A billionaire Vietnamese family has purchased a Northern Territory cattle station, in what is believed to be the first major Vietnamese investment in Australia’s agriculture sector.

The head of Vietnam’s An Vien Group, Pham Nhat Vu, paid about $18 million to buy the Vermelha Station.

The station spans over 2,000 square kilometres and carries about 10,000 Brahman cross cattle. It is located about 200-kilometres south of Katherine alongside the Stuart Highway.

Mr Vu is the brother of Vietnam’s only billionaire and head of conglomerate Vingroup, Pham Nhat Vuong who last year, reportedly bought a Sydney development site for $22.5 million.

– TiVi Tuan-san