Petro Mekong, a subsidiary of state-owned PV Oil, is seeking approval from the Ministry of Industry and Trade to stop importing oil products and become a distributor for its parent company.
This was the first time one of Vietnam's 12 fuel importers wanted to quit the lucrative business, news website VnExpress reported Friday.
Petro Mekong said the withdrawal from the market was decided by PV Oil. The company will continue to trade in fuel products in 2012 but only as a distributor for PV Oil, VnExpress reported.
The Ministry of Industry and Trade last July named Petro Mekong in a list of five companies that had imported a smaller amount of oil products than the required minimum quota. For this reason, the ministry planned to revoke Petro Mekong's import license, VnExpress said.