The decisive engagement of commercial banks, with comprehensive digital ecosystems, is becoming a vital “backbone”, helping millions of household businesses overcome cost and procedural barriers and confidently enter the modern business environment.
Removing barriers to transition
The practical implementation of new policies on e-invoicing, tax declaration and the separation of business accounts shows that the greatest difficulty for household businesses lies not in the regulations themselves, but in their ability to adapt. Moving away from manual record-keeping and experience-based operations to digital management tools has left many struggling, even apprehensive.
In Ha Noi, Nguyen Thu Thuy, owner of a small eatery in Ngoc Ha Ward, said she initially worried about making errors in tax declarations that might lead to penalties. However, after attending online training sessions organised by the tax authorities and receiving support from technology firms in using sales software, she gradually became accustomed to tracking revenue, compiling data and filing taxes electronically. “They guided me step by step, so it was quite easy to understand. Once I tried it, I realised it wasn’t as complicated as I had thought,” she shared.
Sharing a similar sentiment, Duong Ngoc Thinh, who runs a grocery shop in Hoan Kiem Ward, said he found it confusing at first to use software and submit taxes electronically. With on-site guidance from tax officials, recording revenue and making declarations has gradually become routine.
In this context, the role of commercial banks has become increasingly evident. Beyond providing payment services, many banks have proactively coordinated with tax authorities to roll out solutions supporting household businesses from the very early stages of operation.
According to Nguyen Van Dai, Director of the Household Business and Micro-enterprise Segment at PVcomBank, the biggest challenges at present are initial investment costs and apprehension about administrative procedures. To address these issues, the bank has introduced a series of synchronised solutions, including providing free sales software, waiving fees for e-invoices and digital signatures during the initial period, supporting the installation of payment devices, and enabling direct connectivity with the tax authority’s system for convenient electronic tax payment. Notably, PVcomBank has recently signed agreements with tax authorities in 22 localities to implement solutions supporting tax declaration, electronic tax payment and cashless transactions. Through this connection, household businesses can carry out financial operations and fulfil tax obligations simultaneously on a single platform.
Many major banks such as Agribank, BIDV, VPBank, MB and MSB have also developed integrated digital ecosystems, allowing household businesses to manage sales, monitor cash flow, issue e-invoices and meet tax obligations directly via banking applications.
Transparent cash flows – elevating household businesses
Whereas household businesses previously operated largely on experience and “informal” cash flows, the current requirement to separate accounts and declare taxes is forcing this sector to move towards greater transparency. Under Circular No. 25/2025/TT-NHNN, amending and supplementing Circular No. 17/2024/TT-NHNN of the State Bank of Viet Nam on the opening and use of payment accounts, from 1 March 2026, bank accounts used for the production and business activities of household businesses must be opened and used in accordance with the name stated on the business registration certificate.
At the same time, Decision No. 3389/QD-BTC of the Ministry of Finance stipulates that households with annual revenue of 200 million VND or more, subject to mandatory tax declaration, must have a separate bank account from the beginning of 2026. This is not only a legal requirement but also an important step towards standardising financial data.
A representative of PVcomBank noted that household businesses with transparent cash flows and stable bank transactions may be granted credit lines of up to 36 months with simplified procedures and more preferential interest rates.
Experts say that when financial data is digitised and standardised, household businesses not only meet tax management requirements but also build a “living credit profile”—a key factor in expanding operations and participating more deeply in supply chains. Many banks have now integrated cash flow analysis tools and real-time revenue management features, enabling household businesses to move from mere “record-keeping” to true “management”. This represents a fundamental shift, laying the groundwork for professionalisation.
Dr Chau Dinh Linh of the Ho Chi Minh City University of Banking emphasised that the new regulations present an opportunity for household businesses to transform into more professional models. However, for this roadmap to proceed smoothly by 2026, closer coordination is needed among the tax sector, banks and industry associations in disseminating digital skills to household businesses.
Moreover, the standardisation of accounts and the transparency of cash flows should not be viewed merely as administrative pressure. Technology and policy are only necessary conditions; the decisive factor remains a shift in mindset among business owners themselves. In an economy that increasingly demands transparency and standardisation, failure to adapt promptly may not only limit access to capital but also risk shrinking market share. Conversely, those that proactively leverage banking support to build structured management systems will gain a clear competitive advantage.
