Vietjet Qazaqstan: Sovico's 49% Stake in Qazaq Air and the 2030 Fleet Plan

Overview

Sovico, the investment ecosystem of billionaire Nguyễn Thị Phương Thảo, acquired 49% of Kazakhstan’s Qazaq Air through Central Asia Aviation Holdings as part of a privatization in which a consortium bought 51% for about VND-equivalent USD 2 million. The carrier was rebranded Vietjet Qazaqstan on 6 May 2025 alongside a strategic cooperation announcement with Vietjet (VJC, HOSE), and now targets 20 aircraft and 7.5-8 million passengers annually by 2030.

Key Facts

• On 6 May 2025, Kazakhstan’s sovereign wealth fund Samruk-Kazyna completed the sale of 51% of Qazaq Air to a consortium of Central Asia Aviation Holdings Limited and Kazasia Holdings Limited.
• Central Asia Aviation Holdings, part of Sovico, took 49%; Kazakhstan partner Kazasia Holdings took 2%; Samruk-Kazyna retained 49%.
• The 51% stake was transferred for KZT 1.02 billion, equivalent to about USD 2 million, a figure covering the whole consortium rather than Sovico’s outlay alone.
• The rebrand to Vietjet Qazaqstan was launched at the Việt Nam-Kazakhstan Business Forum in Astana on 6 May 2025.
• The airline plans to grow to 20 aircraft and 7.5-8 million passengers per year by 2030.
• From 1 September 2026, Vietjet Qazaqstan operates the subsidized Astana-Pavlodar route four times weekly (Tuesday, Thursday, Saturday, Sunday) at VND-equivalent KZT 15,000 one-way, with flight times of about 1 hour 20-25 minutes.
• The Pavlodar runway was widened from 45 m to 60 m as part of the airport upgrade that preceded the route launch.

What Happened

According to Samruk-Kazyna’s financial report, the privatization was carried out under Kazakhstan’s state-enterprise divestment program. The fund no longer controls Qazaq Air but retains a 49% stake, giving it continued influence alongside Sovico’s Central Asia Aviation Holdings. The article states explicitly that the USD 2 million figure is the transaction value for the entire 51% block, not the amount Sovico paid for its 49% interest; the filing does not disclose Sovico’s specific consideration.

On the same day, at the Việt Nam-Kazakhstan Business Forum in Astana, Qazaq Air and Vietjet announced a strategic partnership and unveiled the Vietjet Qazaqstan brand. The carrier continues to operate domestic and international routes, including services covered by Kazakh government subsidy programs. On 22 August 2026 it flew the first Astana-Pavlodar service after Pavlodar airport completed its runway upgrade, moving to scheduled subsidized operations from 1 September 2026. Kazakhstan’s Civil Aviation Authority said the Ministry of Transport took measures to open the subsidized route, which Vietjet Qazaqstan operates at an initial four flights per week.

Market Context

VJC closed at VND 127,500 on 19 October 2026 on HOSE. The Kazakhstan venture is small in absolute capital terms relative to Vietjet’s balance sheet, so the announcement is unlikely to move near-term earnings; its relevance is strategic rather than financial. Vietnamese aviation has been expanding international footprints and fleet plans through 2025-2026, and Central Asia has emerged as a corridor tied to trade and tourism links between Việt Nam and Kazakhstan. The stock’s recent trading reflects domestic capacity, fuel costs and international route recovery more than this transaction.

Strategic Significance

The thesis is brand and network extension rather than capital deployment. Sovico gains a foothold in a Central Asian carrier with government-subsidized routes, while Vietjet exports its low-cost operating model and brand to a market where it holds no direct equity link disclosed in the source. The 49% stake held by Samruk-Kazyna preserves state alignment, which matters for securing subsidized route designations such as Astana-Pavlodar. For long-term VJC holders, the value lies in optionality: a Central Asian hub could feed passengers into Vietjet’s wider network and support aircraft utilization, but the 2030 targets imply fleet and traffic growth of a scale that will require capital and regulatory execution not yet detailed.

What to Watch

• Disclosure of Sovico’s actual consideration for the 49% stake, which the Samruk-Kazyna report does not break out.
• Vietjet Qazaqstan fleet delivery schedule and aircraft type mix toward the 20-aircraft 2030 target.
• Expansion of subsidized route designations by Kazakhstan’s Ministry of Transport beyond Astana-Pavlodar.
• VJC quarterly filings for any related-party transactions, guarantees or aircraft leasing arrangements with the Kazakh entity.
• Passenger traffic data from Kazakhstan’s Civil Aviation Authority confirming progress toward the 7.5-8 million annual target.