Vietnam has been advised to follow Bangladesh’s example to strengthen its position in the global Ready-Made Garment (RMG) industry. As one of the largest garment exporters globally, Vietnam has faced increasing competition from countries like Bangladesh, which has successfully positioned itself as a key player in the RMG sector. Despite Vietnam’s strong production capabilities, its market share has been challenged due to factors such as rising labor costs, reduced competitiveness, and delays in adopting key industry trends.
Bangladesh’s success has largely been attributed to its competitive pricing, efficient production, and deep engagement with international buyers. The country has also benefitted from favorable trade agreements and a focus on improving labor standards and compliance with international sustainability regulations. These factors have allowed Bangladesh to expand its share in major export markets such as Europe and the United States.
Vietnam is encouraged to learn from Bangladesh’s strategies, especially in areas like workforce development, sustainable production, and improved supply chain efficiency. By investing in these areas, Vietnam could regain its competitive edge in the global garment market. Additionally, it will be crucial for the country to focus on building strong relationships with global brands while maintaining cost-effectiveness and meeting shifting consumer demands for ethical and sustainable fashion.
