The deal for the project would include upto 236,000 cows, stated reports.

HAGL, the property developer, has said that it would cover US$566mn of the investment required to raise cattle. NutiFood would set aside US$235mn to set up a fresh milk and yoghurt manufacturing unit, and meat supplier Vissan would cover the remaining investment.

Doan Nguyen Duc, chairman of HAGL, said, "We will raise 120,000 meat cattle of Australian breed, and supply them to Vissan, which will slaughter the animals and distribute their meat domestically."

HAGL will also breed 116,000 dairy cattle imported from Australia to supply raw milk to the NutiFood plant.The first batch of the meat cattle will arrive at HAGL’s farm in the Central Highlands province of Gia Lai by the end of this month, will be raised for seven months before being taken to Vissan, added Duc.

The first batch of dairy cattle imported from Australia are expected to arrive in late 2014.