Yen Bai Petrol and Oil Co.: High Business Effectiveness from Mergence

3:52:28 PM | 3/8/2005

The Yen Bai petrol and oil supply station was set up in 1957 as the former organisation of the Bureau of Petrol and Oil, the Hoang Lien Son General Material Supply Company, and currently known as the Yen Bai Petrol and Oil Company. Operating in the mountainous region, during the anti-US resistance war, the company faced many difficulties. However, with a target of making a contribution to the province’s socio-economic development, helping local people escape poverty and hunger, the bureau’s cadres and workers have made great efforts to overcome difficulties and challenges to complete their assigned tasks. During the war, the bureau was a target for bombings in Yen Bai province. With their responsibility assigned by the State, the bureau’s cadres and workers had to fight bravely and creatively to protect warehouses, ensuring the safety of goods and people.


In 1980, the bureau was renamed as the Hoang Lien Son General Material Supply Company with new tasks and functions. Creative in seeking goods supplies and distribution, the company was one of the leading material supply companies in the northern mountainous areas.


However, from 1990, the company faced many difficulties as steel, equipment, electric materials and mechanic tools were no longer monopolised goods. The company was on the verge of going bankrupt. In this context, in 1994, the Vietnam National Petroleum Corporation (Petrolimex) merged with the company as its member and renamed it the Yen Bai Petrol and Oil Company.


This was an important landmark of the company’s development because it now has enough material base, capital and goods supplies to serve the province’s development. With great support from Petrolimex over the past decade, the company has gained a high growth rate despite fierce competition in the market. In comparison to 1994, the company’s volume of sold petrol and oil increased from 3,600 cubic metres to 40,000 cubic metres. Its revenues increased from VND 11.264 billion to VND 162 billion. Its budget contribution increased from VND 371 million to VND 11.771 billion. Its pre-tax profits increase from minus VND 129 million to VND 1.082 billion. It capital has risen from VND 4.408 billion to VND 7.548 billion. Its asset value was up from VND 4.353 billion to VND 12 billion. The number of cadres and workers will increase from 66 to 105 people. The company has developed a retail network, strong enough to meet the social demand with 23 agents in Yen Bai city and districts.


In recognition of its achievements and contributions, the Yen Bai Petrol and Oil Company was presented with a Labour Order, third class, and certificates of merit by the Government, the Ministry of Trade and the People’s Committee of Yen Bai, as well as the Vietnam Labour Confederation, the trade union of Vietnam Trade and Tourism.      


Tran Anh Tuyet