Ministry of Industry and Trade revokes Hai Ha Petro's petroleum business license

Hai Ha Petro Company - one of the main petroleum trading centers - had its license revoked by the Ministry of Industry and Trade due to abusing the Price Stabilization Fund and tax arrears.

The decision to revoke the petroleum business license of Hai Ha Waterway Transport Company Limited (Hai Ha Petro) was issued by the Ministry of Industry and Trade on January 12. This is one of 36 petroleum business enterprises (excluding aviation fuel business units) headquartered in Diem Dien town, Thai Thuy district, Thai Binh province.

Previously, according to the conclusion of the Government Inspectorate, Hai Ha Petro was one of three key enterprises that misused the price stabilization fund, not transferring it to the fund account but leaving it in the enterprise's payment account. This unit also under-declared and owed thousands of billions of VND in environmental protection tax. By the end of November 2023, the balance of the Petroleum Price Stabilization Fund at this key enterprise was 612 billion VND.

Hai Ha Petro has a network of agents and gas stations in many northern provinces and cities such as Hanoi, Hai Phong, Quang Ninh and Thai Binh. To avoid disruptions to the supply and market after Hai Ha Petro's license was revoked, a representative of the Domestic Market Department (Ministry of Industry and Trade) said that the agency also requested the Vietnam National Petroleum Group (Petrolimex), the Vietnam Oil Corporation (PVOil) and the Military Petroleum Corporation (Mipec) to have a plan to ensure supply.

"These businesses will prepare goods and increase supply to stores in the distribution system in localities where Hai Ha Petro has gas stations, such as Thai Binh, Hai Phong, Hanoi and Quang Ninh. This is to avoid gasoline shortages in the coming time, especially during the 2024 Lunar New Year," said a representative of the Domestic Market Department.

In addition to Hai Ha Petro, two days ago the Ministry of Industry and Trade was also considering revoking the license of Thien Minh Duc Company (Nghe An) for similar violations related to the Petroleum Price Stabilization Fund and taxes.

According to the conclusion announced in early January, the Government Inspectorate pointed out that many petroleum companies under-declared thousands of billions of VND in taxes. The environmental protection tax owed by these companies is more than 6,320 billion VND, as of October 2023.

Therefore, the inspection agency recommended transferring the violation records of Hai Ha Petro, Thien Minh Duc and Xuyen Viet Oil to the Ministry of Public Security for handling. Previously, in August 2023, the Ministry of Industry and Trade revoked the license of Xuyen Viet Oil - a petroleum wholesaler also named in the conclusion of the Government Inspectorate, for violating the use of the Price Stabilization Fund and tax arrears.

Mr. Minh

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