Unprecedented Access to Bank Account Data: How Vietnam’s Tax Industry is Fighting Fraud and Enhancing Revenue Collection in the Digital Age

The General Department of Taxation recently announced that they hold data on over 121 million personal accounts and 9 million organizational accounts at 96 commercial banks. This data collection initiative was prompted by the Prime Minister’s request to enhance data sharing between ministries and branches in order to prevent tax loss.

The tax agency now possesses information on over 9 million organizational accounts and 121 million individual accounts at commercial banks. Individuals and organizations often hold multiple accounts at different banks for transactional convenience, and the State Bank of Vietnam’s data indicates that by the end of 2023, the country had nearly 183 million individual payment accounts. Therefore, the tax industry’s data collection encompasses nearly two-thirds of the total personal payment accounts in banks at the close of the previous year.

Bank account data is provided to tax authorities in accordance with Decree 126/2020 and the Law on Tax Administration 2019. This includes information on account transactions, balances, and other relevant data given by banks at the request of the tax authority head to facilitate tax obligation payments and checks. Tax authorities are tasked with securely handling and storing the payer’s account information, using it to identify individuals or organizations engaged in online business who have failed to declare and pay taxes.

Apart from bank account data, the tax industry also has information related to 929 e-commerce websites and 130 organizations operating in telecommunications, advertising, and broadcasting sectors. The tax industry faces significant challenges in managing and collecting taxes amidst the rapid growth of e-commerce. The agency has implemented several strategies to improve tax management within this domain.

In 2023, tax revenue generated through e-commerce channels amounted to 3.5 trillion VND (approximately 146 billion USD), with taxes paid totaling 97 trillion VND, representing a