Consider revoking licenses of two businesses that abused the gasoline price stabilization fund

Hai Ha Petro and Thien Minh Duc - two businesses that abused the Stabilization Fund and owed taxes according to the conclusion of the Government Inspectorate - are being considered for revocation of their business licenses.

According to the conclusion of the Government Inspectorate, Hai Ha Waterway Transport Company Limited (Hai Ha Petro) and Thien Minh Duc Group Joint Stock Company misused the price stabilization fund, not transferring it to the fund account but leaving it in the company's payment account. These two units also under-declared and owed thousands of billions of VND in environmental protection tax.

A representative of the Domestic Market Department ( Ministry of Industry and Trade ) said that the agency is considering revoking the petroleum business licenses of these two units.

"The business's violations are related to many issues, such as the Price Stabilization Fund or environmental protection tax debt... so it is necessary to carefully review and handle them according to procedures and seek opinions from relevant agencies," he told VnExpress .

In August 2023, the Ministry of Industry and Trade revoked the license of Xuyen Viet Oil - a petroleum wholesaler also named in the Government Inspectorate's conclusion, for violating the use of the Price Stabilization Fund and tax debts. As for Hai Ha Petro and Thien Minh Duc, in the conclusion announced in early January, the Government Inspectorate recommended transferring the violation records to the Ministry of Public Security for handling.

Regarding the violations of abusing the Price Stabilization Fund by these two units, the Ministry of Industry and Trade and the Ministry of Finance are at odds over which agency is responsible for closing the Fund balance.

According to the latest report of Hai Ha Petro, the price stabilization fund balance in November 2023 was more than 612 billion VND and Thien Minh Duc Company was more than 466 billion VND.

The Ministry of Industry and Trade requested the Ministry of Finance to give its opinion on how to handle the remaining fund balance at these two enterprises before revoking their licenses for petroleum import and export. However, in the case of Hai Ha Petro, the Ministry of Finance said that the Ministry of Industry and Trade must proactively coordinate the handling of the price stabilization fund before revoking the license, including closing the fund balance to recover it into the state budget.

Regarding Thien Minh Duc Group Joint Stock Company, the Ministry of Finance requested the Ministry of Industry and Trade to determine the balance of the Petroleum Price Stabilization Fund, coordinate with the State Bank and commercial banks where traders open stabilization fund accounts to recover the fund to the budget, before the enterprise's role as a key trader is terminated.

But in a recent dispatch, the Ministry of Industry and Trade said it has no function or authority and that the Ministry of Finance is the agency responsible for managing the Price Stabilization Fund.

Up to now, the Ministry of Industry and Trade has said that the Price Management Department (Ministry of Finance) is the focal unit to organize inspection and supervision teams, and finalize the balance of the petroleum price stabilization fund. The Ministry of Industry and Trade only coordinates when requested.

Before revoking the business licenses for exporting and importing petroleum of the two above enterprises, the Ministry sent an official dispatch requesting the Ministry of Finance to coordinate the implementation. The Ministry of Industry and Trade also requested the Ministry of Finance to inspect and supervise key traders in setting up and using the fund. Since June 2022, the Ministry has discussed plans to urge the payment of the balance of the price stabilization fund.

Most recently, the Ministry of Finance has presided over the verification of the transfer of the price stabilization fund to the state budget by Xuyen Viet Oil Company and Hung Phat Company.

Anh Minh - Phuong Dung

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