Consolidated Document 04/VBHN-BTC: Guidance on Securities Investment Fund Operations and Management
The Ministry of Finance has issued Consolidated Document No. 04/VBHN-BTC, merging Circular 98/2020/TT-BTC (effective January 1, 2021) with amending Circular 136/2025/TT-BTC (effective February 12, 2026) into a single reference text on the operation and management of securities investment funds. It applies to member funds, closed funds, open funds, exchange-traded funds (ETFs), real estate investment funds, and both public and private securities investment companies. Entities directly subject to the rules include fund management companies, supervisory banks, custodian banks, the Vietnam Securities Depository and Clearing Corporation, stock exchanges, fund representative boards, and fund investors. The text sets out detailed requirements for fund establishment, initial public offering of fund certificates, net asset value (NAV) determination, profit distribution, fund expenses, investment limits, fund consolidation or merger, and dissolution. Circular 136/2025/TT-BTC adds two new fund categories, money market funds and infrastructure bond funds, and updates rules on annual investor congresses and investment restrictions for member funds. This is a specialized securities-industry circular administered by the State Securities Commission; it does not directly concern SME tax, accounting, or invoicing obligations, but it matters for fund management companies, custodian and supervisory banks, and foreign investors participating in Vietnam's investment fund market.
Consolidated Decree No. 13/VBHN-BXD: Detailed Regulations on the Development and Management of Social Housing
The Ministry of Construction has issued Consolidated Document No. 13/VBHN-BXD, merging Decree No. 100/2024/ND-CP with its subsequent amending decrees, Decree 261/2025/ND-CP, Decree 192/2025/ND-CP, and most recently Decree 54/2026/ND-CP, effective from February 9, 2026. The document details the entire process for developing and managing social housing (NOXH) under the 2023 Housing Law, covering everything from project preparation and investor selection to the sale, lease, and lease-purchase of social housing units. For real estate developers, the most important rule is the requirement to set aside 20 percent of the serviced residential land in commercial housing projects located in special-grade and Class I, II, and III urban areas for social housing construction. Developers may instead use an equivalent land parcel elsewhere in the same urban area, or pay a cash amount equal to that land's value, made up of the land use fee plus infrastructure costs. Social housing developers are exempt from land use fees and land rent for the entire project area without needing to apply for the exemption, their profit margin is capped at 10 percent of total construction cost for the social housing portion, and they can access preferential loans. Investors are selected either through direct approval, when only one investor expresses interest, or through a 100 point competitive bidding process in which the proposed sale or rental price accounts for 40 to 50 percent of the total score. For buyers, tenants, and lease-purchasers of social housing, including low-income individuals and households, industrial zone workers, and armed forces personnel, the document sets out eligibility conditions on housing and income, pricing methods, and the procedures for price appraisal and contract signing. Businesses planning commercial housing projects in major cities, or building worker accommodation in industrial zones, should review their social-housing land or cash contribution obligations and the corresponding incentives under this newly consolidated decree.
Circular 21/2026/TT-BTC: Amended Land Rent Exemption Dossiers and CIT Filing Forms for Capital and Real Estate Transfers
Circular 21/2026/TT-BTC, issued by the Ministry of Finance on March 17, 2026 and effective the same day, amends parts of Circular 80/2021/TT-BTC, the main guidance document for tax administration under the Tax Administration Law. The changes cover two areas: the paperwork required to get an exemption or reduction of annually-paid land rent, and the corporate income tax (CIT) declaration forms used for real estate and capital transfer transactions. On land rent, the Circular rewrites Article 59 to set out the dossier for four situations: agriculture, forestry, aquaculture, or salt-production land lessees hit by natural disaster or fire; production and business land lessees forced to suspend operations due to disaster, fire, or force majeure; organizations employing ethnic-minority workers in disadvantaged areas; and organizations employing workers with disabilities. Where the required proof is already available in a national database the tax authority can access, taxpayers no longer need to submit paper copies. The Circular also raises the average tax-collection-agency commission cap to no more than 6 percent of the amount collected (amending Article 82.2), and repeals the old Article 60. On CIT, the Circular replaces Form 02/TNDN (the per-transaction real estate transfer declaration) and Form 05/TNDN (the capital transfer declaration for foreign enterprises). Foreign enterprises that signed a capital transfer contract before Decree 320/2025/ND-CP took effect may still use the old Form 05/TNDN under Circular 80/2021/TT-BTC. Businesses and individuals handling land rent exemptions or capital/real estate transfer filings should check their paperwork and forms against the new rules starting March 17, 2026.
Guidance on Valuing Annual Land-Rental Rights in State-Owned Enterprise Equitization
The Ministry of Finance provides guidance on Article 32(d2) of Decree No. 57/2026/ND-CP regarding the valuation of annual land-rental rights in the enterprise value for establishing the starting price of equitization share auctions. The value of annual land-rental rights is included in enterprise value and must be determined by a qualified valuation consultant using methods consistent with valuation standards. The computed value must not be less than: the remaining lease term multiplied by the positive difference (if any) between the market rental determined by the consultant at the time of valuation and the actual rent currently being paid. Importantly, where the remaining lease term is less than 5 years, it must be treated as 5 years (a statutory minimum floor). The Ministry's example: if 3 years remain on the lease contract, calculate as if 5 years remain.
VAT Treatment for Soft Skills Training Services (Digital Marketing, Business Management)
The Ho Chi Minh City Tax Sub-department 2 advised that soft skills training in digital marketing and business management (industry code 8559) is VAT-exempt if it qualifies as "teaching and vocational training activities as regulated by the law on education and vocational education" under Article 5.13 of VAT Law 48/2024/QH15 and Article 4.7 of Decree 181/2025/ND-CP. Soft skills training centers may qualify as an "other center performing continuing education tasks" under Article 42.2 of Decree 125/2024/ND-CP (covering centers for knowledge enrichment, life skills, and workplace capacity building), or as a "vocational education institution" under Vocational Education Law 74/2014/QH13 - requiring the relevant registration certificate in either case. If the activity does not meet these conditions, the service is subject to 10% VAT (no preferential rate of 0%, 5%, or 8% applies). Businesses must self-assess against their actual circumstances and applicable law, bearing responsibility for accuracy under Article 17.2 of Tax Administration Law 38/2019/QH14.
CIT Incentives for Beverage Companies When Sugary Drinks (>5g/100ml) Become Subject to Special Consumption Tax from 1 January 2026
From 1 January 2026, carbonated beverages under Vietnamese national standards (TCVN) with sugar content above 5g/100ml became subject to special consumption tax (SCT) under Article 2.1(l) of SCT Law 66/2025/QH15. Direct consequence: businesses producing or trading these beverages lose entitlement to corporate income tax (CIT) incentives - including those applicable in extremely disadvantaged areas - for income derived from such beverages. Basis: Article 23.9(c) of Decree 320/2025/ND-CP (15 December 2025) states that the preferential CIT rates of 15% and 17%, plus other CIT incentives, do not apply to income from producing or trading goods and services subject to SCT. The only exceptions are projects manufacturing/assembling cars, aircraft, helicopters, gliders, yachts, and oil refining.
Household Business with 2026 Revenue Below VND 3 Billion: Which PIT Calculation Method Applies?
The Dong Nai Tax Department advised: a household business that has been applying the flat-rate method (tax rate x revenue) since July 2025, with 2025 revenue above VND 3 billion but estimated 2026 revenue below VND 3 billion, must still apply the income-based PIT method (taxable income = revenue minus expenses) in 2026 - it cannot revert to the flat-rate method. Under Decree 68/2026/ND-CP: household businesses with revenue of VND 500 million or above must use the income-based method. Only if a household business self-determines 2026 revenue below VND 500 million may it use the flat-rate method. If actual 2026 year-end revenue reaches VND 3 billion or above, it must switch to the income-based calculation method.
Consolidated Document No. 47/VBHN-VPQH: Law on Consumer Rights Protection (Consolidated to 2026)
Consolidated Document No. 47/VBHN-VPQH combines the full text of the Law on Consumer Rights Protection No. 19/2023/QH15 (passed June 20, 2023, effective July 1, 2024) with the amendment introduced by the Cybersecurity Law No. 116/2025/QH15 (effective July 1, 2026). The amendment is mostly technical: it replaces 'information safety and security' with 'network security' in Articles 15 and 19, replaces 'information safety' with 'information security' in Article 16, and deletes the phrase 'network information safety,' in Article 19. This is a reference compilation prepared by the National Assembly Office, not a new law, but it is the most complete single text of a business's consumer-facing obligations under Vietnamese law. The law sets out core duties for every business that sells to consumers - household businesses, SMEs, and e-commerce platforms alike: guarantee the safety, quality, and accuracy of advertised products and services; protect consumer personal data (publish a data-collection policy, obtain consent before use, report a system security incident within 24 hours); keep standard-form contracts and general terms transparent and accessible; run a clear and honored warranty policy; and issue invoices or proof of transaction on request. Chapter III adds obligations specific to remote transactions (phone and online sales) and transactions on intermediary digital platforms - platform operators must publish a designated contact point and operating rules, and may not manipulate or hide consumer reviews. Because this is a consolidation of an already-effective law, SMEs and e-commerce operators do not face brand-new obligations overnight, but should check data-protection policies, complaint-handling procedures, and standard contracts against the 'network security' terminology that takes effect July 1, 2026, and can use this document as a single reference for their consumer-protection compliance duties.
Consolidated Document No. 41/VBHN-VPQH: Accounting Law (Consolidated to 2026)
The National Assembly Office issued Consolidated Document No. 41/VBHN-VPQH, which consolidates the Accounting Law No. 88/2015/QH13 (effective 1 January 2017) incorporating three rounds of amendments: Tax Administration Law 38/2019/QH14 (effective 1 July 2020), Law 56/2024/QH15 amending multiple financial laws (effective 1 January 2025), and Tax Administration Law 108/2025/QH15 (effective 1 July 2026). The consolidated document was published in Official Gazette No. 172 on 31 March 2026. The law governs accounting work, accounting apparatus, accountants, accounting service businesses, and state management of accounting (Article 1). Its scope of application is broad, covering state agencies, public service units, enterprises, cooperatives, household businesses, and individual accountants (Article 2). Core provisions include initial recognition at historical cost or fair value, consistency of accounting methods, and obligations to prepare and disclose financial statements. Note: the extracted PDF text is truncated at Article 10 - the remaining chapters covering accounting documents, ledgers, financial statements, accounting inspections, accounting organisation, and accounting service businesses are not available in the extracted text.
Consolidated Document No. 40/VBHN-VPQH: Health Insurance Law (Consolidated Through 2026)
This is the official consolidated text of Vietnam's Health Insurance Law (Law No. 25/2008/QH12), merging every amendment enacted since 2008 into one document. The most recent updates folded in are Law No. 51/2024/QH15 (effective July 1, 2025) and the Prevention Law No. 114/2025/QH15 (effective July 1, 2026). The consolidation does not create new obligations on its own - it gives businesses and employees a single authoritative reference instead of having to cross-check multiple amending laws. For employers, the operative provisions are Article 12 (who must participate) and Article 13 (contribution rates). Participants in the employer-employee funded group include staff on labor contracts of one month or longer, foreign employees under contracts of 12 months or more, registered household business owners, and unpaid company managers. The monthly contribution is capped at 6 percent of the salary used as the social insurance base. For contract employees, the employer pays two-thirds and the employee pays one-third; household business owners and unpaid company managers pay the full amount themselves. The law also sets out state management roles across the Ministry of Health, Ministry of Finance, Ministry of Labor - Invalids and Social Affairs, Ministry of Education and Training, and the Ministry of National Defense and Ministry of Public Security, plus prohibited acts such as late payment, contribution evasion, and falsifying health insurance records. Because this is a consolidated version, SMEs and accountants should treat it as the current reference document rather than tracking the underlying amending laws separately. Key effective-date markers worth noting: rules on technical-tier classification and initial healthcare registration took effect January 1, 2025; most changes from Law No. 51/2024/QH15 took effect July 1, 2025; and the latest adjustments tied to the Prevention Law took effect July 1, 2026 - right at the present time.
Circular 31/2026/TT-BTC: Regulations on Decentralization of Certain Tasks and Powers in State Management of the Ministry of Finance
Circular 31/2026/TT-BTC issued by the Ministry of Finance on March 27, 2026, regulates the decentralization of certain tasks and powers in the field of state management. This document takes effect immediately from its issuance date (March 27, 2026), demonstrating the urgency and importance of these decentralization regulations. This document relates to the reorganization of task assignments and authority among agencies under the Ministry of Finance, which may affect business processes for handling documents and administrative procedures for enterprises. Decentralization can facilitate faster access for businesses to competent local authorities, reducing waiting time and increasing work efficiency. For small and medium-sized enterprises, understanding the competent authorities after decentralization will help optimize compliance processes for tax, customs, accounting, and other financial regulations. Businesses should monitor detailed guidance from local tax and financial authorities to ensure proper procedures are followed with the newly authorized agencies.
Guidance on Account 3387 (Deferred Revenue) for Real Estate Businesses Issuing Installment Invoices
The Department of Accounting and Auditing Management (Cuc QLKT) under the Ministry of Finance clarifies the accounting treatment for real estate businesses that issue invoices based on agreed collection milestones before transferring the property. Under Circular 99/2025/TT-BTC, Account 3387 (Deferred Revenue) may only be used when cash has already been received; it cannot be credited against Account 131 (Trade Receivables) for invoiced amounts not yet collected and where the goods or property have not been transferred. Any such internal tracking is for management purposes only and must not appear in the statutory financial statements. Tax obligations arising from invoices issued but not yet collected are governed separately by applicable tax law and must be determined accordingly.
Determining "Large-Scale Enterprise" Criteria for Mandatory Audit under Decree 90/2025 When the Company Has an Independently Accounting Branch
The Department of Accounting and Auditing Management (Cuc QLKT) of the Ministry of Finance clarifies how to determine whether a company with an independently accounting branch qualifies as a "large-scale other enterprise" subject to mandatory financial statement audit under Decree 90/2025/ND-CP (meeting at least two of three thresholds: average social insurance-enrolled employees, total annual revenue, total assets). The Department rules that the thresholds must be assessed using consolidated or combined financial statement figures, not each entity's stand-alone figures. Since the parent accounting unit is required by Article 29 of the Accounting Law to prepare combined or consolidated financial statements incorporating the branch, the relevant figures are those from the combined/consolidated financial statements of the most recent preceding year (2024).
17% CIT Rate for 100% Foreign-Owned Subsidiary with Revenue Between VND 3 and 50 Billion
The Ministry of Finance clarifies whether Willer Vietnam Co., Ltd. - a wholly-owned subsidiary of Willer Inc. (Japan) with FY2025 revenue of VND 10.2 billion - qualifies for the 17% CIT rate under Decree No. 320/2025/ND-CP. Under Article 11(4)(c) of Decree No. 320/2025/ND-CP, the 15% and 17% preferential rates do not apply to Vietnamese-registered companies that are subsidiaries of, or affiliated with, entities that do not themselves qualify for those preferential rates. Since Willer Inc. (Japan) is a foreign enterprise not subject to Vietnamese CIT, the Ministry advises the business to self-assess the applicable rules and contact the directly managing tax authority for case-specific guidance.
Decree 365/2025/ND-CP: Regulations on Supervision, Inspection, Evaluation, Classification, Reporting and Public Disclosure of Information in Management and Investment of State Capital in Enterprises
Decree 365/2025/ND-CP issued by the Government on December 31, 2025, effective the same date, provides detailed regulations on supervision, inspection, evaluation, classification, reporting, and public disclosure of information regarding state-owned enterprises and enterprises with state capital investment. This decree aims to strengthen state management of state-owned enterprises, ensuring transparency and efficiency in the use of state capital. The decree establishes a comprehensive legal framework for monitoring and managing state capital in enterprises, including mechanisms for regular and ad-hoc inspections, performance evaluation criteria, enterprise classification processes, reporting regimes, and information disclosure requirements. These regulations apply to state-owned enterprises, joint-stock companies with state capital, and organizations assigned to manage state capital. For private enterprises and SMEs without state capital, this decree has indirect impact when they are business partners, suppliers, or customers of state-owned enterprises. Understanding the supervision, reporting, and disclosure requirements will help private businesses grasp the operational mechanisms and transparency requirements when transacting with the state-owned enterprise sector. The enhanced disclosure requirements may also create more predictable business environments when dealing with state enterprises.
Consolidated Document No. 49/VBHN-VPQH: Law on Roads (Consolidated to 2025)
The Law on Roads (Luật Đường bộ) No. 35/2024/QH15, passed by the National Assembly on June 27, 2024 and effective January 1, 2025, comprehensively regulates road activities in Vietnam, including road network planning, road classification (national highways, provincial roads, commune roads, urban roads, dedicated-use roads), land reserved for road infrastructure, road safety corridors, and maintenance responsibilities for road structures. This consolidated document, No. 49/VBHN-VPQH, updates the law with amendments from Law No. 118/2025/QH15 (effective July 1, 2026), which mainly transfers authority over national highway management and road planning from the Ministry of Transport to the Ministry of Construction. For SME owners, the law is mainly relevant where it touches land use within road safety corridors, construction near roads, installation of advertising billboards near roadways, and motor-vehicle transport business licensing (a transport business license is required to operate). It also sets detailed rules for building infrastructure works (telecom, power, water supply/drainage) within road protection zones, which require written approval from the road management authority. This is a specialized transport-infrastructure law and does not directly regulate tax, accounting, e-invoicing, customs, or labor matters - RegHub's core coverage areas. As such, it is more reference material than a direct compliance requirement for most businesses, except for transport operators, outdoor advertising companies, or construction firms working near roads.
Consolidated Document No. 43/VBHN-VPQH: Law on Publishing (Consolidated to 2026)
This is a consolidated version of the Law on Publishing No. 19/2012/QH13, compiled by the National Assembly Office to reflect amendments made by Law No. 35/2018/QH14 (which amended 37 planning-related laws) and the Planning Law No. 112/2025/QH15 (effective March 1, 2026). The law governs the organization and operation of publishing, printing, and distribution of publications in Vietnam, including conditions for establishing publishing houses, qualification standards for directors, editors-in-chief and editors, publishing licenses, publication registration, joint-venture publishing arrangements, and content that is strictly prohibited (such as propaganda against the State, disclosure of state secrets, and distortion of historical facts). This document primarily regulates the publishing, printing, and book/periodical distribution industry - it is not a tax, accounting, e-invoice, customs, or labor law. The entities it governs are publishing houses (organized as public service units or state-owned enterprises), printing facilities, distribution facilities, and foreign organizations or individuals engaged in publishing activities in Vietnam - not the general tax/accounting rules that apply to SMEs. Article 7 does mention tax incentives for the publishing sector (under existing tax law), but this is only a general policy reference, not substantive tax content. Because the law's scope is the publishing/media industry rather than VAT, CIT, e-invoicing, customs, labor, or investment regulation, this document falls outside RegHub's core coverage area and is recommended for exclusion from the public feed.
Consolidated Document No. 15/VBHN-BCT: National Technical Regulation on Electrical Engineering (Testing, Operation and Construction of Power Equipment)
This is a consolidated document authenticated by the Ministry of Industry and Trade on March 13, 2026, merging Circular No. 40/2009/TT-BCT (promulgating the National Technical Regulation on Electrical Engineering, effective March 29, 2010) with amendments under Circular No. 51/2025/TT-BCT dated November 11, 2025 (promulgating QCVN 26:2025/BCT on Electrical Engineering - Power Grid System, effective June 1, 2026). It sets out national technical regulations QCVN QTĐ-5, QTĐ-6 and QTĐ-7 covering testing, operation-maintenance, and construction of power grid equipment (transmission and distribution lines, substations up to 500 kV), hydroelectric plants of 30 MW or more, and thermal power plants of 1 MW or more connected to the national grid. The bulk of the content is technical procedure: inspection during installation, completion testing before commissioning, and periodic inspection (generally every 3 years) for generators, transformers, hydraulic turbines, dams and hydraulic structures - including earth-resistance measurement, insulation-resistance measurement, dielectric tests, vibration measurement, and load-rejection tests. Circular 51/2025/TT-BCT repealed all six chapters of Part II (grid equipment, substation and transmission-line testing) in the former Volume 5, replacing them with the new QCVN 26:2025/BCT, effective from June 1, 2026. This is a technical electrical-safety standard aimed at the power industry (power plant owners, transmission and distribution operators), not tax, accounting, e-invoicing, labor, or customs matters. It therefore falls outside RegHub's core coverage for SME owners and accountants, and is retained only as technical background for businesses operating in the power sector.
Consolidated Document No. 31/VBHN-VPQH: Law on Insurance Business (Consolidated)
This is the officially consolidated text (Consolidated Document No. 31/VBHN-VPQH) of Vietnam's Law on Insurance Business No. 08/2022/QH15 (effective January 1, 2023), incorporating amendments from Law No. 139/2025/QH15 (effective January 1, 2026, with several clauses effective July 1, 2026). The law is the framework governing insurance and reinsurance business, insurance brokerage, and foreign insurance branches operating in Vietnam, as well as the rights and obligations of policyholders. The 2025 amendment updates 'cybersecurity' requirements for insurers' IT systems, narrows the scope of compulsory construction insurance, and sets out four categories of compulsory insurance: motor vehicle civil liability, fire and explosion, construction-activity insurance, and other lines mandated by separate laws. For SMEs, the law is mainly relevant through compulsory insurance obligations (construction, fire and explosion, motor vehicles) and policyholder-protection rules that apply in coverage disputes: a 21-day free-look period, ambiguous clauses interpreted in the buyer's favor, and a default 15-day claim-payment deadline.
Import Duty Exemption for Export Processing Goods: Does "Organization" Cover Joint Ventures Engaged as Sub-processors?
The Ministry of Finance clarifies the conditions for import duty exemption on goods imported for export processing when the taxpayer subcontracts processing to another entity. Under Article 10 of Decree 134/2016/ND-CP (as amended by Decree 18/2021/ND-CP), a company holding an export processing contract with a foreign party may pass materials to a Vietnamese sub-processor duty-free, provided the sub-processor owns or has the right to use a qualifying processing facility and equipment in Vietnam, and duly notifies customs of the sub-processing arrangement and contract. The Ministry does not explicitly confirm or deny whether a joint venture (lien danh) qualifies as an "organization" for this purpose. It directs the questioner to study applicable customs and import-export tax law independently. The key principle is that whichever entity receives the sub-processing work must meet all conditions of the Decree before the exemption applies.