Three fuel wholesalers have come under scrutiny over the past year, notably being implicated in various gasoline-related scandals. For instance, Thanh Tra Chinh Phu accused Thien Minh Duc Corporation of misusing the Gasoline Price Stabilization Fund, with the company’s documents subsequently being handed over to the Ministry of Public Security for further investigation.
Two other wholesalers, Xuyen Viet Oil and Hai Ha, were also implicated in the case. Earlier this year, the Nghe An Tax Department enforced a nearly VND 940 billion tax collection against Thien Minh Duc, seizing funds from multiple bank accounts.
Thien Minh Duc Corporation’s headquarters, located at 2A Le Mao, Vinh City, Nghe An Province.
Apollo Oil Joint Stock Company and Trung Linh Phat Limited Liability Company are two other wholesalers that have attracted attention in the gasoline industry over the past two years. The Ministry of Finance identified these companies, along with others, for violating regulations regarding the Price Stabilization Fund for gasoline and diesel oil.
Apollo Oil, chaired by Ngo Nhat Phuong and located at 461 Cong Hoa, Ward 15, Tan Binh District, Ho Chi Minh City, surprised the industry when it received a license during the volatile market conditions of 2022. The company operated by purchasing gasoline and diesel oil from other wholesalers, thus avoiding the Price Stabilization Fund. After being named in the violations, Apollo Oil imported its first batch of gasoline and diesel oil in early October 2023.
Trung Linh Phat Limited Liability Company also raised eyebrows with its sudden revenue surge from VND 3,104 billion to VND 7,749 billion in 2021, while only managing a meager profit of VND 144 million. The company was reprimanded by the Ministry of Industry and Trade for importing diesel oil below the allocated quota and failing to register adjustments to its distribution system with the ministry.
In 2022, the Domestic Market Department under the Ministry of Industry and Trade once again pointed out Trung Linh Phat’s violations regarding the minimum total source requirement for gasoline and their failure to register adjustments to their distribution system. The company was fined VND 200 million for these infractions. Earlier this year, the Ministry of Industry and Trade requested that Trung Linh Phat repay over VND 26 billion to the Price Stabilization Fund.
According to the General Department of Market Management, in July alone, market management forces inspected 309 enterprises and handled 54 cases of violations in the business of gasoline and oil by enterprises of all levels, from wholesalers to traders and retailers.
Through inspection, the functional forces have handled and requested the payment to the state budget, including the amount of money that must be refunded due to illegal acts of administrative violations of over VND 1.3 billion. For the first seven months of the year, the amount of money detected in violation of the law on gasoline and oil business activities and handled to the state budget was over VND 8.3 billion. The total number of enterprises handled for violations in the business of gasoline and oil from the beginning of the year to the end of July was 247 cases.
