The General Department of Customs has recently issued a document requesting Customs Departments to suspend customs procedures for petroleum and import-export raw materials of Hải Hà Maritime Transport Co., Ltd (Hải Hà Petro) and Xuyên Việt Oil Trading and Transport Co., Ltd (Xuyên Việt Oil).
According to the General Department of Customs, these two companies have had their certificates of eligibility as petroleum business traders revoked by the Ministry of Industry and Trade. Currently, both companies do not meet the requirements to carry out import-export procedures, temporary import for re-export, transit, processing for export of petroleum and raw materials for petroleum blending.
Earlier, the Investigation Police Agency – Ministry of Public Security has initiated legal proceedings, temporarily detained Ms. Trần Tuyết Mai – Chairman of the Board of Members cum General Director of Hải Hà Maritime Transport Co., Ltd – for not remitting the required amount to the Petroleum Price Stabilization Fund and for misusing the Petroleum Price Stabilization Fund in violation of the law, causing a loss of more than 317 billion VND to the state.
On September 8, 2023, the Security Investigation Agency of the Ministry of Public Security (A09) initiated the case “Violations of regulations on management and use of state property causing losses and waste,” which occurred at Xuyên Việt Oil Company and some related agencies and organizations. The security investigation agency also decided to prosecute and issue a temporary detention order for two females: Mai Thị Hồng Hạnh – Director of Xuyên Việt Oil Trading and Tourism Co., Ltd; Nguyễn Thị Như Phương – Deputy Director of Xuyên Việt Oil. Both leaders of Xuyên Việt Oil Company are being investigated for the offense of “violating regulations on management and use of state property causing losses and waste.”
Not only owing money for the Petroleum Price Stabilization Fund, the above-mentioned oil tycoons also owe taxes amounting to thousands of billion VND and bad debts to banks worth tens of thousands of billion VND.
Hải Hà Petro owes bad debts to banks of over 5,700 billion VND
Hải Hà Maritime Transport Co., Ltd (Hải Hà Petro) was established in 2003 in Diêm Điền town (Thái Thụy district, Thái Bình province). By 2012, the company was granted a business license for petroleum import and export by the Ministry of Industry and Trade, marking a crucial turning point in its development process. Since then, Hải Hà Petro has dominated the petroleum market in Thái Bình province and has been considered one of the country’s largest petroleum tycoons.
Hải Hà Petro stated that the company currently has 22 retail petroleum stations and 200 customers, including distributors, general agents, direct consumption agents nationwide.
According to our available data, the total bank loans owed by Hải Hà Petro is over 6,226 billion VND at 5 banks, with over 5,736 billion VND being bad debts and 490 billion VND being debts of concern.
Previously, BIDV announced the search for an organization to auction off the asset, which is the petroleum warehouse Hà Hải – Quảng Trị in Cửa Việt town, Gio Linh district, Quảng Trị province, owned by Hải Hà Petro to recover the debt. Hà Hải – Quảng Trị petroleum warehouse has an area of over 30,000 m2, including the petroleum storage area, E100 storage area, and level 1 petroleum industrial facilities. The starting price for the asset set by BIDV is 176 billion VND.
Xuyên Việt Oil owes bad debts of over 5,500 billion VND
Xuyên Việt Oil (headquartered at 465-467 Hai Bà Trưng, P. Võ Thị Sáu, District 3, Ho Chi Minh City) obtained its first business registration in 2005 and was granted a license for petroleum import and export by the Ministry of Industry and Trade in August 2016. This company is a regular partner of the two largest oil refineries in Vietnam: Nghi Sơn Refinery and Dung Quất Refinery. Its main market share is in some provinces of the Central Highlands and Ho Chi Minh City.
According to the latest updated business registration report, Xuyên Việt Oil has a charter capital of 3,000 billion VND with only 2 contributing shareholders. Specifically, Ms. Mai Thị Hồng Hạnh holds 98% of the capital, and the remaining 2% belongs to Ms. Mai Thị Ngọc Trinh.
According to our available data, Xuyên Việt Oil currently has a debt of over 5,500 billion VND at 4 domestic banks, all of which are bad debts. Among them are 3 banks classified as State Commercial Banks and 1 private Commercial Bank.