The former of the Vietnam Petroleum Transport Joint-stock Company (VIPCO) is the Vietnam Petroleum Transport Company which established on July 22, 1980 according to the Decision No. 1683/VT-QD of the Ministry of Materials. The former and current company is an affiliated member of Vietnam National Petroleum Import-Export Corporation. 25 years of development of the company may be summarized as follow:

1. Period from 1980 - 1986:

This was the period of establishment and development State subsidized - concentrated regime. The main functions were to enhance the transport capacity in order to release foreign support; to meet the petroleum demand of national economy, defense and the public.

The fleet in the first stage was of old vessels which transferred from the Coastal Transport Company. In order to ensure the capacity meeting the demand, Vietnam National Petroleum Import-Export Corporation had invested in buying secondhand oil tankers form Japan and new self-propelled barges of 110 tons and barges of 300 tones.

The result of the period is: the company had fulfilled all duties given by the corporation that rapidly releasing foreign vessels, remaining the continuity of petroleum flow, providing fuels for needs including state’s essential constructions.

2. Period from 1987 - 1994:

This was a period of transformation from State subsidized - concentrated regime into economic accounting regime for business activities which initiating a market regime in accordance with the Communist Party Congress VI’s resolution and the Protocol No 65 CP-ND and Decision No. 217 HDBT-QD of the Government.

In this stage the company had carry out the changing in organization and activities as follow:

· to release / sell old ships which not effective;

· to release ineffective labors;

· to add more fields of business, for example: bunker supply;

· to engage in international sea transport.

The results as:

According to new orientation and decisions, the company had passed the most difficult stage in its development.

3. Period from 1995 - 2000:

This was the period of State regulated market regime. The company started its new stage of development in the direction of industrialization and modernization.

The results of the company are as:

· Increasing 35,000 DWT of modern sea transport vessel;

· Being the best seller and agent of re-export petroleum in the area;

· Earning the average profit of 12 billions Vietnam Dong per year;

· Having qualified shore staff and fleet personnel;

· Applying the ISM Code in the most earliest stage in Vietnam.

4. Period from 2001 - 2005:

In this stage, the company continued its investment in sea transport fleet in the direction of modernization and standardization; in new fields of business.

The achievements are:

· Adding 37,000 DWT of sea transport vessels with the MT Petrolimex 06 - the first double hull product tanker of Vietnam that make the aggregate capacity of whole fleet to be up to 80,000 DWT;

· New business of real estate which developing the 170,000 m3 civil zone Anh Dung VII in Haiphong city;

· Completing the feasible project of Petroleum - Container Terminals Complex at Dinh Vu zone, Haiphong city, which was adopted by the Prime Minister, Ministry of Transport and Vietnam Maritime Administration;

· Completing preparation for transforming the company into Vietnam Petroleum Transport Joint-stock Company on December 26, 2005;

· Fulfilling all planned targets.

The company has officially become member of:

- The International Association of Independent Tanker Owners (InterTanker)

- Vietnam Shipowners' Association (VSA)

- The Chamber of Commerce & Industry of Vietnam

As the rewards for the Company’s achievement:

· Many medals, honor titles and certificates from the government and competent authorities issued for the company and relevant personnel.