MILITARY PETROCHEMICAL JOINT STOCK COMPANY

A Diversified Energy and Service Enterprise with Nationwide Reach

MILITARY PETROCHEMICAL JOINT STOCK COMPANY (CÔNG TY CỔ PHẦN HÓA DẦU QUÂN ĐỘI), widely known by its trade name MIPEC.,JSC, is a long-established enterprise in Vietnam’s fuel trading and service sector. Operating under Business ID and Tax Code 0101436307, the company was registered in December 2003 and has maintained over 21 years of active business operation. Its head office is located at N1 - 33B Pham Ngu Lao, Phan Chu Trinh Ward, Hoan Kiem District, Hanoi, with additional branches in Hai Phong, Ho Chi Minh City, and Da Nang—offering a truly national footprint.

Legally structured as a joint stock company, MILITARY PETROCHEMICAL JOINT STOCK COMPANY is privately held and fully capitalized with a charter capital of USD 41.08 million, all of which has been paid up as of December 2023. The company is regulated by the Hanoi Department of Planning and Investment and is engaged primarily in the wholesale of solid, liquid, and gaseous fuels, along with a wide range of service-based ventures.

The company is led by General Director Mr. Du Cao Son, a Vietnamese national overseeing nearly 900 employees. His leadership spans not only petroleum distribution but also diversification into real estate, golf course operations, resorts, and restaurant management.

Financial Profile: Sharp Profit Decline Despite Sustained Sales

In 2023, MILITARY PETROCHEMICAL JOINT STOCK COMPANY recorded USD 450.2 million in sales, down 9.71% from the prior year. This drop follows an exceptionally high revenue year in 2022, when the company’s top line surged by over 43%. However, despite still maintaining high revenue, profitability has dropped significantly.

The net profit for 2023 stood at just USD 1.95 million, down 64.25% compared to the previous year’s USD 5.46 million, and far below the 2021 profit level of over USD 8.5 million. This suggests shrinking margins or elevated operating costs in a volatile fuel market. Additionally, working capital is in the negative at USD -35.09 million, which may impact liquidity and operational agility.

Total assets dropped for the third consecutive year to USD 243.5 million, while owner’s equity slightly decreased to USD 59.92 million, reflecting a mild decline in net worth amidst broader financial contraction.

Business Activities and Strategic Positioning

MILITARY PETROCHEMICAL JOINT STOCK COMPANY is not limited to energy distribution. In fact, the company’s business registration includes a wide array of industries: from satellite telecommunications to transportation support services, construction of buildings and roads, retail, event catering, and even animal husbandry. This degree of diversification is uncommon in the sector and points to a strategic approach that leverages both cash flow from fuel trading and asset growth from real estate and infrastructure ventures.

Among its known shareholders are large institutional entities such as Military Commercial Joint Stock Bank, Vietnam National Petroleum Group, and General Import and Export Vanxuan Corporation, although the company remains predominantly privately controlled and does not disclose full shareholder breakdowns publicly.

Outlook and Verification Insight

While MILITARY PETROCHEMICAL JOINT STOCK COMPANY holds a strong market presence and diversified business portfolio, its financials in 2023 point to challenges in maintaining profitability amid market headwinds. Negative working capital and declining net income highlight the importance of careful cash flow and cost management.

For investors, suppliers, or financial institutions seeking partnerships, engaging platforms like Vanguard Business Information (VBI) is advisable. VBI offers business verification, litigation history, and financial risk management services—all essential tools to assess a company's real-time solvency and operating capacity.

As of now, MILITARY PETROCHEMICAL JOINT STOCK COMPANY remains a high-profile but financially cautious entity navigating the pressures of Vietnam’s evolving fuel and service market.