The Sovico Group, a leading investment conglomerate in Vietnam, is to modernize and further develop the infrastructure of Kazakhstan’s Turkestan and Kyzylorda airports.
As reported by Kazakh Invest, the deal was confirmed in a Memorandum of Cooperation, signed in Astana between Sovico Group Chairman Dr. Nguyen Thanh Hung and Deputy Governors of Turkestan and Kyzylorda regions.
The Chairman of Sovico announced plans to increase the frequency of flights from Vietnam to Kazakhstan, as well as the group’s potential development of Kazakhstan’s trade and logistics potential, particularly at the Khorgos hub on the Kazakh-Chinese border. The latter follows discussions with Kazakhstan President Kassym-Jomart Tokayev back in May, during which Nguyen Thanh Hung announced his company’s interest in taking control of several airports and investing in logistics warehouses for the storage of goods produced in Vietnam and ASEAN countries for subsequent sale in Kazakhstan, Central Asian countries, the EAEU, and Europe.
The Sovico Group has also announced plans to acquire Qazaq Air for the sum of approximately $4.2 million by the end of September 2024; a move described by President Tokayev in July, as a demonstration of the Vietnamese conglomerate’s ambitious plans to develop civil aviation in Kazakhstan and the region.
In a country where rail is the main means of transport, the development of regional airports and domestic flights will have a significant impact on the passage of both cargo and people.
