Vietnamese fuel retailers being forced to sell fuel even though they're making huge losses

Retailers say they are being “forced” to sell fuel despite losses of up to trillions of Vietnamese dong ($42.28 million), as the government has not allowed them to shut up shop.

"At first we thought the disruption was short-term, but now it has lasted for over a year," said Giang Chan Tay, CEO of fuel retailer Boi Ngoc, at a forum on Friday.

Many retailers have run out of cash, he said, adding that some had sold their stations or had to sell their own land to keep the stations running.

Businesses are being "forced" to sell by authorities, even though they are deep in losses, he added.

Nguyen Thi Rim, CEO of fuel retailer Giang Chan Hung, said that she wondered if retailers would receive compensation for the losses they have suffered which is estimated at trillions of Vietnamese dong.