Knowledge base

The State Bank of Vietnam (SBV) has issued Consolidated Document No. 19/VBHN-NHNN, merging the original Decision No. 479/2004/QD-NHNN (which established the Chart of Accounts for Credit Institutions) with six rounds of amendments issued over more than two decades, the most recent being Circular No. 70/2025/TT-NHNN, effective from January 1, 2026. This is a technical document that sets out the mandatory account-coding system that credit institutions and foreign bank branches must use for their bookkeeping. The chart of accounts is organized into 9 categories: 8 categories of on-balance-sheet accounts (now called the 'Statement of Financial Position,' renamed from 'Balance Sheet' in 2022) and 1 category of off-balance-sheet accounts (category 9, covering commitments, guarantees, and written-off debts still under monitoring). Each account is coded at Level I (2 digits), Level II (3 digits), and Level III (4 digits); institutions with sufficient IT capability may apply to the SBV to open additional Level IV/V sub-accounts. The document also sets rules for accounting in foreign currency and gold (gold is treated as a foreign currency, measured in 'chi' units of 99.99%-purity gold), along with the exchange rates to use when converting balances into Vietnamese dong. The newest change, from Circular 70/2025/TT-NHNN, adds a fallback principle: for economic transactions not specifically addressed by this Decision or SBV guidance, credit institutions must apply the Accounting Law, Vietnamese Accounting Standards, and general enterprise accounting rules. Because this is an internal accounting standard specific to banks and credit institutions, typical SMEs are not directly affected, but the finance and accounting departments of credit institutions and foreign bank branches should review and update their bookkeeping systems to reflect this consolidated text.

Consolidated Document No. 18/VBHN-NHNN merges Decision No. 1789/2005/QD-NHNN (the Banking Accounting Voucher Regime) with the amendments in Circular No. 70/2025/TT-NHNN, effective from January 1, 2026. It sets detailed rules for preparing, signing, controlling, circulating, printing, safekeeping and archiving banking accounting vouchers (both paper and electronic), applying to the State Bank of Vietnam, credit institutions, foreign bank branches and any organization or individual dealing with a bank. For business owners and accountants, the key points are the mandatory voucher content (name, serial number, date, party details, amounts written in both figures and words, signatures) and the valid-signature requirements. Businesses required by law to have a chief accountant must have the account holder's signature, the chief accountant's (or authorized person's) signature, and the company seal on paper vouchers; electronic signatures must match the specimen registered with the bank. A voucher that has been erased, altered, or that uses a form not registered with the State Bank has no value for payment or bookkeeping and may be rejected by the bank. Circular No. 70/2025/TT-NHNN mainly updates the legal basis for the regime (aligning it with the current Law on the State Bank of Vietnam, Law on Credit Institutions, Accounting Law and Law on Electronic Transactions) and adds rules on electronic signatures and other electronic confirmation methods for signing vouchers. This is a technical, banking-industry operational document - it does not change any tax obligation, but it directly affects the voucher preparation and signing process every time a business deposits, withdraws, transfers funds, or issues a check through a bank.

Hanoi Tax Department responds to the question of whether Circular 111/2013/TT-BTC remains applicable after the 2025 Personal Income Tax Law takes effect from 01/01/2026. According to the tax authority's guidance, Circular 111/2013/TT-BTC and its amending documents continue to apply from 01/01/2026 (tax year 2026) for employment income of resident individuals, under the transitional provision in Article 29, Clause 2, of the 2025 PIT Law — until new implementing Decrees and Circulars are issued. Taxpayers and income-paying enterprises must continue to withhold, declare, and finalize PIT in accordance with Circular 111/2013/TT-BTC and existing documents while awaiting new detailed guidance from the Ministry of Finance.

Nghe An Tax Department provides guidance on whether on-premise mixed beverages (Fresh Pepsi, Fresh 7Up) are subject to special consumption tax (SCT) under the Law on Special Consumption Tax 2025. Under Clause 4, Article 3 of Decree No. 360/2025/ND-CP dated 31/12/2025, soft drinks subject to SCT must satisfy two conditions: (1) they must be a ready-to-drink product manufactured according to Vietnam national standard TCVN 12828:2019 on soft drinks, and (2) they must have sugar content exceeding 5g/100mL. On-premise beverages mixed to order at the counter (using sugar, milk, canned fruit ingredients, carbonated water, etc.) are NOT subject to SCT if they do not qualify as a ready-to-drink product under TCVN 12828:2019 or do not have sugar content exceeding 5g/100mL. Businesses must assess each specific case to determine their SCT declaration and payment obligations.

A household business that buys buffalo or cattle from farmers, slaughters them, and sells fresh meat to restaurants and markets is trading at the commercial stage and must pay VAT by the direct method at 1% of revenue, plus personal income tax (PIT) at 0.5% of revenue. Fresh slaughtered meat is a "normally pre-processed" livestock product (slaughtering, deboning, skinning, mincing all count as normal pre-processing). When the self-producing farmer sells such products they are not subject to VAT, but when a household business buys and re-sells them at the commercial trading stage it must pay VAT of 1% on revenue. This is set out in Decree 359/2025/NĐ-CP (amending Decree 181/2025/NĐ-CP detailing the VAT Law), effective 1 January 2026, with the household-business presumptive rates of 1% VAT and 0.5% PIT for distribution/supply of goods under Circular 40/2021/TT-BTC. Exemption applies only if the household raises the animals itself and then slaughters and sells the meat: products from a household's own direct farming are exempt from VAT and PIT (income from direct agricultural/livestock production). Buying live animals from others for slaughter and resale does not qualify for this exemption.

The Bac Ninh Provincial Tax Authority answered a question about which progressive tax schedule to apply when a company pays December 2025 salary in January 2026 and files a PIT declaration for January 2026. Under the Personal Income Tax Law No. 109/2025/QH15, provisions relating to employment income for resident individuals apply from the 2026 tax year. The monthly PIT period is determined by the date of payment, not the date the income accrued. Therefore, December 2025 salary paid in January 2026 falls within the January 2026 (i.e., 2026 tax year) period. Conclusion: December 2025 salary paid in January 2026 is subject to the NEW 5-bracket progressive schedule under Law No. 109/2025/QH15, not the old 7-bracket schedule.

Consolidated Document No. 18/VBHN-VPQH (Official Gazette No. 131, dated February 28, 2026) consolidates the Labor Code No. 45/2019/QH14 (effective January 1, 2021) with amendments from three laws: Law on Digital Technology Industry No. 71/2025/QH15 (effective January 1, 2026), Population Law No. 113/2025/QH15 (effective July 1, 2026), and Law on Vocational Education No. 124/2025/QH15 (effective January 1, 2026). The Code governs labor standards; rights, obligations, and responsibilities of employees, employers, employee representative organizations, and employer representative organizations; and state management of labor. Its scope of application covers: employees, apprentices, trainees, workers without labor relations, employers, foreign workers in Vietnam, and other agencies/organizations/individuals directly related to labor relations. This is a technical consolidation reflecting the current legal status of the Labor Code. The PDF text is truncated at Article 16 of Chapter III (employment contracts), but the Code comprehensively regulates: employment and recruitment, employment contracts, wages, working hours and rest periods, occupational safety and hygiene, social insurance, resolution of labor disputes, and strikes.

The Can Tho City Tax Department confirmed that animal feed is VAT-exempt under Article 5, Clause 3 of the VAT Law No. 48/2024/QH15. Household businesses using the declaration method that distribute animal feed are not subject to VAT. However, household businesses must still file VAT declarations as required. Additionally, those with annual revenue exceeding VND 300 million must file and pay personal income tax in accordance with the law.

Circular 151/2025/TT-BTC takes effect from January 1, 2026, amending and supplementing detailed regulations on insurance-related certificates under Circular 69/2022/TT-BTC (as amended by Circular 85/2024/TT-BTC). Issued by the Ministry of Finance on December 31, 2025, this document aims to refine the legal framework governing insurance practice certificates. This Circular adjusts regulations related to insurance certificates, insurance agency certificates, insurance brokerage certificates, and insurance auxiliary service certificates. The amendments aim to update and clarify conditions for issuance, revocation, and management of professional certificates in the insurance sector, ensuring compliance with current legal provisions. For SMEs operating in insurance, insurance agency, insurance brokerage, or insurance auxiliary services, this Circular directly impacts employee certification requirements. Businesses must review the new regulations to ensure personnel hold valid certificates, avoiding violations that could lead to administrative penalties or suspension of operations. Companies should update internal procedures, training programs, and certificate management systems in accordance with the new guidelines effective from January 1, 2026.