Vietnam: Does the sale price listed on the invoice of selling public property include VAT?

Who has the authority to decide on selling public property in Vietnam?

Based on the provisions of Article 22 of Decree 151/2017/ND-CP, as amended by Clause 14 Article 1 of Decree 114/2024/ND-CP, on the authority to decide on the sale of public property as follows:

(1) The authority to decide on the liquidation of public property in the form of sale is implemented according to the provisions of Article 28 of Decree 151/2017/ND-CP, as amended by Clause 20 Article 1 of Decree 114/2024/ND-CP.

(2) The authority to decide on the sale of public property in the cases specified in Points a, b, and c Clause 1 Article 43 of the Law on Management and Use of public property 2017 is specified as follows:

- Ministers, Heads of central agencies decide to sell the headquarters of state agencies under the management scope of the ministry, central agency after obtaining the opinion of the Chairman of the Provincial People's Committee where the asset is sold.

- Ministers, Heads of central agencies specify the authority to decide on the sale of fixed assets that are not the headquarters of state agencies under the management scope of the ministry, central agency.

- The Provincial People's Council specifies the authority to decide on the sale of fixed assets of state agencies under the management scope of the locality.

- The head of the state agency assigned to manage and use public property decides on the sale of:

+ public property that are fixed assets according to the authority specified by the Minister, Head of central agency, Provincial People's Council;

+ public property that are not fixed assets.

Vietnam: Does the sale price listed on the invoice of selling public property include VAT?

According to the provisions in Clause 3 Article 95 of Decree 151/2017/ND-CP, as amended by Clause 60 Article 1 of Decree 114/2024/ND-CP, the sale price of assets listed on the invoice of selling public property does not include VAT (also known as value-added tax).

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Vietnam: Does the sale price listed on the invoice of selling public property include VAT? (Image from the Internet)

What currency is displayed on the invoice of selling public property in Vietnam?

Based on the provisions in Clause 13 Article 10 of Decree 123/2020/ND-CP on the currency displayed on invoices as follows:

Content of the invoice

...

13. Writing, numerals, and currency displayed on the invoice

a) The writing shown on the invoice is Vietnamese. In necessary cases, foreign letters can be added, placed to the right in parentheses ( ) or placed immediately below the Vietnamese line and have a smaller font size than the Vietnamese text. In the case where the invoice text is in Vietnamese without accents, the unaccented writing on the invoice must ensure no misleading interpretation of the invoice content.

b) Numerals displayed on the invoice are Arabic numerals: 0, 1, 2, 3, 4, 5, 6, 7, 8, 9. The seller can choose: after the thousands, million, billion, thousand billion, million billion, billion billion digits, a dot (.) must be placed, if digits are written after the unit digit, a comma (,) must be placed after the unit digit or use the natural number separator as a comma (,) after the thousands, million, billion, thousand billion, million billion, billion billion digits and use a dot (.) after the unit digit on accounting records.

c) The currency displayed on the invoice is Vietnamese Dong, the national symbol is “đ”.

- In the case of transactions, financial transactions arising in foreign currency according to the regulations on foreign exchange, the unit price, total amount, total value-added tax amount according to each tax rate, total VAT amount, and total payment amount is recorded in foreign currency, with the currency unit specifying the foreign currency. The seller also shows on the invoice the exchange rate between foreign currency and Vietnamese Dong according to the exchange rate as specified by the Law on Tax Administration and its guiding documents.

- Currency code according to international standards (e.g., 13,800.25 USD - Thirteen thousand eight hundred US dollars and twenty-five cents, e.g., 5,000.50 EUR - Five thousand euros and fifty cents).

- In the case where goods sales transactions arise in foreign currency according to the regulations on foreign exchange and taxes are paid in foreign currency, the total payment amount shown on the invoice is in foreign currency, not converted to Vietnamese Dong.

Thus, the currency displayed on the invoice of selling public property is Vietnamese Dong, the national symbol is “đ”.

- In the case of transactions or financial operations occurring in foreign currency according to the foreign exchange law, the unit price, total amount, total VAT according to each tax rate, total VAT, and total payment amount are recorded in foreign currency, with the currency unit naming the foreign currency.

The seller also displays on the invoice the foreign currency exchange rate with Vietnamese Dong according to the exchange rate stipulated by the Law on Tax Administration 2019 and its guiding documents.

- Currency codes according to international standards (e.g., 13,800.25 USD - Thirteen thousand eight hundred US dollars and twenty-five cents, e.g., 5,000.50 EUR - Five thousand euros and fifty cents).

- In the case where goods sales arise in foreign currency according to the foreign exchange law and taxes are paid in foreign currency, the total payment amount shown on the invoice is in foreign currency, not requiring conversion to Vietnamese Dong.