ME KONG FUEL TRADING CORPORATION

ME KONG FUEL TRADING CORPORATION (CÔNG TY CỔ PHẦN THƯƠNG MẠI NHIÊN LIỆU CỬU LONG), tax code 0305390812, is a publicly held joint stock company headquartered at No. 85 Hai Ba Trung Street, Ben Nghe Ward, District 1, Ho Chi Minh City, Vietnam. Operating for over 17 years since its establishment in December 2007, the company is engaged in fuel-related trade services, primarily operating as a commission agent and broker in the petroleum sector.

Despite its strong presence and a paid-in charter capital of over USD 22.59 million, the company is currently facing alarming financial deterioration. In 2024, ME KONG FUEL TRADING CORPORATION reported a staggering 76.45% drop in sales, falling from USD 154.08 million in 2023 to only USD 36.29 million. The sharp contraction in revenue has been accompanied by a continued negative equity position now totaling –USD 11.17 million, raising serious concerns for creditors and stakeholders tracking Vietnam private financial data.

Total assets shrank by 68.19% in 2024 to USD 26.23 million, reflecting not only operational downscaling but also likely asset disposals or impairments. Although the company managed to reduce its annual loss from USD 6.23 million to USD 1.45 million, the improvement in profit remains insufficient to reverse the persistent erosion of net worth and solvency.

As of the latest report, working capital stands at –USD 13.52 million, further indicating short-term liquidity stress and an inability to cover current liabilities with existing assets. This presents a substantial risk management issue, especially for trade creditors, suppliers, and financial institutions considering business engagement.

The company is directed by Mr. Nguyen N. T., with Mr. Nguyen H. L. serving as Deputy Director. With only 50 employees, the drastic revenue once handled by a relatively small workforce suggests a highly leveraged trading model, which now appears unsustainable. Ownership is fragmented, with notable shareholders including Tien Giang Petroleum Trading JSC (20%), Nguyen V. T. (20%), and various individual investors. However, no majority control structure is evident, potentially complicating any restructuring or capital infusion efforts.

Registered business activities remain narrowly focused—limited to commission-based fuel trading and brokerage—raising questions about the company’s ability to diversify revenue streams or pivot under market pressure. For stakeholders relying on business information providers or pursuing business verification, this lack of operational breadth compounds the financial risk.

In summary, ME KONG FUEL TRADING CORPORATION is experiencing severe financial distress despite its long-standing market presence and historical revenue size. With collapsing sales, negative equity, and structural liquidity problems, any extension of credit or business partnership should be approached with caution and backed by up-to-date financial checks. Continued losses could soon threaten operational continuity unless swift corrective measures—such as capital restructuring or business realignment—are implemented.