Vietnam: Shall a VAT invoice include 02 foreign currencies?

Vietnam: Shall a VAT invoice include 02 foreign currencies?

At point c, clause 13, Article 10 of Decree 123/2020/ND-CP stipulates the following:

Content of the Invoice

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13. Characters, Numbers, and Currency Displayed on the Invoice

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

- In cases where economic and financial transactions arise in foreign currency according to foreign exchange regulations, unit prices, amounts, total value-added tax by each tax rate, total value-added tax, total payment are recorded in foreign currency. The currency unit bears the foreign currency name. The seller must simultaneously display on the invoice the foreign currency exchange rate to Vietnamese Dong according to the exchange rate stipulated by the Law on Tax Administration and its guiding documents.

- The international currency symbol according to international standards (for example: 13,800.25 USD - Thirteen thousand eight hundred US dollars and twenty-five cents, example: 5,000.50 EUR - Five thousand euros and fifty cents).

- In cases of selling goods that arise in foreign currency according to foreign exchange regulations and allowed to pay taxes in foreign currency, the total amount of payment displayed on the invoice in foreign currency without requiring conversion to Vietnamese Dong.

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Thus, there is no regulation restricting the issuance of an invoice featuring two foreign currencies simultaneously.

Vietnam: Shall a VAT invoice include 02 foreign currencies? (Image from the Internet)

What is the electronic VAT invoice form in Vietnam according to Decree 123?

Reference form of electronic VAT invoices according to Decree 123/2020/ND-CP:

Form No. 01/GTGT

- Used for organizations and individuals declaring VAT by the deduction method

Form No. 01/GTGT used for organizations and individuals declaring VAT by the deduction method

Download the reference e-invoice form: Form No. 01/GTGT here

Form No. 01/GTGT-DT

- Used for certain specific organizations and businesses

Form No. 01/GTGT-DT used for certain specific organizations and businesses

Download the reference e-invoice form: Form No. 01/GTGT-DT here

Form No. 01/GTGT-NT

- Used for certain specific organizations and businesses collecting in foreign currency

Form No. 01/GTGT-NT used for certain specific organizations and businesses collecting in foreign currency

Download the reference e-invoice form: Form No. 01/GTGT-NT here

How to handle erroneous e-invoices in Vietnam?

Based on Article 19 of Decree 123/2020/ND-CP, the method for handling erroneous invoices is prescribed as follows:

(1) In cases where the seller discovers an error on an electronic invoice that has been issued with a tax code by the tax authority but not yet sent to the buyer, the seller notifies the tax authority using Form No. 04/SS-HDDT, Appendix IA issued with this Decree, regarding the cancellation of the erroneous electronic invoice with a code and issues a new electronic invoice, digitally signs it, and sends it to the tax authority to issue a new invoice code to replace the issued invoice to send to the buyer. The tax authority shall cancel the erroneous electronic invoice with a code stored in the tax authority's system.

Download Form No. 04/SS-HDDT (Notification of Electronic Invoice Errors) here

(2) In cases where an electronic invoice with a code from the tax authority or an electronic invoice without a code from the tax authority has been sent to the buyer and either the buyer or seller discovers an error, the following actions may be taken:

- If there is an error in the name or address of the buyer but not in the tax identification number and other contents are not erroneous, the seller notifies the buyer of the invoice error and does not need to reissue the invoice. The seller informs the tax authority about the erroneous electronic invoice using Form No. 04/SS-HDDT, Appendix IA issued with this Decree, except for cases where the electronic invoice without a code from the tax authority has not yet been sent to the tax authority with erroneous contents mentioned above.

- If there are errors in: the tax identification number; errors in the amount on the invoice, in the tax rate, tax amount, or goods on the invoice not conforming to specifications or quality, one of the following options can be chosen:

+ The seller issues an electronic invoice to adjust the erroneous invoice. In cases where the seller and buyer agree to issue a written agreement before issuing an adjusting invoice for the erroneous invoice, the seller and buyer establish a written agreement clearly stating the errors, then the seller issues an electronic invoice to adjust the erroneous invoice.

The electronic invoice adjusting the erroneous electronic invoice must contain the phrase “Adjusted for invoice Form No.... sign... number... date... month... year.”

+ The seller issues a new electronic invoice to replace the erroneous electronic invoice, except in cases where the seller and buyer agree to issue a written agreement before replacing the invoice for the erroneous issued invoice, the seller and buyer establish a written agreement clearly stating the errors, then the seller issues an electronic invoice replacing the erroneous invoice.

The new electronic invoice replacing the erroneous electronic invoice must contain the phrase “Replaced for invoice Form No.... sign... number... date... month... year.”

The seller digitally signs the new electronic invoice adjusting or replacing the erroneous electronic invoice and sends it to the buyer (in the case of using an electronic invoice without a tax authority's code) or sends it to the tax authority for the issuance of a code for the new electronic invoice to send to the buyer (in the case of using an electronic invoice with a tax authority's code).

- For the aviation industry, an invoice for changing or refunding air transport documents is considered an adjustment invoice without needing the information “Adjustment increase/decrease for invoice Form No.... sign... date... month... year.” Airline enterprises are allowed to issue their own invoices for cases of cancellation or change of transport documents issued by their agents.