Vietnamese Sovico puts Kyzylorda Airport deal on hold

Sovico Group has put its plan with temporary airport management in Kazakhstan on hold / Photo: Shutterstock, photo editor: Milosh Muratovskiy

Vietnamese Sovico Group, which recently acquired a 51% stake in QazaqAir, has delayed its plans to assume management of an airport in Kazakhstan, as reported by Informburo.kz, citing Kazakhstan’s Minister of National Economy Serik Zhumangarin.

This isn’t about acquiring the airport. The investor’s intent was to take over management in order to establish a base airport, but they’ve put that on hold for now, as significant capital is currently being allocated to airline development. In the next stage, the company will consider purchasing or managing the airport. But overall, if you have an airline, you also need a base airport,” Zhumangarin said on the sidelines of the Mazhilis, the lower house of Kazakhstan’s parliament.

In late 2024, Kazakhstan’s Vice Minister of Transport Maksat Kaliakparov stated that Sovico Group would be offered the opportunity to take over management of the airports in Turkestan and Kyzylorda under a trust agreement. At the time, he noted that following the acquisition of Qazaq Air, the Vietnamese investor would be required to provide a long-term development plan for one or both airports, ranging from five to 20 years.

On Sept. 9, the akimat (administration) of the Kyzylorda region and Sovico Group signed a memorandum in Astana, facilitated by the Ministry of Transport and the Ministry of Foreign Affairs. The parties agreed to explore the possibility of transferring Korkyt Ata International Airport in Kyzylorda to the company’s temporary management. The city administration emphasized that the agreement also includes joint plans to develop aviation, cargo shipping and the construction of a logistics center and tourist facilities.

Deputy Foreign Minister Alibek Bakayev has also recently confirmed the plans to transfer one of the airports in the Kyzylorda region to the Sovico Group’s management.

Currently, Korkyt Ata International Airport in the city of Kyzylorda is owned by the regional akimat and managed by Airport Management Group, an entity within Kazakhstan Temir Zholy.