On September 17th, the Can Tho City Tax Department published a list of taxpayers with outstanding tax debts and other state budget liabilities, totaling 409 cases and over 371.5 billion VND.
Leading the list is PSH, owing nearly 127.8 billion VND. Additionally, four of the company’s branches are also in tax arrears, including Can Tho branch (nearly 11.4 billion VND), Soc Trang branch (almost 8 billion VND), Soc Trang 2 branch (around 4 billion VND), and Can Tho 2 branch (over 96 million VND). Collectively, this Western petroleum giant owes more than 140 billion VND in taxes.
The list also includes three other major debtors: Dong Phuong Petroleum JSC (nearly 80.7 billion VND), Ngan Thuan Construction Co., Ltd (approximately 63.5 billion VND), and S.W.P Petroleum Co., Ltd – Can Tho branch (over 19.2 billion VND).
Source: Can Tho City Tax Department
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Established on February 14, 2012, NSHPETRO (PSH) was founded to develop the Nam Song Hau petroleum storage port project with a capacity of 50,000m³ in Hau Giang province (now part of the new Can Tho City).
The company’s core business activities include importing, exporting, and trading petroleum products, petrochemical refining, LPG, gas, and investing in member companies and branches to operate in these sectors. Additionally, PSH invests in design, construction, real estate, aquaculture, tourism, hospitality, and rest stops.
In a recent development, the Can Tho City People’s Court announced in late August 2025 that it would not initiate bankruptcy proceedings against the company.
Previously, on May 16th, Viet Loan Petroleum Co., Ltd filed a petition for bankruptcy, claiming PSH had failed to repay debts for over six months past the due date. However, on July 9th, the court received a withdrawal request from Viet Loan, as both parties had negotiated and determined that PSH had not yet lost its debt repayment capacity. Consequently, the court decided against initiating bankruptcy proceedings.
The creditor’s withdrawal can be seen as a positive sign for PSH, amidst a challenging period since the company faced tax penalties and invoice enforcement totaling over 120 billion VND in late 2023. Since then, PSH has experienced a drastic 90% revenue decline due to paralyzed operations, resulting in hundreds of billions in net losses. Most recently, the company reported zero revenue in Q2/2025 and continued net losses of over 15.7 billion VND. PSH shares have also been delisted from HOSE to UPCoM and are currently suspended from trading.
To address its financial obligations, PSH is working with Acuity Funding and BIDV Bank – Transaction Office 2 Branch to secure loans for tax repayment. Meanwhile, bondholders of the PSHH2224002 and PSHH2224003 bond series have agreed to a six-month debt extension and pledged not to liquidate assets during this period.
– 11:14 PM, September 22, 2025
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