Market and product

DAK LAK — The Dak Lak Rubber Thread Company (Dakruthread) has officially opened its new rubber thread factory in Hoa Phu Industrial Park, in the central highlands province of Dak Lak.

Total investment in the factory has reached VND170 billion (US$8.6 million), and it is equipped with modern machinery with a capacity to produce 4,000 tonnes per year.

The factory will provide products for the international and domestic garment industry and will minimise imported items from Thailand and Malaysia.

Fewer property loans outstanding

HCM CITY — Outstanding loans in HCM City's real estate sector reached VND89.5 trillion (US$4.3 billion) and account for 11.96 per cent of total outstanding loans - a decrease of 8.8 per cent from last year.

Outstanding loans for infrastructure construction reached VND14.6 trillion (US$708.7 million), accounting for 16.36 per cent of total outstanding loans in the real estate sector. Debts for industrial and export processing zones stand at nearly VND2.4 trillion.

Real estate bad debt accounts for 3.8 per cent of total outstanding loans for the sector, in which joint stock commercial banks hit the highest levels of bad debt at 2.61 per cent of total outstanding loans in the real estate sector.

Bank to increase charter capital

HA NOI — The State Bank of Viet Nam has permitted the Tin Nghia Bank to increase its charter capital from VND3.39 trillion (US$164 million) to VND4.58 trillion ($220 million).

The capital increase was approved during a shareholder meeting in April this year by the Tin Nghia Bank, which will have a wider range of responsibilities under the deal.

The bank will now implement all of its legal procedures, information processes and reports related to the increase of charter capital, which are stipulated in current regulations, which extend to shareholders of the bank.

Push for foreign currency rules

HA NOI — The central bank governor has pushed for regulation of foreign currency trading for individuals and licensed organisation in circular 20/2011/TT-NHNN.

Foreign currency purchasing by Vietnamese individuals is limited to $100 per person, per day, or the equivalent for other currencies.

The limit also applies to children sharing a parent's passport, but credit institutions will be allowed to exceed the limit to balance foreign currency reserves.

Private helicopter service opens

HA NOI — Viet Nam Air Service Company (VASCO) under Viet Nam Airlines Corporation will co-operate with the Azur Helicopter Company (AHC) of France and the Vinacopter Company to open Viet Nam's first private helicopter service.

The charter service is expected to be operational by the end of October, using the Eurocopter AS350 B2, which can transport four passengers.

Flights will depart from Tan Son Nhat International Airport in HCM City to popular sites in the southern provinces.

According to Jussi Hoika, Commercial Director of Vinacopter, apart from transporting passengers, the helicopter is also suitable for aerial photography.

Binh Duong lures over $14b in FDI

BINH DUONG — The southern province of Binh Duong has attracted over US$14 billion through more than 2,000 foreign direct investment (FDI) projects in the first eight months of this year, the provincial People's Committee announced.

Seventy per cent of the total investment has been disbursed, boosting and stabilising the province's industrial sector, according to Vice Chairman of the provincial People's Committee Tran Thanh Liem.

By the end of August, 46 projects were licensed with a total registered capital of $250 million and 65 operating projects poured in an additional $220 million. — VNS