Growing an economy is a lot like farming. It’s not enough to scatter seeds and hope for the best—success depends on fertile soil, careful planning, and the right conditions for growth.
Vietnam and Rwanda have shown that fundamental transformation happens when investments are smart, strategic, and backed by the right policies. Bangladesh has already made strides, but to take the next big leap, it needs to focus on how much it invests and where and how those investments are used.
Vietnam’s journey from a struggling centrally planned economy to an industrial powerhouse wasn’t magic—it resulted from calculated decisions. The Đổi Mới reforms in 1986 didn’t just open doors for businesses; they built roads, ports, and entire industries. Special Economic Zones became magnets for foreign investors, and the country became a manufacturing giant before long.
Imagine if Bangladesh could expand its industrial base beyond garments and create hubs for electronics, IT, and even automobile manufacturing. The blueprint exists—Vietnam has already drawn it.
Infrastructure was a game changer. Between 2010 and 2020, Vietnam poured nearly $120 billion into building highways, ports, and power grids. That’s the kind of forward-thinking Bangladesh needs.
Traffic congestion, outdated transport systems, and power shortages aren’t just inconveniences but economic roadblocks.
But a country isn’t just roads and factories—it’s people. Vietnam understood this, investing heavily in education, particularly technology and engineering. The result is a workforce that can meet the demands of modern industries.
Bangladesh can take a similar path, ensuring its young population isn’t just growing in numbers and skills. Vocational training and STEM education could be the key to unlocking the country’s full potential.
Trade policies and ease of business were crucial in Vietnam’s rise. By simplifying regulations and reducing bureaucratic red tape, the government made it easier for businesses to start and thrive.
Bangladesh, too, has an opportunity to streamline its policies, making it more straightforward for entrepreneurs and foreign investors to contribute to the economy.
Then there’s Rwanda—a country that has rewritten its future despite its tragic past and lack of natural resources. Emerging from the 1994 genocide, Rwanda became one of Africa’s fastest-growing economies, not by chance but by choice.
It bets on technology, governance, and transparency. Today, broadband internet connects businesses nationwide, and digital innovations fuel growth. Kigali has positioned itself as a regional tech hub, proving that digital transformation isn’t just for rich nations.
Agriculture remains at the heart of Rwanda’s economy, but unlike many developing nations, it hasn’t been left behind. Investments in irrigation and mechanization have increased productivity, with irrigated land expected to expand from 63,742 hectares to over 100,000 hectares by 2024. Agricultural mechanization is also set to rise from 27% to 50%, improving efficiency and reducing labour dependency.
While land preparation and irrigation are highly mechanized, planting and harvesting remain labour-intensive. Expanding modern machinery and improving irrigation systems can enhance productivity, reduce yield losses, and drive rural economic growth.
Good governance has been Rwanda’s backbone. Strong anti-corruption measures have built trust and attracted investors. The government has made doing business easier by cutting through red tape and bureaucracy. Vietnam has also taken significant steps to improve transparency, implementing anti-corruption laws and strengthening institutions to ensure accountability in governance. High-profile corruption cases have been prosecuted, demonstrating a commitment to clean governance.
Bangladesh can learn from these approaches by prioritizing transparency and accountability in economic policies. Strengthening anti-corruption measures, ensuring public funds are used efficiently, and simplifying bureaucratic processes will foster an environment of trust. Digital governance and e-procurement, as seen in Rwanda, can be key tools in reducing corruption and improving efficiency in public service delivery.
Bangladesh has already made incredible progress, but there’s room for more. It can focus on manufacturing diversification, infrastructure, and workforce training, following Vietnam’s example. Learning from Rwanda, it can embrace digital transformation, modernize agriculture, and build stronger institutions.
It’s not about how much money is spent but how wisely it’s used. Bangladesh has the talent, the resources, and the ambition. Now, it’s about making the right choices, taking inspiration from countries that have done it before, and shaping a future that’s not just about growth but real, lasting impact.
BSS 16th Batch, Department of Development Studies, University of Dhaka
rupok.du.ds@gmail.com