A factory of the Hue Textile-Garment Joint Stock Company
The locality will diversify export commodities and seek new marketsto attain the target, according to Director of the provincial Department of Industry and Trade Nguyen Thanh.
The province, which is part of the central key economic region, will also press ahead with solutions to remove obstacles to business growth, boost the export of processed and hi-tech products while gradually reducing the proportion of unprocessed goods in the export structure.
It will also facilitate local exporters’ access to credit sources and encourage them to manufacture products that Thua Thien-Hue has strength in.
In the textile and apparel field, which is a big foreign currency earner, the province is going to call on businesses to gradually switch to free-on-board (FOB) manufacturing instead of cut-make-trim (CMT), thereby improving export value and workers’ income, Thanh noted.
Thua Thien-Hue raked in 717 million USD from exports in 2016, up 7.74 percent from the previous year. That consisted of 292 million USD of overseas shipments by domestic companies and 424 million USD made by foreign invested firms, respectively rising by 4.91 percent and 9.78 percent from a year earlier.
Up to 65 percent of total shipments was contributed by garment exports, which hit a record of over 465 million USD last year, up 8.98 percent from 2015. This result was attributable to product diversification, increased FOB manufacturing, higher productivity, and better product quality.
Meanwhile, fibre and textile exports brought home 117 million USD, climbing 18.89 percent and making up 16.32 percent of the province’s total shipments.
Aquatic exports approximated 47 million USD last year, a year-on-year increase of 26.62 percent, data shows.
Source: VNA