Trung Linh Phat Trading Company, chaired by Mr. Tran Van Dan, is one of the largest gasoline and oil companies in Northern Vietnam. However, the company is currently facing financial difficulties due to tax debts, debts to the gasoline and oil price stabilization fund, and bank loans.
Specifically, in October 2023, the Ninh Binh Tax Department revealed that Trung Linh Phat owed over VND 178 billion in taxes. As of July 31, 2024, the company’s tax debt had risen to over VND 195.8 billion.
Trung Linh Phat office in Ninh Binh.
In addition to tax debts, earlier this year, the Ministry of Industry and Trade ordered the company to refund over VND 26 billion to the gasoline and oil price stabilization fund, along with accrued interest, to the state budget. The company was also required to send copies of the transfer receipts to the Ministry of Finance and the Ministry of Industry and Trade.
Recently, the Ministry of Industry and Trade decided to revoke Trung Linh Phat’s import-export license for gasoline and oil and requested the company to return the license before December 7.
This decisive action by the authorities comes as the company has failed to meet its financial obligations to the gasoline and oil price stabilization fund and tax debts for several years.
Previously, in 2022, Trung Linh Phat failed to maintain the minimum gasoline volume as required, raising suspicions about its business operations. Despite a significant increase in revenue from VND 3,104 billion in 2021 to VND 7,749 billion in 2022, the company’s profit after tax only reached VND 144 million.
In August this year, Trung Linh Phat was fined VND 245 million for failing to maintain its distribution system as per regulations and not meeting the mandatory gasoline and oil reserve requirements. The company had also previously had its import-export license for gasoline and oil revoked for one month, from June 19 to July 19, 2024, for similar violations.
In addition to tax and price stabilization fund-related issues, Trung Linh Phat is also entangled in bad debt issues with banks.
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