With Vietnam rapidly improving its logistics, diversifying its product range and streamlining trade processes, Bangladesh is at the risk of losing its position as the world's second-largest apparel exporter.
Highlighting Vietnam’s $44 billion worth of clothing and textile exports at the Bangladesh Investment Summit 2025, Kihak Sung, Chairman, Youngone Corporation, a pioneer in Bangladesh's garment and textile sectors, urged government agencies to take necessary steps for the country to achieve its aspiration of becoming the top apparel exporter.
Sung criticized Bangladesh's port congestion and lengthy lead times, noting, Vietnam is able to export to the US market at least three weeks faster. He emphasized the critical nature of this time difference in the fast-paced fashion industry, where buyers prioritize quicker fulfillment. While Bangladesh produces a higher volume of goods, Vietnam's product quality is superior, leading to higher prices for Vietnamese-made garments and greater profitability despite higher labor costs, he pointed out.
Sung suggested, reducing customs delays by one to ten days could resolve half of the current hindrances and mitigate geographical disadvantages. He welcomed the temporary suspension of Trump-era tariffs as a positive development.
Javier Carlos Santonja Olcina of Inditex acknowledged Bangladesh's world-class factories in LEED certification but stressed that insufficient port and airport capacity necessitates flexible shipment methods. Rear Admiral SM Moniruzzaman of Chittagong Port Authority mentioned the exploration of technologies for smoother port operations. Md Tareq Hasan of the NBR highlighted the significant assistance provided by the newly launched National Single Window to exporters.
Lutfey Siddiqi, Special Envoy to the Chief Adviser, underscored the importance of self-sufficiency and reforms, including in the labor sector, given evolving global trade dynamics. Kihak Sung was honored with honorary citizenship of Bangladesh on April 10, 2025 for his significant contributions to the industry and the nation's economy.
