no later than seven (7) consecutive days from the date of recording the electricity or water consumption on the meter or the end date of the cycle for the provision of telecommunications, television, and information technology services. The cycle for calculating the quantity of goods or services provided is based on the agreement between the service provider and the buyer.

-  Invoices for construction and installation shall be issued at the time of commissioning and acceptance of the finished work, work item or construction/installation amounts, whether the payment of the invoiced amount is made or not.

- For organizations trading real estate or building infrastructure facilities and houses for sale or transfer

- The time for issuing invoices for organizations purchasing air transport services through websites and e-commerce systems is no later than five (5) consecutive days from the date the air transport service records are issued on the website and e-commerce system.

- For activities related to oil, condensate, and natural gas exploration, extraction, the time for issuing invoices for the sale of crude oil, condensate, natural gas, and refined oil products is based on provisions in Clause 1 and Clause 3 of this Article, whether the payment of the invoiced amount is made or not. In the case of price change upon determining the official selling price, the seller issues a replacement invoice for the previously issued invoice.

- The time for issuing electronic invoices is determined based on the time the seller digitally signs the invoice, displayed in the format of day, month, year of the Gregorian calendar and in accordance with the guidelines.

More details can be found in the Draft Decree on invoices and records which is effective from September 15, 2020.

Thuy Tram

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