Making mandatory e-invoicing simple for Vietnam’s SMEs

This article is a part of Startup Spotlight, a series that features young, up-and-coming startups.

Image credit: Timmy Loen

While running cross-border businesses, Phan Viet Hung was frustrated by Vietnam’s invoicing software. After using modern tools in Europe, he found the local options to be outdated and complex. When Vietnam made e-invoicing mandatory, he built invoi.vn to be the simple tool he always needed.

😟 Problem

Since 2022, e-invoicing has been mandatory for all businesses in Vietnam. Non-compliance can lead to fines of over US$3,000. Existing software was built for large enterprises, forcing small business owners to delegate invoicing to accountants and lose financial visibility.

This adds to a deeper issue for Vietnam’s small and medium-sized enterprises (SMEs). Around 70% of them face long payment delays of 30 to 90 days, and this poor cash flow is a key reason why many SMEs fail.

💡 Solution

Invoi.vn offers a simple, online platform for Vietnamese SMEs to create and send legally compliant invoices. The product is designed for business owners to manage invoicing themselves, freeing up their accountants.

The platform also has a plan to embed invoice financing, allowing users to turn unpaid invoices into immediate working capital through banking partners.

Key features include:

• Fully online signup process
• Embedded e-signature capabilities
• Unlimited invoices on a flat monthly fee
• Real-time integration with tax authorities

Image credit: invoi.vn

📊 Market size

Vietnam mandated e-invoicing in 2022 for its over 940,000 active SMEs, a number is projected to reach 2 million by 2030. The country’s invoice factoring market is currently valued at US$16.3 billion and is expected to grow to US$31.8 billion by 2033.

🤝 Team

• Phan Viet Hung. Founder and CEO. He has eight years of B2B experience in Vietnam and Europe, managing international trading contracts in industries like FMCG and biotech.

🚀 Traction

• Secured a Ministry of Finance license.
• Beta launched in March 2026.
• Currently targeting its first 350 paying users.

🏆 Competition

💰 Financials

🚩 Risks