Digital Transformation: Empowering Small Businesses for the New Normal

The landscape is changing for small businesses in Vietnam, with new policies mandating the use of electronic invoices and standardized digital management practices. This presents a significant challenge for the over 5.5 million small businesses in the country, many of which have traditionally relied on manual record-keeping and paper invoices.

Illustration depicting the challenges and opportunities faced by small businesses in Vietnam due to new policies.

A Simple Solution to a Complex Problem

ACB, a leading financial institution in Vietnam, has stepped up to the challenge by offering an integrated financial solution that leverages technology to help small businesses navigate this transition smoothly and cost-effectively.

In August 2024, ACB introduced “Đồng Minh Thông Thái,” a comprehensive platform that enables small businesses to manage multiple sales outlets simultaneously, create unique QR codes for each order, and share transaction notifications with employees without compromising account balance confidentiality. The platform also offers flexible QR code designs that can be placed anywhere in a store, enhancing the customer experience and projecting a professional image.

More recently, ACB launched a transaction notification speaker that automatically announces successful customer transactions, reducing the risk of fraud during fund transfers. Additionally, ACB’s collaboration with Heno JSC resulted in the FinOne sales software, exclusively designed for ACB merchants. FinOne enables users to generate electronic invoices directly from their phones, connect directly to the tax system, and pay taxes online without tedious intermediaries. With its user-friendly interface and integration of sales management, social security, and digital signature features, FinOne streamlines business operations.

Image caption: ACB and HENO signing ceremony for the implementation of the FinOne sales software.

Complementing FinOne is the Tài Lộc account, which provides peace of mind by segregating business transactions from personal finances, ensuring absolute confidentiality as only the store owner can access account information. Additionally, owners can choose a lucky account number starting with 68 or 86, helping customers identify their business and leaving a unique impression.

By utilizing ACB’s comprehensive solution, including the FinOne sales software, electronic invoicing, the Tài Lộc account, and the Đồng Minh Thông Thái store management platform, small businesses can streamline their sales, transactions, and revenue and expense management, ensuring unified and easily reconcilable data.

“Previously, my restaurant mainly relied on manual order recording, assuming that sales software would be complicated and expensive. However, lately, hotels and restaurants have been insisting on proper invoicing, and if we don’t comply, we risk losing customers. Thanks to ACB’s integrated sales solution on my phone, I can now process orders, generate invoices, and manage my restaurant more efficiently without investing in additional equipment.” – Ms. Thu, owner of a food store chain in Ho Chi Minh City

Small Businesses at the Threshold of Mandatory Transformation

Small businesses have long been a cornerstone of Vietnam’s economy, contributing significantly to the country’s GDP and employing over 8 million people. However, most small business owners have relied on traditional, manual methods of operation. While electronic payments such as fund transfers and QR code scanning have been adopted, revenue and expense management, and record-keeping remain disjointed and challenging to control.

The implementation of Decree 70, which mandates the use of software and electronic invoices, has left many small business owners feeling overwhelmed, as not everyone is tech-savvy or financially prepared to bear the costs of invoice generation and software purchases. A small business owner at a wholesale market shared their concerns: “Apart from worrying about how to use the sales software, the initial cost of equipment and digital signatures is staggering. If I only sell in small quantities, I doubt there will be any profit left.“

While there may be initial hurdles, ACB assures small businesses that this transformation presents an opportunity to digitize their operations, laying the foundation for future growth.