Regarding the business operations of Hai Linh Co., Ltd., the Ministry of Industry and Trade has requested the Phu Tho Department of Industry and Trade to verify and provide information on 9 retail gasoline and oil stores owned and 15 retail agents of Hai Linh Co., Ltd. in the area.
The Departments of Industry and Trade of Lao Cai, Lang Son, Ha Giang, Vinh Phuc, Thai Nguyen, and Bac Ninh provinces were also requested by the Ministry of Industry and Trade to verify and provide information on the retail agents of gasoline and oil directly under the distribution system of Hai Linh Company operating in their provinces.
Le Van Tam – Chairman and CEO of Hai Linh Co., Ltd. (left) at the signing ceremony for the sale of 49% of the shares of Cai Mep LNG Port in Ba Ria-Vung Tau province.
According to information from the Tien Phong Newspaper, Hai Linh Co., Ltd. is located in Zone 2, Song Lo Ward, Viet Tri City, Phu Tho Province. This is one of the famous trading enterprises, one of the largest in the North and always among the largest gasoline and oil trading enterprises in Vietnam. There are periods when Hai Linh Co., Ltd. is one of the 8 enterprises with revenue of over VND 10,000 billion.
According to the 2019 financial report, Hai Linh’s net revenue reached VND 18,880 billion, far surpassing Hai Ha Waterborne Transport Trading and Service Company Limited of female entrepreneur Tran Tuyet Mai (arrested in early 2024), and Long Hung Trading and Service Company Limited (net revenue in 2019 reached nearly VND 10,383 billion).
Despite achieving good revenue and growth in the 2017-2019 period, Hai Linh’s profit tends to decrease year by year. In 2017, the company’s profit was VND 469.9 billion, decreasing to VND 423.3 billion in 2018 and VND 449 billion in 2019.
In addition to being “named and shamed” for failing to import enough allocated quotas in 2020, in July 2022, Hai Linh was fined VND 60 million for failing to send periodic gasoline and oil distribution registration to the Ministry of Industry and Trade as prescribed. As of 2022, according to the company’s declaration, it had 13 directly-owned retail stores, 1 general agent, and 67 gasoline and oil agents.
Earlier this year, the Chairman of Hai Linh Co., Ltd., Mr. Le Van Tam, sent a document to the Department of Price Management – Ministry of Finance and the Department of Domestic Market – Ministry of Industry and Trade explaining the conclusion of the Government Inspectorate related to the company’s misuse of over VND 2,551 billion of the Gasoline and Oil Price Stabilization Fund.
In April, the Phu Tho Tax Department issued a decision on the enforcement of administrative decisions against Hai Linh Co., Ltd. with an amount of over VND 160 billion due to tax arrears of over 90 days from the due date for tax payment as prescribed.
Also during this time, the Ministry of Industry and Trade established an inspection team to inspect the conditions for granting certificates of eligibility to trade in many other gasoline and oil enterprises in Ho Chi Minh City. Among the inspected enterprises was CTV Trading and Service Joint Stock Company. The inspection team also inspected directly at the company’s headquarters along with 7 retail stores of gasoline and oil belonging to the company’s agents and its own retail stores.
In a recent report by a functional unit sent to the Ministry of Industry and Trade, the granting of permits was assessed to be necessary for private trading enterprises in Vietnam due to existing issues regarding compliance with business conditions.
According to the report, among the gasoline and oil trading enterprises that were inspected by the Government Inspectorate, the Ministry of Industry and Trade’s inspectors and market managers in recent years, violations of regulations on reserves, violations of regulations on the system of agents, and gasoline and oil business activities were rampant among the new private trading enterprises that were granted permits.
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