Brian Jeffrey
Trinh Xuan Nghiem, aged 54, has been taken into custody by the Ministry of Public Security due to negligence while supervising the Thanh Lam iron ore mine located in Như Xuan District, Thanh Hoa. It is claimed that his oversight contributed to significant losses to state assets.
The company known as Anh Phat originally began as Anh Phat Co., Ltd. in 2005 and underwent a transformation into the Anh Phat Construction and Trade Investment Corporation in 2010.
Under Nghiem’s guidance, Anh Phat evolved into a leading business in Thanh Hoa, with operations across various sectors, including construction, real estate, port and water infrastructure, and energy services.
Key projects led by the company, particularly within the Nghi Son Economic Zone, include:
Dong Vang Industrial Zone: Spanning 491.9 hectares across a trio of communes.
Anh Phat Water Plant: Capable of supplying 60,000 cubic meters of clean water and 90,000 cubic meters of raw water each day.
Ports 3, 4, and 5 of Nghi Son: Total investment totaling VND 1.626 trillion.
Additionally, Anh Phat operates hotels, restaurants, and resorts throughout Thanh Hoa and previously held a substantial interest in Song Ma Co., Ltd., which it divested in 2018.
In 2017, Anh Phat ventured into the petroleum sector by creating Anh Phat Petro JSC. By 2019, it received authorization from the Ministry of Industry and Trade for fuel import and export, establishing itself as a key player in the industry.
Some of the significant initiatives in the energy field include:
An integrated fuel storage complex: Occupying 34 hectares within the Nghi Son Economic Zone, which comprises:
14 fuel tanks with a comprehensive capacity of 165,500 cubic meters.
LNG storage facilities capable of holding over 2,000 cubic meters.
Ports with capacities ranging from 3,000 to 80,000 tons.
An initial investment for this phase amounting to VND 3.8 trillion.
Gas and LNG Development Zone (Phase 2): Launched in April 2023 with a projected budget exceeding VND 3.9 trillion.
Anh Phat manages fuel storage systems in Thanh Hoa, Nha Be District in Ho Chi Minh City, and Hai Phong, alongside retail locations nationwide. In 2022, the company even exported fuel to Laos.
Despite its swift expansion, Anh Phat Petro has encountered regulatory hurdles. An inspection by the Ministry of Industry and Trade in 2022 indicated that the company did not comply with distribution system standards outlined in Decree 83/2014. It also faced criticism for inadequate quality control and failing to adequately notify pertinent authorities.
As of January 16, 2023, the company’s fuel price stabilization fund reportedly contained VND 162 billion.
In a January 2023 interview, Nghiem articulated his views on the significance of ethics in business, stating:
“A person without culture or ethics will be scorned and struggle to advance. A family lacking culture or ethics will disintegrate. A company deficient in culture or ethics will not thrive or will falter early.”
As Nghiem’s legacy is examined, the repercussions of his arrest may significantly affect the Anh Phat Group and its extensive array of projects throughout Thanh Hoa and beyond.
