For small countries, it is inportant to work on niche technologies and be so good that you are irreplaceable.
That is exactly what Bangladesh is doing with apparel (and to some extent footwear), which is in second place for apparel globally after China and for cotton apparel to the US, currently in the top spot in the world. Not bad for a country half the size of Vietnam.
The backward linkage and integration (carding, spinning, weaving) is self-sufficient and well established in Bangladesh (unlike Vietnam) and is the lowest cost in the world.
Vietnam gets processed inputs from China for every export item for further finishing. Geography and having China as a neighbor was a blessing for Vietnam.
But yes - export diversification is also happening in Bangladesh to some extent beyond apparel. With locally branded electronics (cellphones especially), cookware, small electrics and white goods (TVs, Fridges, Microwaves, washing machines and ranges) produced locally and starting to be exported. We have a large market for Pharma goods in Vietnam.
In Bangladesh we need low value addition jobs, plenty of them, for our low skill people (unlike high-margin high-skill jobs). In Bangladesh we are not under delusion that we can spin off a Vinfast, the time for that has not come yet for us. We must remain firmly planted with our feet on the ground. No pie-in-the-sky semi-conductor production plans or moon missions.
Where Vietnam got today was because of China and her inputs to VN economy (I'm sure the Vietnamese also admit this). Similar with Bangladesh too - we wouldn't have gotten where we are today without Chinese inputs and machinery.
I have told my Vietnamese friends that the Koreans were having enough problems breaking into the luxury EV market in the US, it is amazing that Koreans carved a niche like BMW, Audi and MBZ.
Vinfast is a new player with rather inexperienced leadership (my personal take), they need to change and change fast. Koreans have been in the US with cars since the mid-80s. The car business is not a child's play in the US - especially the EV market. The stakes are big but so are the failures.
That's how US capitalism works, you hype it until it becomes real.
Yes - in the US they call it, "Fake it till you make it."