Petrolimex (PLX) in Focus as Hanoi Opens Trial Over VND 1,300B Uninvoiced Fuel Sales

Overview

The Hanoi People’s Court on 2 November opened a public trial of Chu Thi Thanh, chairwoman of Thien Minh Duc Group, and 22 other defendants on charges of asset embezzlement, illegal trading of invoices, and tax evasion. The indictment centers on more than 107 million liters of petroleum worth over VND 1,300 billion sold without VAT invoices between 2020 and 2022, with PVOIL Vung Ang named among the related enterprises. The case touches Petrolimex (PLX), the HOSE-listed fuel distributor, through that affiliate, although the article does not allege wrongdoing by the listed parent itself.

Key Facts

• The trial opened on 2 November at the Hanoi People’s Court and is scheduled to run four days, presided over by Judge Nguyen Van Chuong with a five-member panel and five prosecutors.
• Chu Thi Thanh, 66, chairwoman of Thien Minh Duc Group, faces charges of asset embezzlement and illegal printing, issuance and trading of state-budget invoices.
• Prosecutors allege embezzlement of about VND 79 billion, tied to failure to provision more than VND 67 billion into the petrol price stabilization fund.
• Between 2020 and 2022, Thien Minh Duc allegedly sold nearly 78.4 million liters to 25 companies for over VND 1,056 billion without invoices, plus 28.7 million liters to walk-in customers for about VND 310 billion.
• The company allegedly issued 153 fake VAT invoices to 21 companies covering more than 72 million liters worth nearly VND 842 billion, generating over VND 20.6 billion in illicit gains.
• Invoicing was allegedly timed to periods when the stabilization fund levy fell to about VND 150-500 per liter, or when fund disbursement was high.
• PVOIL Vung Ang is named among the enterprises involved in the case, per the indictment as summarized in the source article.

What Happened

According to the indictment, from early 2020, as COVID-19 weighed on fuel trading, Chu Thi Thanh directed subordinates to seek buyers willing to purchase petroleum without VAT invoices at prices below invoiced product. Prosecutors say the aim was to accelerate cash collection for project investment and to avoid provisioning the petrol price stabilization fund. Deputy general directors Mai Anh Tuyen and Le Thanh An allegedly ran the search for buyers through the Hai Phong branch, shipping from Hoang Huy warehouse, and through Nghi Thiet warehouse in Nghe An, while chief accountant Nguyen Thi Bich Liên directed staff to collect cash or route payments through personal accounts before the funds were returned to the company treasury.

Because fuel left the warehouses while inventory remained on the books, the indictment alleges Thanh directed staff to buy invoices from other companies to reconcile tax and stabilization-fund reporting. Prosecutors say fake invoices were issued in periods when the fund levy was low, legitimizing paper inventory while continuing to misappropriate fund money, bringing the alleged total to about VND 79 billion. The case is before the Hanoi People’s Court; the article does not state whether any defendant has entered a plea.

Market Context

Petrolimex (PLX) trades on HOSE and closed at VND 34,000 on 1 November 2026. The stock is the listed proxy for the Petrolimex fuel distribution system, of which PVOIL Vung Ang is an affiliate, so headline risk from the trial can affect sentiment toward the ticker even where the listed parent is not charged. The case sits within a broader Vietnamese regulatory push against invoice fraud and fuel-trading irregularities, a theme that has weighed on distribution margins and compliance costs across the energy sector.

Strategic Significance

For long-term holders, the key question is whether the trial remains confined to Thien Minh Duc and named affiliates or expands into the Petrolimex group’s compliance and governance framework. The alleged mechanics, uninvoiced sales, personal-account cash flows and stabilization-fund avoidance, target exactly the controls that regulators have been tightening, so any finding that reaches PVOIL Vung Ang could invite scrutiny of group-wide invoicing and fund-provisioning practices. The listed parent’s exposure is indirect on the facts disclosed, but reputational and regulatory spillover is the variable that matters for valuation.

What to Watch

• The court’s verdict and any civil damages or recovery orders, expected after the four-day trial concludes.
• Whether the judgment names PVOIL Vung Ang or any Petrolimex entity as liable, and whether prosecutors expand charges.
• Petrolimex disclosures to HOSE on the case and any statement on affiliate governance.
• Regulatory follow-up from the Ministry of Finance or tax authorities on invoice and stabilization-fund compliance across fuel distributors.
• PLX trading volume and foreign-ownership flows around the verdict date.