Small Traders in Ho Chi Minh City Face Major Hurdles in Transitioning to Digital Tax Systems
The shift to electronic tax management in Ho Chi Minh City has exposed significant challenges for small traders, particularly those in traditional markets. At a recent forum attended by nearly 400 business owners, Nguyễn Hoàng Sơn, deputy chairman of the Tax Advisory and Agency Association, highlighted the difficulty of adapting to digital systems. Many traders lack familiarity with technology, struggling to navigate apps like Etax Mobile or complete digital identity verification.
This gap has led to confusion over tax obligations, complicating compliance for those accustomed to manual processes. The transition is further complicated by the fast-paced nature of market operations. Traders often cannot process tax filings in real-time due to the constant flow of transactions, forcing them to record data later.
This increases the risk of errors, as discrepancies between actual sales and recorded entries persist. Additionally, the absence of dedicated accounting staff in small businesses means owners must juggle multiple roles, from sales to tax reporting, heightening their anxiety over potential penalties for inaccuracies. A critical barrier lies in the inconsistent use of digital invoices.
Techcombank Launches Integrated Digital Solutions to Support Small Business Tax Compliance
In response to these challenges, Techcombank has introduced a suite of digital tools designed to streamline tax processes for small businesses. Hoàng Trọng Hiếu, senior director at the bank, explained that the solutions are tailored to address the fragmented workflows that hinder efficiency. By integrating services from account opening to tax reporting, the bank aims to reduce the burden on traders while ensuring compliance.
For example, its T-Shop platform allows real-time sales tracking, minimizing the need for manual record-keeping. The bank’s Shopcash loan program also caters to the flexible funding needs of small traders, offering up to 1 billion VND in credit without collateral. New customers can access initial loans of 30 million VND within 15 days of opening an account, with limits adjusted based on business performance.
These measures are part of a broader strategy to create a seamless digital ecosystem, where traders can manage finances, sales, and taxes through a single platform. Techcombank’s collaboration with partners includes free software for five years, 5,000 electronic invoices, and one year of digital signature access. Over 100,000 users have already adopted these tools, with projections of a four to fivefold increase by year-end.
Industry Leaders Highlight Need for Unified Digital Tools to Streamline Tax Processes
Tax authorities have acknowledged the initial resistance from small businesses but emphasize progress in overcoming these barriers. Nguyễn Văn Thành, deputy head of Ho Chi Minh City’s Tax Department, noted that targeted training and direct support have helped shift attitudes toward digital compliance. The introduction of a guidebook for tax procedures and electronic invoicing has also improved understanding, with more traders adopting digital tools to meet regulatory requirements.
Despite these advances, challenges remain. The inconsistent use of invoices and the lack of technical infrastructure continue to hinder full adoption. To address this, authorities and banks are collaborating to expand access to digital resources, ensuring that traders can navigate the transition without excessive stress.
Techcombank’s efforts, combined with policy support, aim to create a more transparent and efficient system, reducing administrative burdens while fostering trust in digital tax processes. The long-term goal is to establish a cohesive digital framework where small businesses can thrive under modern tax regulations. By prioritizing user-friendly tools and continuous education, stakeholders hope to minimize disruptions and encourage broader participation in the digital economy.
Conclusion
The struggle to adapt to electronic tax systems underscores the need for tailored support, as highlighted by both tax authorities and financial institutions. While challenges persist, initiatives like Techcombank’s integrated solutions and government training programs are paving the way for smoother compliance. The success of this transition will depend on sustained collaboration to ensure small businesses can navigate digital reforms without losing their operational agility.
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