Most notably, the Chinese market significantly contributed to Laos' large livestock export turnover in 2020 at US$7.5 million, with the northern neighbour aiming to meet a quota of purchasing 500,000 cattle annually from Laos.
Furthermore, the Vietnamese market must also import between 300,000 and 400,000 buffaloes and cows from numerous foreign sources as at present Laos is unable to meet this demand.
With huge potential due to being home to large land areas, the Lao livestock industry is expected to grow and thrive in the near future providing that greater investments are poured into it.
Laos is therefore calling on foreign businesses to make investments in the agricultural sector in order to exploit the full potential of land in both Northern and Southern regions to boost large-scale farming and husbandry in order to serve domestic consumption and exports.
When serving as Prime Minister, Party General Secretary and State President of Laos Thongloun Sisulith expressed a strong desire to work closer with the leaders of the Vietnamese Government during meetings between both nations' Intergovernmental Committee. He added that he expects competent agencies to work harder to remove difficulties and promote stronger bilateral co-operation in the agricultural sector, especially in terms of high-tech agriculture.
This can be considered a positive investment co-operation opportunity for Vietnamese businesses in the context that leaders have always paid close attention to reinforcing the great friendship, special solidarity, and comprehensive partnership between Vietnam and Laos.