Vietnam tightens tax reporting for foreign firms

Photo: Le Thanh / Tuoi Tre

Foreign-linked businesses, banks and other organisations in Vietnam could face fines of up to VND100 million, or about US$3,800, for failing to provide complete, accurate or timely information to tax authorities.

Hanoi tax authority issues reminder

The Hanoi Tax Department has reminded taxpayers and related organisations of duties linked to tax administration and international tax-information exchange. The notice concerns rules for providing, collecting and verifying information under international tax treaties and agreements to which Vietnam is a party.

Taxpayers and relevant organisations or individuals must provide accurate, complete and timely information when requested. They cannot refuse a lawful tax-authority request by citing banking confidentiality.

Credit institutions, branches of foreign banks and payment-intermediary providers must supply information on financial accounts held in Vietnam by non-resident taxpayers.

Foreign-company offices must update ownership details

Branches and representative offices of foreign companies operating in Vietnam must declare and update information about the legal and beneficial owners of their overseas parent companies. The information is required during initial tax registration and whenever it changes.

Submitting information five days or more after the deadline can attract fines of VND10 million to VND30 million. Incomplete or inaccurate information can lead to penalties of VND30 million to VND50 million.

More serious breaches, including failing to provide information within 15 days after a deadline or approved extension, can incur fines of VND50 million to VND100 million. The same range applies to collusion or concealment intended to obstruct collection or verification.

What it means for foreigners in Vietnam

Foreign business owners and managers should ensure their Vietnam branch or representative office has current ownership records and a clear process for responding to official tax requests. Changes in parent-company ownership or beneficial ownership should be updated as part of normal compliance work.

The notice does not create an exemption for banking secrecy. Firms with cross-border accounts, foreign-bank branches or non-resident customer arrangements should seek professional tax advice where needed and keep records accurate, as authorities may also require corrective information in addition to imposing a financial penalty.

15 August 2026