Throughout Dak Lak's digital transformation (DX) journey, commercial banks have emerged as trusted partners, helping household businesses overcome technological barriers while operating more professionally and efficiently business practices.

Rolling out digital financial solutions

Faced with novel requirements on electronic invoicing, greater cash-flow transparency and the transition from the presumptive tax regime to tax declaration, around 40,000 household businesses across the province are entering DX unprecedented phase. In response, commercial banks in Dak Lak have evolved beyond providing basic banking services, offering comprehensive support throughout this transition.

HDBank has launched an integrated package combining current accounts with eBanking services, featuring free account opening and maintenance. It also provides preferential loan packages with interest rates from 6.8% anually, complemented by incentives including free card issuance, cashback programmes and complimentary installation of point-of-sale (POS) terminals, creating favourable conditions for household businesses to expand operations.

Vietcombank’s Dak Lak Branch signing a cooperation agreement with the Dak Lak Tax Authority to support household businesses in accelerating digital transformation.

Similarly, Vietcombank tailors financial solutions to meet the evolving needs of enterprises and household businesses at different stages of development. Its flagship VCB OneQR solution enables merchants to accept payments from both domestic and international customers through a single QR code, enhancing transaction transparency while allowing real-time monitoring of sales and revenue.

Taking a different approach, VPBank has developed a digital application enabling household business owners to manage revenue, cash flow and tax declarations remotely, eliminating branch visits while streamlining day-to-day financial operations.

Ms. Vo Thi Hoa, who operates a grocery store in Dray Bhang Commune, said that in response to new tax regulations, numerous household businesses have invested in computers and QR-code scanners to facilitate cashless transactions. Thanks to dedicated support from commercial banks, receiving payments and fulfilling tax obligations have become significantly more convenient for small business owners.

Joining hands to address challenges facing household businesses

In order to help household businesses overcome technological barriers more effectively, the banking sector and tax authorities have strengthened coordination, building a sustainable support ecosystem.

As part of these efforts, Vietcombank's Dak Lak Branch recently signed a cooperation agreement with the Dak Lak Tax Authority to support household businesses and individual business operators in complying with tax policies and relevant legal regulations. The partnership centres on guiding merchants master electronic invoicing. In parallel, the bank is working closely with tax authorities to provide guidance on bookkeeping requirements, introduce tailored financial service packages, while stepping up communication activities that enable small traders to gain a thorough understanding of tax declaration procedures under the novel system.

According to Mr. Le Anh Thong, Deputy Head of the Dak Lak Tax Authority, further strengthening support for household businesses will require closer collaboration among banks, technology firms and tax agents operating province-wide. He emphasised that stronger coordination between tax authorities and the finance-technology ecosystem, coupled with active participation from commercial banks and businesses, plays a crucial role in helping household businesses embrace digital technologies while enhancing management capacity.

Establishing seamless communication channels linking banks, tax authorities with household businesses not only enables emerging issues to be addressed promptly but also contributes significantly to modernising tax administration. Simultaneously, it provides a solid foundation for transparent, sustainable growth of the provincial private sector.

Translated by HAI LOAN