What is the Gregorian date for the first day of the 2026 Tet holiday of Vietnam? Shall the turnover threshold subject to VAT increase for household and individual businesses in Vietnam as of January 1, 2026?

What is the Gregorian date for the first day of the 2026 Tet holiday of Vietnam?

The Tet holiday, known as Tet Nguyen Dan, is the most important holiday of the year for Vietnamese people, marking the transition from the old year to the new year based on the lunar calendar. Many are interested in knowing on which Gregorian date the first day of the 2026 Tet holiday will fall to conveniently plan spring outings, family gatherings, or arrange their work schedule.

According to the Perpetual Calendar for the Year of the Horse 2026, the details are as follows:

Thus, the first day of the 2026 Tet holiday will fall on Tuesday, February 17, 2026 (i.e., the Lunar date 01/01/2026 corresponds to February 17, 2026 in the Gregorian calendar).

What is the Gregorian date for the first day of the 2026 Tet holiday of Vietnam? (Image from the Internet)

Shall the turnover threshold subject to VAT increase for household and individual businesses in Vietnam as of January 1, 2026?

Based on Clause 25, Article 5 of the Law on Value-Added Tax 2024 (effective from July 1, 2025) which provides regulations on subjects exempt from value-added tax as follows:

Exempted Subjects

...

25. Goods and services of households and individuals producing and doing business with an annual turnover of up to 200 million VND; assets of organizations and individuals not doing business, not being VAT taxpayers when sold; national reserve goods sold by national reserve agencies; charges and fees collected according to regulations on charges and fees.

...

Simultaneously, based on Clause 2, Article 18 of the Law on Value-Added Tax 2024 regulating the enforcement of the Law on Value-Added Tax 2024 as follows:

Enforcement

...

2. Provisions on turnover levels of households and individuals in production and business subject to tax exemption at Clause 25, Article 5 of this Law and Article 17 of this Law shall be effective from January 1, 2026.

...

Therefore, from January 1, 2026, only households and individual businesses with an annual turnover exceeding 200 million VND will be required to pay value-added tax.

What is the basis for calculating VAT for households and individual businesses in Vietnam?

According to Article 10 of Circular 40/2021/TT-BTC, the basis for calculating VAT for individual businesses is regulated as follows:

The basis for calculating tax for household, individual businesses is the taxable turnover and the tax rate applied to turnover.

(1) Taxable Turnover

The taxable turnover for VAT concerning individual businesses is the turnover including tax (in cases subject to taxation) of the entire money received from sales, processing, commissions, and the provision of services arising during the tax period from production, business activities of goods and services. This includes bonuses for hitting targets, promotions, trade discounts, compensation for breaches of contract, other compensations (only accounted into Personal Income Tax turnover); other revenues the individual business is entitled to receive regardless of whether the money has been collected or not.

(2) The tax rate applied to turnover

- The tax rate applied to turnover includes detailed VAT rates according to sectors and fields as directed in Appendix 1 attached to Circular 40/2021/TT-BTC.

- In case an individual business operates in various sectors, the business must declare and calculate tax according to the tax rate for turnover applied to each sector or field. If the individual business cannot determine taxable turnover for specific sectors or determines it inappropriately with real business activities, the tax authority will fix the taxable turnover for each sector according to the law on tax administration.

Do households and individual businesses filing taxes by the declaration method have to settle taxes in Vietnam?

According to Article 5 of Circular 40/2021/TT-BTC regarding the tax calculation method for household businesses filing taxes by the declaration method as follows:

Tax Calculation Method for Household and Individual Businesses Filing Taxes by the Declaration Method

1. The declaration method is applied to large-scale household businesses and individual businesses; and those that are not large-scale but choose to file taxes by the declaration method.

2. Household businesses filing taxes by the declaration method will file monthly, except for new businesses and those meeting criteria for quarterly tax filing opting for quarterly filing as prescribed in Article 9 of Decree No. 126/2020/ND-CP dated October 19, 2020, of the Government of Vietnam.

3. If the taxable turnover determined by household businesses filing taxes by the declaration method does not match actual turnover, the tax authority will fix taxable turnover as per Article 50 of the Tax Administration Law.

4. Household businesses filing taxes by the declaration method must implement accounting, invoice, and document policies. If the sector or field in which the household business operates allows for revenue determination through the confirmation of competent authorities, these policies may not be necessary.

5. Household and individual businesses filing taxes by the declaration method are not required to settle taxes.

Thus, households filing taxes by the declaration method are not required to settle taxes.