Vietnamese Investment Group Eyes Airport Purchase in Kazakhstan

Vietnam’s SOVICO Group, the new owner of Kazakh airline Qazaq Air, is considering acquiring or managing an airport in Kazakhstan, according to Deputy Prime Minister and Minister of National Economy Serik Zhumangarin.

SOVICO Group, one of Vietnam’s leading investment conglomerates, operates across sectors including finance, aviation, energy, and digital transformation. The group also owns VietJet Air, an international low-cost airline with a fleet of 85 aircraft.

In 2024, SOVICO acquired Qazaq Air, a domestic carrier the Kazakh government had been trying to sell since 2023 for KZT 10.2 billion (approx. $19.7 million). However, the final sale price was significantly lower: KZT 2 billion (approx. $3.8 million), according to Transport Minister Marat Karabaev.

Qazaq Air currently serves 14 domestic routes, four of which are state-subsidized and four international destinations.

New Brand, Broader Ambitions

During a Kazakhstan-Vietnam business roundtable in Astana on Tuesday, it was announced that Qazaq Air will be rebranded as VietJet Kazakhstan. “We highly appreciate the intention of SOVICO Group and VietJet Air to manage Qazaq Air under the new brand,” said Nurlan Zhakupov, Chairman of the Board of Samruk-Kazyna JSC. “Expanding the route network will enhance regional connectivity and foster new economic growth.”

Zhumangarin mentioned that SOVICO Group is actively exploring options to either acquire or manage a Kazakh airport. “The company is large, rapidly expanding, and maintains numerous international partnerships. An airline needs a base airport, and they are considering establishing one here,” he said.

Strategic Infrastructure Interest

SOVICO has also signaled its interest in modernizing regional airport infrastructure, specifically in the Turkestan and Kyzylorda regions, a move seen as part of its broader strategy to expand operations in Central Asia.

In 2023, bilateral trade between Kazakhstan and Vietnam reached nearly $1 billion, although it dipped slightly to $879 million by the end of 2024.