- A Research on E-Invoice: Benefits, Challenges and Strategies to Overcome in Vietnam. - E-invoice is an emerging issue not only over the world but also in Vietnam. - Since e-invoice implementation is about to be compulsory in Vietnam for all organizations in 2020, it is necessary to identify the benefits, challenges and strategies to overcome these challenges of adopting e- invoice in Vietnam. - The study investigated a number of benefits, such as reducing processing time, decreasing operation cost, improving efficiency of human resource, high confidential and accurate information, optimizing the utility of other IT application. - However, there are also internal and external factors that have hindered the implementation of e-invoice. - IT has changed firms’ activities in some areas such as automatic processes to meet the requirements of flexibility, quality, cost- saving and effectiveness. - E-invoice is required in many countries around the world such as the US, UK, Finland, Australia, Spain, etc. - In Vietnam, the emergence of e-invoice was apparent since Vietnamese government issued decree no. - 51/2010/NĐ-CP which officially referred to the adoption of e-invoice.. - So far, studies about e-invoice in Vietnam have not been carried thoroughly. - This paper aims to discover the adoption of e-invoice worldwide and in Vietnam. - Additionally, the benefits and challenges of adopting e-invoice in Vietnam are also analyzed and identify strategies to overcome these challenges.. - Electronic invoicing is defined as the electronic tranmission of invoice data in a structure and standard format, allowing the automated processing of the invoice at the buyer site (Penttinen 2008). - There are some national and international standards that companies could choose to adopt. - This study will briefly draw up the overview of available framework in Vietnam and on worldwide. - Adoption of e-invoice worldwide. - This document aims to promote the usage of e-invoice by allowing organisations freedom of choice between paper and electronic invoice by removing existing burdens and barriers.. - Adoption of e-invoice in Vietnam. - To catch up with development of electronic technology, the latest regulation, Decree No.119/2018/ND-CP, was issued on 12/9/2018 by Vietnamese government about adoption of electronic invoice in Vietnam, which replaces Decree No. - This document also defines the types of e-invoice based on tax purposes that includes:. - Benefits of implementing e-invoice in Vietnam. - There are various studies conducted about benefits of e-invoice in business firms over the world. - According to the European Commission (2009), e-invoice should be formed in well-known formats such as PDF, XML, EDIFACT, HTML, DOC, XLS, JPED or TXT, therefore it is easy for firms to use and transfer information. - In Vietnam, this characteristic of e-invoice reduces time to handle business transactions, such as: processing stages were reduced by 70%, billing cycle was shortened by 90% (Nguyen Thi Thu Trang and Nong Thi Kim Dung, 2018) since e-invoicing eliminated time of manual billing. - would be posted directly and automatically into electronic format of invoice which helps saving time for both suppliers and customers by reducing processing period.. - According to a survey of Vietnam General Department of Taxation, the highest cost of self-printed invoice and cost of pre-printed invoice were approximately 2.500 VND/invoice and 2.000 VND/invoice respectively, whereas the cost of adopting e-invoice in EVN was only 292 VND/invoice (VFT, 2018). - This aspect of e-invoice also helps saving environment by reducing carbon foot- print when eliminating the existence of paper invoice.. - The third benefit of e-invoice is improving efficiency of human resources (Hernandez- Ortega, 2012). - The next benefit that could be referred is the high confidential and accurate aspects of e-invoice. - There are numerous counterfeit invoices which affect enterprises’. - prestige in Vietnam. - This situation could be reduced since e-invoice is more confidential than paper invoice.. - Another benefit of e-invoice is the optimizing of IT application systems in Vietnam.. - A number of IT applications are enhanced their utilizing by using e-invoice such as e- commercial, e-government, online tax, internet banking, etc.. - Challenges of implementing e-invoice in Vietnam. - There are a number of barriers to adopting e-invoice in Vietnamese companies.. - Factors that affect the implementation of e-invoice can be classified as internal and external factors. - Technical obstacles: Sufficient IT infrastructure and competences requirements such as new software, system integration and data transitions are necessary condition to fully adopt e-invoice. - Customers’ reluctance to receive e-invoice: Although the benefits of e-invoice is numerous and apparently, e-invoice adoption would be efficiency only if trading partners are willing and capable to exchange e-invoice back and forth. - In fact, a number of customers have been not willing to receive another form of invoice but paper one because they have inadequate knowledge about e-invoice, threatened by the validity, reliability and security of e-invoice.. - Lack of e-invoice implementation providers: it takes less expense and time for organizations to implementing e-invoicing systems via software providers rather than developing the systems themselves. - However, there are only 15 firms that provides e- invoice processing software in Vietnam such as some joint-venture companies with VNPT, VDC, etc. - This number is inadequate for providing services for 561.064 firms (GSO, 2018) in Vietnam.. - Limited instructions from the government: e-invoicing is about to be mandatory for all Vietnamese enterprises in 2020, however, there are only Decree No.119/2018/ND-CP and Decree No. - It is high demand of companies for specific policy instruction in implementation of e-invoice.. - Though e-invoicing systems bring a number of benefits to organizations, there are also obstacles that hinder the implementation of e-invoice. - There are some suggestions to promote the adoption of e-invoice in Vietnam as follows:. - Financial and technology assistance: The burden of initial investment cost in e- invoicing systems and IT issues can be reduced if financial and technology assistance are promoted, such as the co-operation between authorities and others developed IT corporations in establishing a standard platform for e-invoicing system. - Moreover, any intensive encouragement of government to promote e-invoice would make a huge change in implementation of e-invoice, for example: reduce fees, support the developing of e-invoice service providers, etc.. - Build advanced guideline on implementation of e-invoice by the government.. - The paper investigated the implementation of e-invoice, its benefits and challenges in Vietnam. - There were numerous advantages of adopting e-invoice instead of paper invoice, such as reducing processing time, decreasing operation cost, improving efficiency of human resource, high confidential and accurate information, optimizing the utility of other IT application. - Nevertheless, existed obstacles such as technical burden, initial cost of applying, the reluctance of customers, lack of service providers and limited legal guidance hinder Vietnamese firms from implementing e-invoice. - The study suggested some solutions to overcome these challenges such as: increasing financial and technical assistance, spreading the utility and benefits of e-invoicing system and building specific guideline for adopting e- invoice.
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