By Faiza Tehseen ISLAMABAD, Mar 2 (INP-WealthPK): Vietnam is taking pragmatic steps to grow its economy to become a high-income and environment-friendly country by 2045. Vietnam, considered as a “new manufacturing powerhouse”, is keen to enhance its trade ties with Pakistan. Vietnam is an attractive destination for traders and business community at the global level due to the positive steps and policies adopted by the Vietnamese government. For foreign direct investment (FDI), Vietnam offers well trained labour force at a low wage rate, attractive tax incentives especially related to renewable energy, textile and apparel industry etc. Moreover, additional advantages are also offered for FDI projects in low advantaged areas, industrial parks and export processing zones. Pakistan and Vietnam are in good relations for many decades. There is a great trade potential between the two countries in different sectors e.g., textile, mechanical and electrical appliances, plastics and articles thereof, minerals and mineral oils, optical, photographic tools, cinematographic materials, surgical instruments, and seafood. According to the United Nations COMTRADE database on international trade, Pakistan exported multiple goods to Vietnam in 2020 worth $136.67 million. Pakistan’s imports from Vietnam in 2020 were $437.95 million. The export level towards Vietnam can be increased by flexible trade agreements. Pakistan’s free economic zones with additional subsidies for FDIs can be an attractive place for trade. Vietnam is booming at the economic level now, and interested to invest in Pakistan. On the other hand, Pakistani trade community is also becoming well aware of exploring the new markets and following the new business trends for economic growth and prosperity. “Vietnam is interested to develop trade relations with Pakistan and much more interested to invest in Pakistan’s multiple sectors,” said Vietnamese envoy Nguyen Tien Phong in a meeting at Islamabad Chamber of Commerce and Industry (ICCI). "Pakistan is rich in natural resources and is capable of better economic development. That’s why Vietnam is interested to enhance bilateral trade with Pakistan which will benefit both of the countries,” he said. The envoy said Pakistan is manufacturing pharmaceutical products, surgical equipment and many other high-standard goods including onyx. “For such products, Vietnam can be a good market because we welcome competent goods in our market,” he said. Nguyen Tien Phong said Vietnam has imported multiple products from Pakistan. So, it is a good chance for Pakistani investors, traders and industrialists to make their place in the Vietnamese market. He said that Vietnam and Pakistan are having an official discussion concerning a priority-based trade agreement with which both of the countries would be able to increase mutual trade volume.  He said that Vietnam can export hybrid cars to Pakistan. Vietnam is a regular member of the Association of South East Asian Nations (ASEAN). Close business relationship between the two countries will make it easy for Pakistan to access the markets of ASEAN member countries. The ICCI President Shakeel Munir said on the occasion that mutual trade between Pakistan and Vietnam is only about half a billion dollars which is far less than the real trade potential of both countries, while most of the trade balance falls towards Vietnam. He said Pakistan is exporting marble, granite, textile materials, rice, pharmaceutics, surgical items, sports goods, leather products and seafood etc. to different countries. “There is a dire need for Vietnam to import more products from Pakistan,” he said, adding that both the countries can do mutual trade of articles e.g., phone and its parts, computer and its parts, electrical materials, technology devices, rubber, steel and different chemicals. He said that the ICCI is interested to sign a document with Vietnam so that new opportunities concerning mutual trade could be explored. Pakistan has to adopt a holistic approach to reform its industrial and trade sector. Bold steps towards economic reforms, maintenance of quality standards and good competitiveness in the region are the major points to ponder. It is a good chance for Pakistan to seriously consider the mutual trade and business offers from Vietnam both at official and private sector levels. Business with Vietnam will prove a high addition in the overall economic growth of Pakistan.