Vietnam's Sovico considers purchasing airport in Kazakhstan

ASTANA. May 6 (Interfax) - 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.

Vietnam is one of Kazakhstan's largest partners in Southeast Asia, he said.

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.

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.

The official exchange rate on May 6 is 518.53 tenge/$1.