A renowned figure in Thanh Hoa

Trinh Xuan Nghiem, 54, was arrested by the Ministry of Public Security for negligence in overseeing the Thanh Lam iron ore mine in Như Xuan District, Thanh Hoa. The mine is operated by Thanh Hoa Mineral Additives and Cement Joint Stock Company, and his actions allegedly caused substantial losses to state property.

Anh Phat, originally established in 2005 as Anh Phat Co., Ltd., was restructured into the Anh Phat Construction and Trade Investment Corporation in 2010.

Under Nghiem’s leadership, Anh Phat grew into a prominent enterprise in Thanh Hoa, spanning sectors such as construction, real estate, port and water infrastructure, and energy.

The company has spearheaded notable projects, particularly in Nghi Son Economic Zone, including:

Dong Vang Industrial Zone: Covering 491.9 hectares across three communes.

Anh Phat Water Plant: Providing 60,000 cubic meters of clean water and 90,000 cubic meters of raw water per day.

Ports 3, 4, and 5 of Nghi Son: With a total investment of VND 1.626 trillion.

Anh Phat also owns hotels, restaurants, and resorts in Thanh Hoa and previously held a major stake in Song Ma Co., Ltd., which it exited in 2018.

Ambitions in the petroleum sector

In 2017, Anh Phat expanded into the petroleum industry by establishing Anh Phat Petro JSC. By 2019, the company was licensed by the Ministry of Industry and Trade to import and export fuel, making it a significant player in the market.

The company’s major projects in the energy sector include:

Integrated fuel storage complex: Covering 34 hectares in Nghi Son Economic Zone, the project includes:

14 fuel tanks with a total capacity of 165,500 cubic meters.

LNG storage facilities with a capacity of over 2,000 cubic meters.

Ports with capacities ranging from 3,000 to 80,000 tons.

Total phase-one investment of VND 3.8 trillion.

Gas and LNG Development Zone (Phase 2): Commenced in April 2023 with a budget exceeding VND 3.9 trillion.

The company operates fuel storage systems in Thanh Hoa, Ho Chi Minh City’s Nha Be District, and Hai Phong, along with retail outlets nationwide. In 2022, it even exported fuel to Laos.

Despite its rapid growth, Anh Phat Petro has faced regulatory challenges. A 2022 Ministry of Industry and Trade inspection revealed the company failed to meet distribution system requirements stipulated in Decree 83/2014. It was also criticized for insufficient quality control and lack of notifications to relevant authorities.

The company’s fuel price stabilization fund reportedly held VND 162 billion as of January 16, 2023.

In a January 2023 interview, Nghiem shared his philosophy on the importance of ethics in business:

"A person without culture or ethics will be despised and unable to develop themselves. A family without culture or ethics will collapse. A company without culture or ethics cannot succeed or will fail prematurely."

As his legacy comes under scrutiny, the fallout from Nghiem’s arrest is likely to impact the Anh Phat Group and its expansive ecosystem of projects across Thanh Hoa and beyond.

Luong Bang