Established in July 2010 and operating as a one-member limited liability company under the Vietnamese state-owned Vietnam National Petroleum Group (Petrolimex), PETROLIMEX BACTHAI.CO., LTD serves as a regional fuel distributor and retailer in Thái Nguyên and Bắc Kạn provinces. Its operations span wholesale and retail of petroleum products, lubricants, liquefied gases, and associated consumer goods. The company is modest in size, employing 68 staff, and reported a total asset base of approximately USD 13.62 million at the end of 2023—reflecting a 4.74% year-over-year increase, but relatively stagnant over the three-year period.

From a revenue standpoint, 2023 saw total sales drop by 10.84%, from USD 198.7 million in 2022 to USD 177.14 million, signaling possible contraction in fuel demand or pricing adjustments amid volatile market conditions. While still operationally active, the firm’s profitability collapsed dramatically: net income fell 78.28%, from USD 229,828 to just USD 49,921, pushing net margins to extremely thin levels (less than 0.03%). This drastic decline in profit—following an even larger 60% fall in 2022—raises concerns about internal cost control, external pricing pressures, or inventory management inefficiencies.

Moreover, the company is currently operating with negative working capital of USD -5.21 million, indicating that its short-term liabilities exceed short-term assets. This situation places pressure on liquidity and raises the risk of delayed payments to suppliers or operational disruption unless short-term financing is secured or receivables improve. Although owner’s equity grew sharply by 62.59% in 2023 to USD 5 million, such growth likely stems from capital injections or retained earnings adjustments rather than operational performance, as net profit remained minimal.

Despite being 100% owned by Petrolimex—Vietnam’s dominant petroleum group—PETROLIMEX BACTHAI.CO., LTD faces tangible operational and financial risks. Its structural dependence on a commodity-sensitive industry, combined with shrinking margins and a deteriorating short-term liquidity profile, positions it in a financially vulnerable state. While government ownership provides strategic backing and mitigates bankruptcy risk in the near term, the company must urgently address profitability restoration, optimize inventory turnover, and manage working capital to ensure long-term financial resilience.