Must a Household Business Hold a Bank Account Named 'Household Business X'? Rules on Payment Accounts and E-Wallets under Decree 68/2026
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The Ho Chi Minh City Tax Department responded to a question about the bank account obligations of household businesses under Decree 68/2026/NĐ-CP and Circular 18/2026/TT-BTC. From 5 March 2026, household businesses and individual business operators must use payment accounts or e-wallet account numbers opened at an intermediary payment service provider in connection with their production and business activities — the account does not need to be in the name 'Household Business X'. Household businesses falling under clause 4, Article 17 of Decree 68/2026/NĐ-CP must notify the tax authority of their account/e-wallet details using Form 01/BK-STK under Circular 18/2026/TT-BTC. Taxpayers receiving international payments through PayPal or foreign contract manufacturing arrangements should self-assess their specific obligations against these instruments.
Tax Q&A: Payment Account Requirements for Household Businesses (Decree 68/2026 & Circular 18/2026)
Responding authority: Ho Chi Minh City Tax Department
Date: 24 March 2026
Taxpayer Question
The taxpayer asked: (1) From 1 March 2026, must a household business use a bank account in the name 'Household Business X', or can it use a personal account (in the name 'Nguyen Van A') used solely for business purposes? (2) Can a foreign-currency account in a personal name be used to receive payments from foreign partners and PayPal?
Legal Basis Analysis
Based on Decree 68/2026/NĐ-CP dated 5 March 2026 and Circular 18/2026/TT-BTC dated 5 March 2026:
- Clause 4, Article 17 of Decree 68/2026/NĐ-CP governs the use of payment accounts and e-wallets by household businesses and individual business operators
- Article 4, clause 1, point d of Circular 18/2026/TT-BTC requires notification of account/e-wallet details to the tax authority using Form 01/BK-STK
Tax Authority Guidance
According to the Ho Chi Minh City Tax Department:
- Household businesses must use payment accounts or e-wallet account numbers opened at an intermediary payment service provider linked to their production and business activities, pursuant to Decree 68/2026/NĐ-CP and Circular 18/2026/TT-BTC
- The regulation does not require the account to be named 'Household Business X'
- Taxpayers must self-assess against the applicable legal provisions to determine their specific obligations
Practical Notes
- Taxpayers under point b, clause 4, Article 17 of Decree 68/2026: submit Form 01/BK-STK by 20 April 2026
- Taxpayers under point a: submit with first 2026 tax return
- For those receiving international payments (foreign manufacturing contracts, PayPal): self-assess obligations regarding foreign-currency accounts and notification requirements