AEC Feed

business June 20, 2017 01:00

By Asia News Network

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TCC to support Vietnamese goods’ entry to Thailand

Vietnamese Prime Minister Nguyen Xuan Phuc has asked Thailand’s TCC Group, a large retailer, to create conditions for high-quality goods and agricultural products of Vietnam to be sold at its supermarkets. 

Receiving TCC chairman Charoen Sirivadhanabhakdi in Hanoi on Saturday, Phuc recognised the group’s successful business activities and tax payment of US$100 million in Vietnam. 

He expressed his hope that TCC, a famous brand in Thailand, would serve as an example for foreign investors in complying with tax regulations, especially in preventing transfer pricing and tax evasion. 

Phuc welcomed the group’s intention to do long-term investment in Vietnam, affirming that the country is a market economy where the state ensures business freedom and provides the best possible conditions for investors, including TCC, in the win-win spirit. 

For his part, Charoen said his group was determined to expand its share of the retail market in Thailand, which could be seen through the recent purchase of Big C Supercenter. 

The move would help TCC sell Vietnamese products, including farm produce, in Thailand, he said, noting that the company had set up a division specialising in export activities in Vietnam. 

He added that TCC was very interested in the beer business and wanted to bring Vietnam’s beer brands to international markets, as the country had long-standing beer brands of good quality. – Viet Nam News

Garuda Indonesia poised to trim losses with Idul Fitri traffic

After suffering US$89.49 million in losses during the first quarter of the year, Garuda Indonesia is poised to see a recovery in the second quarter, especially in June and July, months that encompass the Idul Fitri holiday.

Garuda Indonesia president director Pahala N Mansury said the second quarter offered good prospects and the Idul Fitri exodus would help improve the company’s accumulative performance in the first semester.

In the first quarter of 2016, the state-owned flag carrier booked $74.48 million in profits, but still suffered $63.2 million, or around 824 billion rupiah (Bt2.1 billion), in losses.

“Even if the losses have yet to be covered, hopefully we can at least push the losses down,” he said after accepting an award from TripAdvisor as one of the 10 best airlines in the world on Friday. |– The Jakarta Post

He also denied accusations from Indonesian politician and economist Rizal Ramli about the company’s lavish spending and potential corruption in the purchase of an Airbus A350.

“We don’t have an Airbus A350 and thus the statement is not true,” he said, adding that the company was currently focused on optimising efficiency. – The Jakarta Post

Malaysia’s UniFi has 1m broadband subscribers

Telekom Malaysia’s high-speed broadband service, UniFi, hit the 1-million-subscribers mark recently. 

“UniFi has been growing at a steady pace over the years, and now we have reached an incredible 1 million customers,” consumer and SME executive vice president Imri Mokhtar said in a statement.

To mark the milestone and in the spirit of Ramadan, TM will donate a total of 1 million ringgit (Bt7.95 million) to 100 selected non-government organisations nationwide with a |variety of charitable causes. – The Star