According to S&P Global, Hai Linh Company Limited has been granted a license for LNG import and export, becoming the first private company to trade LNG after PV Gas.
Prior to this, on May 8, at the test operation conference of the Cai Mep LNG terminal, Hai Linh, together with Atlantic, Gulf, and Pacific LNG Company Limited (AG&P LNG) based in Singapore, announced the expected operation date of the Cai Mep LNG terminal to be September 2024.
The Cai Mep LNG terminal, located in Ba Ria-Vung Tau province, will provide integrated LNG supply solutions through AG&P LNG and Hai Linh’s downstream joint venture, Vietfirst Gas. Vietfirst Gas has signed an agreement to consume 1 million tons/year of LNG with HPP power plant and another agreement with one of the integrated demand units in Vietnam.
A Hai Linh business facility.
Hai Linh Company Limited was established in 2002 and is currently considered one of the important companies in stabilizing the gasoline market in the northern provinces, especially in Phu Tho, Lao Cai, Yen Bai, and Hai Phong. The company currently has more than 200 agents in these provinces, with a gasoline market share of 20-30% and a gas market share of over 50% in the region.
There were periods when Hai Linh Company Limited was one of the eight enterprises with revenue exceeding VND 10,000 billion. According to the 2019 financial report, Hai Linh’s net revenue reached VND 18,880 billion, far exceeding that of Hai Ha Water and Land Transport Company Limited, owned by female entrepreneur Tran Tuyet Mai (arrested in 2024).
After several capital increases, most recently in April 2023, Hai Linh increased its charter capital to VND 4,550 billion. The shareholder structure consists of Mr. Le Van Tam, Chairman of the Members’ Council of Hai Linh, and Mrs. Nguyen Thi Hai (Mr. Tam’s wife) contributing 100%. However, the ratio changed with Mr. Tam holding over 85.88% and Mrs. Hai reducing her stake to 14.12%. In 2022, Hai Linh Company Limited ranked 68th among the Top 500 largest enterprises in Vietnam and 33rd among the Top 500 largest private enterprises in Vietnam.
Mr. Le Van Tam, born in 1966, is a well-known gasoline tycoon in Phu Tho. He is the Chairman of the Members’ Council and legal representative of Hai Linh. He is best known for his Hai Linh castle, located on Nguyen Tat Thanh Street, next to Van Lang Park. The castle stands out, creating an impressive landmark in Viet Tri City.
Mr. Le Van Tam (left) – Chairman of the Members’ Council of Hai Linh Company Limited.
Notably, in early 2024, the Government Inspectorate mentioned Hai Linh Company Limited, along with six other gasoline and oil trading enterprises, in a conclusion of an inspection regarding the misuse of the gasoline and oil price stabilization fund. These enterprises failed to transfer the fund to the designated account and instead kept it in their business accounts.
Hai Linh Company Limited had transferred the established amount and used it from the gasoline and oil price stabilization fund account, but then moved it back to the business account, totaling over VND 2,551 billion. The Government Inspectorate recommended retrieving over VND 2,500 billion from this enterprise to return to the fund.
Regarding this issue, on January 15, Mr. Le Van Tam, Chairman of the Members’ Council of Hai Linh, stated that they had reviewed the aforementioned amount of VND 2,551 billion. “At the time of the inspection team’s visit in September 2022, our company had fulfilled all obligations in accordance with the regulations, and there was no remaining debt to the price stabilization fund”, Hai Linh’s representative affirmed.
In a press release posted on its website, Hai Linh Company Limited emphasized that the VND 2,551 billion from the price stabilization fund had been established and utilized according to the price adjustment periods determined by the Ministry of Industry and Trade.
On this matter, Mr. Le Van Tam submitted a report to the Department of Price Management (Ministry of Finance) and the Domestic Market Department (Ministry of Industry and Trade) regarding the situation of the establishment, use, interest accrual, and balance of the price stabilization fund as of December 2023. As of December 31, 2023, the balance of the price stabilization fund of Hai Linh Company (as confirmed by the bank) was over VND 46 billion.
Hai Linh affirmed to the Ministry of Industry and Trade and the Ministry of Finance that the provided information was accurate and truthful, and the company would take full responsibility for it before the law.
In April 2024, the Phu Tho Tax Department issued a decision on the enforcement of administrative decisions against Hai Linh Company Limited for an amount exceeding VND 160 billion due to tax debts that had been outstanding for more than 90 days past the tax payment deadline as prescribed.
Recently, the Ministry of Industry and Trade inspected six gasoline and oil trading enterprises and eight gasoline and oil distributors as part of its annual inspection program. Among them was Hai Linh Company Limited, a large-scale gasoline and oil trading enterprise in the North, based in Phu Tho.
Regarding the business conditions of Hai Linh Company Limited, the Ministry of Industry and Trade requested the Phu Tho Department of Industry and Trade to verify and provide information about nine retail gasoline and oil stations owned by Hai Linh and 15 retail agents in their system in the province.
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 about the retail agents of Hai Linh operating in their respective provinces.
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