The General Department of Taxation on Thursday officially launched the e-portal for households and individuals running businesses to register, declare and pay tax.
Temu, owned by Chinese e-commerce giant PDD Holdings, is considered one of the world’s fastest-growing e-commerce platforms, with sales estimated at $30 billion by the year-end. It started allowing shoppers from Việt Nam in October.
With the rapid growth of the e-commerce market, tax revenue from this sector reached about VNĐ108 trillion (US$4.25 billion) in the first 11 months of 2024.
The E-commerce Connection and Development Forum 2024 will provide an overview of the Vietnamese and international market and introduce models and solutions to support MSMEs in promoting exports via e-commerce platforms.
The proposed amendment would require platforms like Facebook, Apple and Netflix, which generate revenues in Việt Nam, to register and pay taxes directly or through authorised representatives starting January 1, 2025.
Vietnamese e-commerce platform revenues fell significantly in the third quarter of this year, while foreign platforms saw considerable expansion, according to a recent report by e-commerce data company Metric.
Non-compliance may lead to coordinated technical measures, such as app blocking and domain name restrictions, in collaboration with relevant authorities
As many as 412 e-commerce platforms have registered their tax information with Việt Nam’s tax authorities, according to information on a portal under the General Department of Taxation (GDT).
Việt Nam’s e-commerce sector has grown by 18 per cent since 2023, making it the third-fastest growing in Southeast Asia, following the Philippines and Thailand.
The Ministry of Industry and Trade’s recent document about strengthening management on e-commerce says consumers should not have transactions with platforms which have not been verified by the Ministry of Industry and Trade.
The HCM City Department of Industry and Trade has said it plans to inspect businesses that sell on online platforms and show signs of violating regulations.