Wealthy Vietnamese pays US$13.6 million for Australia cattle station

A Vietnamese family has invested heavily in Australia's agricultural sector, signaling a trend of local investors trying to maximize their good fortune across the ocean in Down Under.

The family's recent purchase of a 200,000 hectare cattle station is believed to be the first major investment that any Vietnamese has ever made in Australian agricultural sector.

Vermelha Station was sold for AU$18 million (US$13.6 million) to An Vien Pastoral Holding and Agriculture company, Australian media reported. There were 10,000 Brahman cross cattle included in the sale.

The Australian Securities and Investments Commission lists the major shareholder of the company as Pham Nhat Vu, the chairman of digital television service An Vien Group, ABC News has reported.

The station covers an area of 2,039 square kilometers in the Northern Territory.

Before the purchase, Luu Minh Ngoc, a real estate agent, said some Vietnamese have poured their money in the Northern Territory’s agricultural sector but most of them are small deals.

He said the new owner will either continue to run the station as an agricultural business or just wait to cash in on it as a property investment.

Ngoc Mai, who runs a seafood company in Vietnam, said she has purchased a three-hectare farm in northern Australia where she plans to grow Vietnamese fruit and vegetables.

The demand for agricultural products within the Vietnamese community in Australia is relatively high, Mai said, adding that she will hire farmers from Vietnam to work on her farm.

The Australian government encourages foreign investments in the pastoral industry in the north to make best use of available farmland there.

Earlier this year, another Vietnamese company, which was looking to develop a dragon fruit farm, almost managed to buy Vermelha. 

CT Group was reportedly willing to spend US$16 million for Vermelha Station, but the deal fell through.