MARKET INSIDER – Once viewed as a remote and challenging frontier, Central Asia is rapidly becoming a strategic new market for Vietnam’s leading economic groups, which are now executing high-value acquisitions and development projects across the region, particularly in Kazakhstan. This surge in investment signals a major diversification effort by top Vietnamese firms into sectors including aviation, tourism, energy, and consumer goods.
Aviation and Infrastructure: The Sovico Group’s Strategic Move
A flagship transaction demonstrating this new focus is Sovico Group’s (led by senior executive Nguyen Thi Phuong Thao) acquisition of Kazakhstan’s Qazaq Air in December 2024, in partnership with a Kazakh fund. The deal, reportedly valued at up to $417 million, involves a franchising agreement with Sovico’s airline subsidiary, Vietjet Air, to jointly develop and operate the rebranded airline, Vietjet Qazaqstan (formerly Qazaq Air).
This move is complemented by expanded direct flight routes, with Vietjet initiating a direct flight from Almaty, Kazakhstan, to Phu Quoc Island in late 2023, followed by a new route to Da Nang in April 2025. Beyond air travel, Sovico has signed cooperation agreements with Kazakhstan’s Turkestan and Kyzylorda provinces to construct new airports and has reached an accord with the state-owned oil and gas giant, KazMunaiGaz.
Tourism and Hospitality Expansion
The tourism sector is another key area of Vietnamese investment. Crystal Bay Group, founded and chaired by Nguyễn Đức Chi, has established subsidiaries, Crystal Bay Kazakhstan LLP and Crystalbay Tourism in Uzbekistan, to aggressively tap into the Central Asian market. The group operates tour packages connecting Almaty, and the Uzbek cities of Samarkand and Tashkent, directly to Vietnamese destinations like Nha Trang beach city and Phu Quoc Island. Furthermore, Crystal Bay is reportedly collaborating with Kipros on a significant $427 millioninvestment to modernize the Ak-Bulak ski resort in Almaty, Kazakhstan.
Diversification into Energy and Industrial Infrastructure
ROX Group (formerly TNG Holdings) is exploring extensive project development across the region. Following discussions with Kazakhstan’s Deputy Foreign Minister, Alibek Kuantyrov, ROX Group expressed keen interest in developing large-scale renewable energy projects in the country. The group is also considering investments in industrial infrastructure, tourism development, and opportunities within the banking and finance sectors. Notable projects already underway in Central Asia include a 1,900 MW solar power plant integrated with an energy storage system, and a large-scale urban complex in Bishkek, Kyrgyzstan.
Consumer Goods Dominance and Energy Exploration
While other firms are just entering, a ‘silent empire’ led by Vietnamese businessman Dang Khac Vy, Chairman of Vietnam International Bank (VIB) has already conquered the Central Asian consumer market. Mareven Food Holdings operates the production and distribution of instant noodles and other food products through its regional subsidiaries, including Mareven Food Tian Shan in Kazakhstan. According to a PwC report, Mareven is the sales leader across the Eurasian continent in the instant noodle, mashed potatoes, and bouillon product categories, establishing a long-standing Vietnamese footprint in the fast-moving consumer goods sector.
Finally, the state-owned Petrovietnam has maintained its interest in the region’s abundant oil and gas reserves. The leadership of its subsidiary, PVEP (Petrovietnam Exploration Production), recently met with KazMunaygaz and Altay Resources to discuss cooperation. KazMunaygaz presented PVEP with four high-potential exploration areas and agreed to sign a Memorandum of Understanding to formalize future collaboration, underscoring the potential for Vietnamese involvement in Central Asia’s upstream energy sector.
