Short answer: the full offence name in Article 203 is “Illegally printing, issuing, or trading invoices and state-budget collection receipts” — three groups of acts (printing, issuing, trading); “illegal invoice trading” is just the topic’s shorthand. Basic frame (paragraph 1): fine of VND 50–200 million, non-custodial reform up to 3 years, or 6 months–3 years’ imprisonment; aggravated frame (paragraph 2): fine of VND 200–500 million or 1–5 years’ imprisonment. Commercial legal entities also face criminal liability (Article 203 is on the Article 76 list).
Paragraph 1 — basic frame
Illegally printing, issuing, or trading invoices or state-budget collection receipts in one of the following cases faces a fine of VND 50,000,000–200,000,000, non-custodial reform of up to 3 years, or imprisonment of 6 months to 3 years:
- (a) Invoices/receipts in blank form: 50 to under 100 invoice numbers;
- (b) Invoices/receipts with completed content: 10 to under 30 invoice numbers;
- (c) Illegal profit of VND 30,000,000 to under VND 100,000,000.
Note the different “number” thresholds for blanks vs. completed invoices: blanks 50–under 100 (paragraph 1) / 100 or more (paragraph 2); completed content 10–under 30 (paragraph 1) / 30 or more (paragraph 2). Do not merge the two “number” categories.
Paragraph 2 — aggravated frame
Where one of the following applies: fine of VND 200,000,000–500,000,000 or imprisonment of 1–5 years:
- (a) Committed by an organized group;
- (b) Of a professional nature;
- (c) Abusing position or authority;
- (d) Blank invoices/receipts of 100 numbers or more, or completed-content invoices/receipts of 30 numbers or more;
- (đ) Illegal profit of VND 100,000,000 or more;
- (e) Causing damage to the state budget of VND 100,000,000 or more;
- (g) Dangerous recidivism.
Paragraph 3 — supplementary penalties
Fine of VND 10,000,000–50,000,000, prohibition from holding positions, practicing a profession, or doing certain work for 1–5 years.
Paragraph 4 — commercial legal entities face criminal liability
Article 203 is on the Article 76 list of the Penal Code (33 articles) — a commercial legal entity committing this offence faces criminal liability under Article 203(4):
- (a) Falling under paragraph 1 → fine of VND 100,000,000–500,000,000;
- (b) Falling under points a, b, d, đ, e or g of paragraph 2 → fine of VND 500,000,000–1,000,000,000;
- (c) Falling under Article 79 → permanent suspension of operations;
- (d) Supplementary: fine of VND 50,000,000–200,000,000, prohibition from doing business, operating in certain sectors for 1–3 years, or prohibition from raising capital for 1–3 years.
(Note the contrast: Article 364 bribe-giving is not on the Article 76 list — entities face no criminal liability for bribe-giving; Article 203 is the opposite.)
The administrative boundary: Article 22 of Decree 125/2020/ND-CP
Giving or selling invoices below the criminal threshold → administrative sanction under Article 22 of Decree 125/2020/ND-CP (per consolidated document 27/2026/VBHN-ND-BTC, Ministry of Finance, 27/8/2026 — do not cite the original 2020 text): fine of VND 20,000,000–50,000,000 + mandatory disgorgement of illegal gains. This is the fine level after amendment by Decree 310/2025/ND-CP (effective 16/01/2026).
The administrative/criminal boundary turns on: invoice quantity (the “number” thresholds above), nature (organized/professional), illegal profit, and state-budget damage under Article 203(1)–(2).
Distinguishing Article 203 from Article 200 — the easiest confusion
- Article 203: “illegally printing, issuing, trading invoices” — producing and circulating unlawful invoices.
- Article 200 (point d, paragraph 1): “using unlawful invoices” to commit tax fraud — using unlawful invoices to deduct/refund VAT.
One is the supply of unlawful invoices; the other is the use of unlawful invoices to evade tax. In practice one network may commit both, but legally they are independent offences.
FAQ
1. How many invoices trigger criminal prosecution?
Paragraph 1 threshold: blanks 50 to under 100 numbers, or completed-content invoices 10 to under 30 numbers, or illegal profit of VND 30–under 100 million.
2. What does “number” of invoices mean?
Per the invoice numbering (blank forms or completed-content numbers) — no invented definitions beyond the statutory text.
3. Can a company be prosecuted for illegal invoice trading?
Yes. Article 203 is on the Article 76 list → commercial legal entities are prosecuted under Article 203(4) (fines VND 100M–1B, possible permanent suspension under Article 79).
4. Giving/selling invoices below the criminal level — what fine?
Administrative fine of VND 20–50 million + disgorgement of illegal gains (Article 22, Decree 125, as amended by Decree 310/2025).
5. When was Article 203 last amended?
By Law 12/2017/QH14 (effective 01/01/2018). Law 86/2025/QH15 (effective 01/7/2025) did not amend Article 203; Law 59/2024/QH15 did not touch it either.
Practical recommendations
- Distinguish the three “number” categories: blanks (50–under 100 / 100+) vs. completed content (10–under 30 / 30+) — mixing them misjudges the penalty frame.
- Businesses must tightly control invoice management and use: “giving/selling invoices” below the criminal level still draws a VND 20–50 million administrative fine.
- When a counterparty’s invoices look unlawful, immediately assess which side you are on — “using” (Article 200) or “trading” (Article 203) — two offences, two different regimes.
Legal basis (verified 14/10/2026)
- 2015 Penal Code (Law 100/2015/QH13; effective 01/01/2018) — Article 203 (paragraphs 1–4), Article 76, Article 79; per Consolidated Document 135/VBHN-VPQH dated 05/9/2025. Article 203 and Article 76 most recently amended by Law 12/2017/QH14 (effective 01/01/2018; Article 76 expanded from 31 to 33 offences, adding terrorist financing Article 300 and money laundering Article 324). Law 86/2025/QH15 (effective 01/7/2025) did not amend Article 203 or Article 76. The 2026 draft Penal Code amendments are only a draft.
- Decree 125/2020/ND-CP — Article 22; per Consolidated Document 27/2026/VBHN-ND-BTC dated 27/8/2026 (Ministry of Finance).
Suggested internal links: article on tax evasion under Article 200 (FLAW-P0027), article on VAT fraud (FLAW-P0029).
Need advice on invoice or tax risk? Contact FLAT Law Firm for an assessment of your specific situation.
For reference only, not legal advice. Content quality-checked by the AI Legal Council; not yet reviewed by a human lawyer.
