Tc Services Vietnam Co., Ltd (Vietnam)

The subject was established in 2015, as a subsidiary of TC SERVICES LABUAN (V) PTE.LTD and being a member of Tan Chong Group. Initially, the subject's goal is to be an agent of motor vehicles for Nissan. It started to run in 2019 but in 2020, Tan Chong Group lost the right to import and distribute Nissan cars and accessories in Vietnam. Fortunately, in that year, the subject became an executive distributor of MG cars in Vietnam. This helps it's scale larger and larger. Remarkably, it has expanded 3S agent network in Hanoi, Ha Tinh, Quang Tri, Phu Quoc besides its 3S agent in Bac Ninh province. This has brought an impressive result for the subject with sales up to VND 1,717 billion in 2022. However, since June 30, 2023, the subject will no longer be the exclusive importer and distributor of the MG brand in the Vietnamese market, because SAIC Motor International Co., Ltd. (SMIL) has terminated its overseas distribution agreement. Besides, the subject also loses the right to provide spare parts and after-sales services for MG vehicles in Vietnam, including appointing agents to perform these obligations and activities. The reason for this is due to the adjustments to SMIL's global business strategy. As investigated, SMIL will directly distribute MG cars in Vietnam. We contacted the subject's sales staff and knew that the subject is distributing the remaining MG cars and has now no specific plan for the future. In general, with the above situation, the subject's business result will be reduced in the coming time. Transactions should be monitored strictly.