The Vietnamese government's Decree 70 mandates that all households and individual businesses use e-invoices. Businesses with annual revenue exceeding 1 billion VND are required to connect their cash registers directly to the tax authorities to ensure transparency and fair competition. Many small businesses accustomed to manual management find this a significant challenge.
Nguyen Dong, owner of a grocery store in Ho Chi Minh City, said that previously, revenue recording was done manually in a notebook. When required to switch to e-invoices, his family didn't know where to start, needing to invest in equipment and learn how to use it.
"The initial investment costs are not insignificant, from buying computers and printers to registering for software and spending time learning how to use it. For small businesses like us, this is quite new," Dong said.
In this context, TPBank has proactively designed tailored products and services for micro and small businesses, helping them save on initial investment costs and shorten the time it takes to adapt to the new process.
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A TPBank automated teller machine. Photo: TPBank |
A TPBank automated teller machine. Photo: TPBank
Specifically, TPBank has launched the "Smooth Management - Peak Business" solution, which includes a transaction account, credit, and management tools. Small businesses can open digital business accounts using their birthdate, phone number, or business license. The entire process is done online, saving users time.
Account holders also receive free interbank transfers on TPBankBiz, free internal transfers, and waived interbank transfer fees at the counter for the first three months. The bank also provides free e-invoices, POS devices, and the SoftPOS application, enabling businesses to accept various payment methods and issue invoices directly via email or SMS. The "Loa Ting Ting," a real-time transaction notification device, helps shop owners track revenue in real-time, replacing manual checks.
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TPBank's Loa Ting Ting automatically announces transactions aloud, making confirmation safer and faster. Photo: TPBank |
TPBank's Loa Ting Ting automatically announces transactions aloud, making confirmation safer and faster. Photo: TPBank
To further assist small businesses, TPBank is waiving the first year's annual fee for business debit cards, offering a multi-purpose QR code set, and launching the "Billion VND Shop Club" program with gifts for Loa Ting Ting users.
Customers also receive a free 3-year salary payment package, facilitating convenient, transparent, and cost-effective employee payroll. Additionally, TPBank provides free sales support software for the first year, helping businesses digitize operations and manage revenue transparently without additional costs.
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TPBank signs a partnership agreement with MobiFone. Photo: TPBank |
TPBank signs a partnership agreement with MobiFone. Photo: TPBank
TPBank has also signed a strategic partnership with MobiFone to build a "digital alliance" connecting telecommunications, finance, and technology. This provides businesses with access to a comprehensive digital solution, from telecommunications infrastructure and payment tools to e-invoices, promoting cashless payments and sustainable digital transformation.
According to a TPBank representative, this comprehensive rollout of products and incentives not only helps businesses comply with Decree 70 but also enhances their image, credibility, and operational professionalism. When all transactions are transparent through the banking system, businesses can access capital more easily and build trust with partners and consumers.
"Decree 70 is both a challenge and an opportunity for Vietnamese businesses to transform. TPBank will continue to support small businesses in adapting to this policy and developing sustainably in the digital age," the representative said.
Minh Ngoc
