Vietnam's Sovico Group, which recently acquired Kazakh airline Qazaq Air as part of an investor consortium, is considering purchasing or managing an airport in Kazakhstan, Kazakh Deputy Prime Minister and National Economy Minister Serik Zhumangarin said.
"Sovico Group earlier bought one of our airlines. They visited Kazakhstan recently and are now considering the acquisition or management of one of our airports. The airline needs a base airport. The airline is large, it's rapidly developing and has strong contracts with international airlines; it also concluded a major deal with Boeing," Zhumangarin told reporters.
In January 2025, Kazakhstan's Samruk-Kazyna sovereign wealth fund signed a share purchase agreement for its subsidiary airline Qazaq Air with a consortium of investors comprising Central Asia Aviation Holdings Limited (part of Sovico Group) and Kazasia Holdings Limited.
Under the agreement, Sovico committed to purchasing at least 20 Airbus and Boeing aircraft for Qazaq Air within five years, with a target of up to 50 planes. Direct investments are projected to exceed $1 billion.
The agreement also stipulates the mandatory paying off of Qazaq Air's debt, estimated at 38 billion tenge. On May 29, 2024, on the sidelines of the Majilis, Minister of Transport Marat Karabayev commented on the sale of Qazaq Air.
"The first obligation is to fully cover the debt of Qazaq Air in the amount of 38 billion tenge. The second, most important obligation is an additional 20 aircraft, which will be registered in Kazakhstan," the minister said then, answering questions from journalists.
Qazaq Air, established in 2015, holds around 7% of the country's aviation market. Its fleet consists of five Bombardier DHC-8-Q400NG aircraft.
Sovico Group is one of Vietnam's largest diversified conglomerates, operating in energy, construction, banking, finance and the aviation industry.
Kazasia Holdings Limited, a Kazakh company, was selected by JSC Sovico Group as a partner for the joint management of Qazaq Air.
As per the latest reports, Qazaq Air will officially change its name to "Vietjet Kazakhstan".Vietjet and Qazaq Air officially announced a strategic partnership in order to launch the new airline - Vietjet Kazakhstan brand.
Vietjet Qazaqstan will manage a fleet of at least 20 Boeing 737 aircraft, which will significantly expand the network of domestic and international routes.
The airline plans to introduce modern operating models, digital management systems and advanced training programs for its personnel, while Vietjet will provide technical and operational support.
