With major changes coming from the Law on Value-Added Tax, businesses, especially small and medium-sized enterprises (SMEs), are under pressure to change how they pay, as many still rely heavily on cash in their operations.
From 1 July 2025, the Law on Value-Added Tax 2024 creates a number of challenges for businesses. Input tax can only be deducted for invoices of VND 5 million or more if they are paid by non-cash means. This is not just a change in payment method. It also requires businesses to reorganise their finance and accounting processes.
Businesses caught up in change
On the positive side, however, this is also a chance for businesses to become more flexible and modern. Standardising accounting processes and digitising transactions will help improve management, reduce risk and increase competitiveness in an increasingly demanding market.
For example, T., a fuel business with a large vehicle fleet, used to struggle to control fuel costs and cash advances to drivers. Every day, its accountants had to process hundreds of invoices from many different filling stations, while cash advances were still common and often led to errors.
Corporate bank cards remove spending bottlenecks.
Faced with the need to tighten control of spending and stop using cash, the business looked for more effective alternatives. One option it considered was a corporate credit card.
At first, management was concerned about the cost of corporate credit cards. After some time in use, however, the corporate cards clearly helped remove operational bottlenecks and save financial costs.
Corporate cards record the details of each transaction automatically, which greatly reduces the work of collecting and reconciling invoices. The business can also set a spending limit for each card, so it can track its budget more closely, limit overspending and prevent fraud.
Smart financial solutions for businesses
As a financial services provider, Sacombank understands the difficulties and pressure businesses face when moving to non-cash payments. The bank has therefore improved and upgraded its corporate card range, with stronger features for transparent spending management and effective cash flow control.
Sacombank corporate credit cards offer a credit limit of up to VND 1 billion with no collateral and no limit on the number of cards. Businesses get up to 55 interest-free days, which helps short-term cash flow for regular expenses.
Each transaction earns up to 2% cash back, which reduces the cost of business travel, office supplies and payments to suppliers. The cards have no issuance fee and no annual fee, which reduces up-front costs. Sacombank also offers business travel insurance of up to VND 11.6 billion, covering accidents and travel expenses.
Sacombank is also running the programme “Superior management, global opportunities” (Quản lý vượt trội - Cơ hội toàn cầu), with many offers that make it easier for businesses to use non-cash payments flexibly, safely and at lower cost.
When a business reaches certain spending levels, it receives gifts such as a VND 50 million travel voucher, a premium business travel bag, domestic business-class air tickets or an Urbox voucher. The total value of the offers is up to VND 9 billion, adding to the benefits for managers and staff.
The programme runs until the end of 2025. It shows Sacombank’s commitment to supporting businesses as they adapt to policy changes, digital transformation and sustainable development.
With active preparation and the right solutions, the changes in the Law on Value-Added Tax are no longer a burden. They become a chance for businesses to restructure their management and operations and move towards a more modern and competitive business environment.
An FC Legal lawyer will discuss it with you and propose a suitable approach.
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This article is general information and does not replace advice on a specific case. It reflects the law in force at the date of publication. Information about bank products and offers is as stated in the original article and may have changed.
Prepared and reviewed by the FC Legal legal team, FC Legal Law Company Limited, advising businesses on governance, contracts, employment, intellectual property and personal data protection.
