Some 104.8 million electronic invoices had been generated from cash registers as of the end of 2023, a 47.6-fold rise compared to the initial implementation period in 2021, according to the General Department of Taxation.

The tax sector rolled out the e-invoice system in 2021, the Vietnam News Agency reported.

As of the end of 2023 the number of businesses registering to issue such e-invoices stood at 40,355, or 94.36 per cent of the annual target.

This represents an eleven-fold increase compared to the initial implementation period.

The initiative has contributed to administrative procedure reform, reducing costs and improving business productivity, according to General Director of the General Department of Taxation Mai Xuan Thanh.

Local tax authorities to have seen significant results in implementing e-invoices include those in Ho Chi Minh City, Hanoi, southern Dong Nai province, and northern Quang Ninh province.