THANH BINH PETROLEUM TRADING COMPANY LIMITED

THANH BINH PETROLEUM TRADING COMPANY LIMITED (CÔNG TY TNHH KINH DOANH THƯƠNG MẠI XĂNG DẦU THANH BÌNH) is a dynamic fuel and logistics support enterprise based in Go Vap District, Ho Chi Minh City. Established in 2018 as a one-member limited liability company under the direction of Mr. Nguyen Ngoc Son, the firm has quickly expanded its operations within the petroleum trade and other transportation support sectors. The company is privately owned with Mr. Son holding 100% equity and registered capital of approximately USD 4.1 million.

Financially, 2023 marked a breakout year for the company. Sales surged to USD 323.97 million, a dramatic 340% increase over 2022. Total assets also rose to USD 26.23 million, up 33.8% year-over-year. However, despite this impressive top-line growth, net profit dropped by 61% to just USD 14,177, suggesting that thin margins, rising operational costs, or inefficiencies may be eroding earnings even as revenues climb. Working capital stood at USD 3.96 million, and equity showed only a modest increase of 0.42%.

While its rapid revenue expansion positions THANH BINH PETROLEUM TRADING COMPANY LIMITED as a fast-growing player in Vietnam’s energy logistics space, concerns remain about sustainability and profitability. With a single owner at the helm and minimal disclosure beyond headline numbers, questions linger about governance structure, scalability, and resilience in an industry prone to volatility. Nevertheless, the company’s continued growth trajectory makes it one to watch within the country’s evolving petroleum distribution landscape.