The Ministry of Industry and Trade has just issued a document reminding 11 petroleum focal enterprises to seriously submit specialized audit reports to the Petroleum Price Stabilization Fund.
The reason is that up to now, the Ministry of Industry and Trade has not received the specialized independent audit report on the price stabilization fund for the reporting period February 15, 2024, compiled from July 1 to December 31, 2024. 2023 of 11 businesses.
Businesses named include: Thien Minh Duc Group Joint Stock Company; Nam Song Hau Petroleum Investment and Trading Joint Stock Company; Saigon Trading Corporation; Hong Duc Petroleum Company Limited; Duong Dong Group Joint Stock Company; SWP Southwest Petroleum Company Limited; Tan Nhat Minh Petroleum Joint Stock Company; Trung Linh Phat Company Limited; Phuc Loc Ninh Joint Stock Company; Hung Hau Petroleum Company Limited; Appollo Oil Joint Stock Company.
Thien Minh Duc Company was again named for late reporting to the Petroleum Price Stabilization Fund.
In a document sent to traders, the Ministry of Industry and Trade clearly stated that in case of late reporting or failure to submit reports, they will be responsible before the law for compliance with relevant regulations on the Petroleum Price Stabilization Fund (BOG). ); As well as complying with the implementation of Conclusion No. 1061/KL-TTCP of the Government Inspectorate.
Along with that, petroleum wholesalers are also required to seriously report and implement the provision, expenditure, use and management of the Petroleum Stabilization Fund.
The Ministry of Industry and Trade said it will coordinate with the Ministry of Finance and other competent agencies to consider and strictly handle businesses that violate the provisions for setting up, spending and using the Petroleum Price Stabilization Fund according to regulations.
Previously, the conclusion of the Government Inspectorate on petroleum management announced on January 4, 2024 pointed out the application of measures to establish a regular and continuous Price Stabilization Fund, not according to the Price Law; The BOG Fund management agency also shifts responsibility; Lack of regulations and regulations on coordination and assignment of tasks between the presiding agency and coordinating agency (the Ministry of Finance presides and coordinates with the Ministry of Industry and Trade) in managing the BOG Fund, inspecting and supervising trade. The focal point for implementing legal regulations for the BOG Fund, the management of the BOG Fund is not strictly guaranteed.
The Ministry of Industry and Trade has not promptly handled violations of the BOG Fund by key traders when the Ministry of Finance has decided to sanction administrative violations… The State Bank of Vietnam has not issued documents guiding the Commercial banks manage the BOG Fund in accordance with the bank’s functions and tasks.
This resulted in 7/15 petroleum distributors using the BOG Fund for the wrong purpose of price stabilization, not transferring it to the BOG fund account but leaving it in the business’s payment account regularly, for many previous periods. when returning the BOG Fund with an amount of VND 7,927 billion.
From January 1, 2017 to December 31, 2021, at the end of the fiscal year, petroleum hubs and commercial banks where key traders open BOG Fund accounts do not send statements to the Ministry. Industry and Trade and the Ministry of Finance according to regulations… This leads to state management agencies not clearly understanding the balance at the beginning of the period, the amount set aside, the amount used, the interest generated, and the balance of the BOG Fund.
According to the Government Inspectorate, the Ministry of Industry and Trade has not promptly considered and handled the suspension of business activities or revocation of the Certificate of eligibility to act as a petroleum wholesaler according to its authority for enterprises that have been banned. The Ministry of Finance fined administrative violations many times. That causes the BOG Fund to be continuously appropriated and misused by key traders for the purpose of stabilizing gasoline prices.