Vermelha Station in the Northern Territory Sold11-Oct-2016

A prominent businessman from Vietnam has purchased a Northern Territory cattle station.

Believed to be the first major Vietnamese investment into the north Australian beef sector, Vermelha Station has been sold to An Avien Pastoral Holding and Agriculture for $18 million.

The Australian Securities and Investments Commission lists the major shareholder of the company as Pham Nhat Vu, the chairman of media company An Vien Group.

Mr Pham is the brother of Vietnam's only billionaire and head of conglomerate Vingroup, Pham Nhat Vuong.

In February, the Australian newspaper reported Vingroup had purchased a Sydney CBD redevelopment site for $22.5 million.

The northern cattle industry continues to be well-supported by both domestic and foreign companies, as it has been for decades, with many properties recently changing ownership.

Vermelha is 2,039 square-kilometres (503,847 acres) in size and is located about 200 kilometres south of Katherine, alongside the Stuart Highway.

Included the sale were some 10,000 Brahman-cross cattle

Marketing agent for the sale was Sue Brosnan if Tanami Rural Property Katherine.

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