Taiwan Tobacco and Liquor Co prices for cooking rice wine and other related products would remain frozen this year and next year, the state-run liquor company said yesterday, adding that it is seeking an anti-dumping investigation into Chinese beer through the Taiwan Brewers’ Association, of which it is a member.
“To comply with government policy to control inflation, prices of cooking rice wine and other related products, which are used by people daily, would not rise this year or next year,” Taiwan Tobacco and Liquor chairman Tang Chi-an (湯期安) told a meeting of the legislature’s Finance Committee.
Freezing retail prices of red-label cooking rice wine alone costs the company about NT$500 million (US$15.21 million) per year, Tang said.
Photo: CNA
“We will continue to find ways to cover the losses, but we also hope this could be listed as a financial burden that the company must carry in compliance with government policy,” he said.
Chinese Nationalist Party (KMT) Legislator Lai Shyh-bao (賴士葆) said that the company’s revenue has dropped to NT$55 billion from NT$61.9 billion in 2020, with profits declining to NT$5.8 billion from NT$7.4 billion.
Lai attributed the decrease to Japan Tobacco Inc opening a factory in Tainan and Heineken NV opening its Northeast Asia supply center in Pingtung County in April last year.
Meanwhile, Taiwan Beer has been banned from entering the Chinese market for two years, Lai said, adding that Taiwan Tobacco and Liquor’s finances this year are expected to be worse than last year.
Tang said he is confident about the company’s performance this year, adding that the year-end bonus for employees would exceed 2.5 months of salary.
“We are receiving new orders from overseas buyers and would expand marketing efforts by working with baseball tournaments,” he said.
Tang in November last year said that the company would only consider slightly raising the price of Kaoliang liquor due to a large increase in wheat prices.
The price of Taiwan Beer is likely to remain the same, he said.
“Instead of a pricing scheme, we would focus more on targeting young consumers using innovative marketing strategies, such as sponsoring qualifiers for the World Baseball Classic next month,” Tang said.
The Taipei Dome from Feb. 21 to 25 is to host qualifiers for the global event in 2026. Taiwan are to vie against Nicaragua, South Africa and Spain for two berths.
Minister of Finance Chuang Tsui-yun (莊翠雲) said that the firm is considering asking the government to launch an anti-dumping investigation into Chinese beer through the association, adding that the ministry would work with the Ministry of Economic Affairs to determine whether an anti-dumping tax should be imposed on Chinese beer.
Lawmakers have accused Chinese brewers of engaging in unfair trade practices by receiving subsidies from the Chinese government.
A review and investigation of an anti-dumping case could take eight months to a year to complete, Customs Administration Director-General Peng Ying-wei (彭英偉) said.
The association was established last year by Taiwan Tobacco and Liquor, Heineken Taiwan, Le Ble D’or, Taihu Brewing, Zhangmen Craft Brewing and Kavalan Distillery.
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