Vietnam’s big bet: Tax shake-up to unlock growth of 5 million household businesses
Mom-and-pop shops may hold the key to Vietnam’s next reform wave, but the path starts with disruption and pain
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[HO CHI MINH CITY] It’s a familiar scene in a bustling alley of Ho Chi Minh City’s District 1: rows of motorcycles crowd the fronts of mom-and-pop shops, ranging from eateries and grocery stores to barbershops, coffee houses and street food stalls.
But behind the lively hum, anxiety is brewing among them – part of a sprawling 5.2 million household businesses nationwide – over a new tax rule that could significantly reshape the way they operate.
Nguyen Thanh Cuong, manager of a small French restaurant in the area, said he is working with a software provider to install a new cash register system that links to tax authorities and issues electronic invoices with authorised codes.
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