Sovico Group acquires stake in Kazakhstan's Qazaq Air

The Sovico Group ecosystem, led by billionaire Nguyen Thi Phuong Thao, has entered the Kazakhstan aviation market through the privatization of Qazaq Air. On May 6, 2025, Kazakhstan's sovereign wealth fund, Samruk-Kazyna, completed the transfer of a 51% stake in the airline to an investor consortium consisting of Central Asia Aviation Holdings Limited and Kazasia Holdings Limited.

Central Asia Aviation Holdings, a Sovico-affiliated entity, acquired a 49% stake, while Kazasia Holdings purchased 2%. Samruk-Kazyna retains the remaining 49% interest. The total transaction value for the 51% stake was 1.02 billion tenge, approximately $2 million USD.

Following the acquisition, the airline has been rebranded as Vietjet Qazaqstan. During the Vietnam–Kazakhstan Business Forum in Astana, Vietjet and Qazaq Air announced a strategic partnership and a framework agreement for technical support for future Boeing 737 aircraft. The airline aims to expand its fleet to 20 aircraft and serve between 7.5 and 8 million passengers annually by 2030.