E-Invoice for securities services: Creating Transparency in Cash Flow and Tax Obligations

(Investment Securities Newspaper) In an exchange with a reporter from Investment Securities Newspaper, Mr. Le Thanh Dat, Deputy General Director of T-Van Hilo Services Joint Stock Company, stated that the regulation requiring the issuance of electronic invoices (e-invoices) for each transaction to investors creates transparency in cash flow and tax obligations.

It is known that Hilo is a provider of e-invoice solutions for securities companies. Could you please tell us how this regulation has been received by securities companies?

Decree No. 70/2025/ND-CP dated March 20^th, 2025 by Government, has had significant impacts on the issuance of e-invoices of securities companies. During the implementation processes for our clients, we observed that most securities companies have proactively coordinated with e-invoice solution providers to process their e-invoice according to the regulations.

However, some customers also feel pressured due to the large volume of transactions. As a securities company can execute millions of transactions daily, the requirement to issue an e-invoice for each fee collection (brokerage fees, custody fees, margin loan interest, etc.) results in an enormous volume of invoices, then it will create pressure for the generation, transmission and storage of e-invoice.

Mr. Le Thanh Dat, Deputy General Director of T-Van Hilo Services Joint Stock Company appeared in the Spotlight section of Investment Securities Newspaper

Also, pursuant to this new regulation, invoice issuance must be timely. With large and complex management software systems, extracting data and pushing it into the e-invoice system is a complex challenge. Furthermore, ensuring that e-invoice data is sent to the tax authority instantly on the day itself is a headline challenge for some securities companies.

Some entities are also concerned about handling incorrect information on e-invoices. With an enormous volume of transactions, errors are inevitable. Having to manually process thousands, or even tens of thousands of erroneous e-invoices daily is an extremely big pressure.

Given these concerns, to comply with the regulations, securities companies request a high-performance e-invoice system which deeply integrated with core operational systems. In order to meet these requirements, the entire process, from transaction recording and data reconciliation to issuance and submission of e-invoices, must be automated.

Currently, most securities companies have invested in modern information technology infrastructure, so issuing and sending e-invoices to investors for transactions and securities services should not be a major issue, right?

Decree 70/2025/ND-CP has had vital impacts on the e-invoice issuance by credit institutions. Specifically, the Decree has removed the regulation regarding the creation of summary invoices at the end of the day or month for services such as banking, securities, insurance, and e-wallet money transfer services for non-business individual customers who do not require e-invoices.

With this new regulation, the volume of e-invoices that securities companies need to issue will increase enormously, reaching tens of thousands, or even millions of e-invoices per day.

The information technology systems of securities companies are very robust, so issuing e-invoices for each transaction can be implemented smoothly.

To meet the requirements for connecting with tax authorities, what specific solutions has Hilo provided?

Firstly, prior to implementation, in order to address the concerns of securities companies, we organize discussions, training sessions, and operational guidance to ensure their smooth and efficient operation.

Secondly, by understanding that software systems of securities companies are very difficult to upgrade or change, we have developed numerous data connection solutions to ensure that entities can still issue e-invoices legally without requiring system upgrades.

Thirdly, regarding implementation costs, entities previously purchased e-invoices at a cost of a few hundred VND per e-invoice. For its large volumes, if the price is not optimized, costs would increase tremendously. Since Hilo has implemented e-invoice solutions for many entities, we have standardized our software and optimized costs.

Fourthly, as for the operations, we have a very large number of generated e-invoices and numerous arising e-invoice processing tasks, so we have provided various tools to standardize processes and automate them to support entities. As a result, entities do not need to hire additional accounting or operational staff while still achieving effective implementation.

The mandatory requirement for securities service providers to issue e-invoices to investors is believed to create transparency and fairness for the stock market. What is your view on this matter?

I completely agree with this view. The mandatory requirement for securities service providers to issue e-invoices for each transaction is a crucial step forward, bringing dual benefits in terms of management and investor protection.

Firstly, this regulation creates absolute transparency regarding cash flow and tax obligations. Every service fee, no matter how small, is officially recorded on the e-invoice, and its data is transmitted to the tax authority. This helps regulatory authorities closely monitor the revenue of securities companies, ensuring fairness in fulfilling obligations to the state’s budget.

Secondly, this regulation directly protects the rights of investors. An e-invoice is a legal document, serving as solid legal evidence for investors to cross-check and resolve fee disputes (if any). At a macro level, this standardization contributes to a healthier market, creating a fairer and more reliable investment environment.

To ensure the interests of investors, what should regulatory authorities and businesses in the securities industry do?

To protect the interests of investors, it is not enough to merely issue regulations; synchronized solutions are needed from both regulatory authorities and businesses.

From the perspective of regulatory authorities, although the legal frameworks in Decree 123/2020/ND-CP and Decree 70/2025/ND-CP are very clear, supervision and enforcement of the authorities need to be more vigorously promoted. I propose that there needs to be a coordination mechanism between the tax authority and relevant state management agencies to detect non-compliant entities. The application of strict and public penalties will create the necessary deterrent effect.

From the viewpoint of securities companies, they need to proactively raise customer awareness about customer’s right to receive e-invoices for each transaction. At the same time, businesses should consider investing in technology systems to automate the entire e-invoice issuance process as a mandatory requirement.

The combination of a strictly enforced legal framework and awareness of proactive compliance from businesses will create the most transparent and secure investment environment for investors.

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T-VAN HILO SERVICE JSC

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