AviationNews – The Kazakhstan sovereign wealth fund, Samruk-Kazyna, has officially completed the sale of a majority stake in Qazaq Air to a consortium led by Vietnam’s Sovico Group, the parent company of low-cost carrier VietJet Air. This $2 million transaction marks a pivotal moment in the privatization of Central Asia’s aviation sector, shifting the regional airline from state control to private international management.
The deal, which saw the sale of a 51% stake for approximately 1.02 billion tenge ($1.98 million), follows a multi-year effort by the Kazakh government to reduce state involvement in the civil aviation market. Under the terms of the agreement, the new owners—Central Asia Aviation Holdings and local partner Kazasia Holdings—have committed to a massive investment plan exceeding $1 billion. Crucially, the investors have also taken on the responsibility of repaying the airline’s existing debt, estimated at roughly $74 million (38 billion tenge), over the coming years.
Operationally, the airline is set for a total transformation and will be rebranded as Vietjet Qazaqstan. The current fleet of five De Havilland Dash 8-Q400 turboprops will be supplemented by at least 20 new narrowbody aircraft, with the consortium evaluating both the Boeing 737 MAX and Airbus A320neo families. This fleet expansion is designed to transition the carrier from a niche regional operator into a competitive low-cost bridge connecting Kazakhstan with Southeast Asia and other global hubs.
“We highly appreciate the intention of Sovico Group and VietJet Air to participate in the management of Qazaq Air under the new brand,” stated Nurlan Zhakupov, Chairman of the Board of Samruk-Kazyna. “Expanding the route network in the region will strengthen transportation connectivity and create new points of economic growth for our nation.”
Looking ahead, the entry of a seasoned low-cost specialist like VietJet is expected to trigger a price war and service improvements across the Central Asian aviation corridor. The strategic partnership aims to establish Kazakhstan as a primary logistics and tourism hub between Europe and Asia. For travelers, this likely means a significant increase in international flight options and more competitive fares as the new Vietjet Qazaqstan ramps up its operations in 2026.
In summary, the privatization of Qazaq Air completes a major goal for Samruk-Kazyna following the successful IPO of Air Astana. The transition to private ownership is expected to modernize the fleet, clear legacy debts, and solidify the airline’s position in the global market.