The Ministry of Industry and Trade has just sent a document to Xuyen Viet Oil Transport and Tourism Trading Company Limited to urge it to pay the balance of the petrol price stabilization fund to the State budget.

According to the Ministry of Industry and Trade, on January 31, this agency received a dispatch from the Price Management Department ( Ministry of Finance ) sent to Xuyen Viet Oil Company, regarding the report on transferring the balance of the petroleum price stabilization fund to the budget.

The Price Management Department has repeatedly sent documents requesting Xuyen Viet Oil to transfer the entire balance of the petroleum stabilization fund at the enterprise to the State budget, and at the same time send copies of payment documents to the Ministry of Finance (Price Management Department) and the Ministry of Industry and Trade (Domestic Market Department) according to the law.

However, as of February 19, the authorities have not received any response from this unit.

Previously, in August 2023, Minister of Industry and Trade Nguyen Hong Dien decided to revoke the Business License for Export and Import of Petroleum for Xuyen Viet Oil Transport and Tourism Trading Company Limited. This decision was made after the Ministry of Industry and Trade established a team to inspect the compliance with the provisions of the law on petroleum trading in 2023 of 4 petroleum wholesalers.

By September 2023, the Director and Deputy Director of Xuyen Viet Oil Company were both prosecuted and temporarily detained.

According to the conclusion of the Government Inspectorate on the implementation of legal regulations in the management and trading of petroleum, at the time of the inspection, Xuyen Viet Oil Company had negative equity of 462 billion VND, owed the State 1,246 billion VND in taxes, and owed the stabilization fund 212 billion VND.

Deputy Minister Do Thang Hai was arrested: What 'tricks' did Xuyen Viet Oil use to bypass the licensing process? The inspection team of the Ministry of Industry and Trade pointed out errors in the appraisal and issuance of petroleum business licenses and in the inspection and supervision of Xuyen Viet Oil's maintenance of petroleum business conditions.