Vietjet, Qazaq Air launch Vietjet Qazaqstan airline
ALMATY. May 6 (Interfax) - Vietnamese budget carrier Vietjet Air and Kazakhstan's Qazaq Air have established a new joint airline, Vietjet Qazaqstan, through a strategic partnership agreement signed Tuesday during a Kazakhstan-Vietnam business roundtable in Astana, Kazakhstan's sovereign wealth fund Samruk Kazyna, which owns 49% of Qazaq Air, said in a statement.
"Sovico Group and Vietjet Air will take an active role in both management and day-to-day operations of Vietjet Qazaqstan, drawing on their extensive aviation experience," the statement said.
The Vietnamese authorities have cleared Vietjet "to acquire a strategic stake" in Qazaq Air.
Vietjet Qazaqstan plans to operate a fleet of at least 20 Boeing 737 aircraft. "Vietjet Qazaqstan will operate as a next-generation low-cost carrier, serving as an air bridge between Kazakhstan, Vietnam, Southeast Asia and global aviation hubs," the airline said.
In January 2025, Samruk Kazyna 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. The deal was for the sale of 51% of shares with an option for the state fund to sell the other 49% in the next five years.
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. Qazaq Air carried more than 800,000 passengers in 2024.
Sovico Group is one of Vietnam's largest diversified conglomerates, operating in energy, construction, banking, finance and the aviation industry. The group and its affiliates is the main shareholder in Vietjet Air.
Kazasia Holdings Limited, a Kazakh company, was selected by JSC Sovico Group as a partner for the joint management of Qazaq Air.