“Global Enterprise with Presence in Four Continents Seeks Strategic Endeavor in Vietnam: A Meeting with the General Secretary”

As part of his state visit to Kazakhstan, on the morning of May 7 (local time), Party General Secretary To Lam had a meeting with Mr. Bolat Duisenov, Co-founder of Kusto Vietnam (belonging to the Kusto Group, Kazakhstan) and Chairman of the Board of Directors of Coteccons Construction Joint Stock Company (CTD).

Party General Secretary highly appreciated the group’s extensive experience in the fields of construction, real estate, transportation, logistics, and consumer goods, as well as their deep understanding of the Vietnamese business environment and national development strategies. He acknowledged their positive contributions to the development of both Vietnam and the Republic of Kazakhstan over the years.

In the context of deep integration with the global economy, Vietnam is gradually asserting its important role on the international stage. Particularly in the construction industry, Vietnamese enterprises have ventured into the international market, showcasing their competitive edge and spirit of integration. They have been applying advanced technologies, embracing modern management models, and enhancing their international integration capacity.

Vietnam attaches great importance to the role of Kazakhstan in Central Asia. However, investment cooperation between the two countries remains modest and has not yet lived up to their potential and strengths. In this spirit, the General Secretary emphasized that Vietnam aspires to strengthen relations with Kazakhstan across all channels, including the Party, National Assembly, and Government. He also emphasized the importance of boosting investment and trade cooperation commensurate with the newly established Strategic Partnership, aiming to elevate bilateral trade turnover to 5 billion USD by 2030.

Therefore, the General Secretary suggested that businesses from both sides, including the Kusto Group and Coteccons Construction Joint Stock Company, should capitalize on their advantages to form and develop value chains connecting the two countries and the global market. This will pave the way for enhanced investment and business cooperation in the future.

The General Secretary affirmed that the Party and State of Vietnam welcome the continued exploration and expansion of investment cooperation by the Kusto Group and Coteccons in the fields of construction and rare earth minerals in Kazakhstan. He emphasized that this cooperation should be based on ensuring investment efficiency, harmonizing the interests of all related parties, and complying with the legal regulations of both sides.

Kusto Group Aims to Participate in National Key Projects

Expressing his gratitude to the Party General Secretary for his valuable time, Mr. Bolat Duisenov shared that the Kusto Group has nearly 20 years of investment experience in Vietnam. With their strengths in construction and information technology, the group aspires to invest in areas where Vietnam has demands.

On this occasion, Mr. Duisenov expressed his hope that the Party and Government of Vietnam would facilitate the group’s participation in national key projects, allowing them to contribute their expertise and experience to Vietnam’s new era of development. He also showed interest in expanding cooperation in various fields where both sides have demands, making substantial contributions to Vietnam’s growth.

Kusto Group’s Global Presence and Collaboration

The Kusto Group was established in the late 1990s by Mr. Yerkin Tatishev (born in 1976) from Kazakhstan. In his early 20s, together with a few friends, he sought business opportunities in mining in the outskirts of Zhitgara, Kazakhstan. With local support, his team turned the mines into profitable ventures and acquired the company in 2002.

This entrepreneurial experience provided Mr. Tatishev with the initial capital to found the Kusto Group in 2008. Today, Kusto is a diversified group with interests in agriculture, oil and gas, construction materials, and real estate.

The Kusto Group now has a presence in multiple countries, including Kazakhstan, Ukraine, Israel, Vietnam, Georgia, Singapore, Turkey, China, and Canada, with annual revenues exceeding 1 billion USD. In 2013, the group relocated its headquarters from Almaty, Kazakhstan, to Singapore.

Kusto currently collaborates with over 30 companies across 4 continents, boasting diverse investments in oil and gas, agriculture, construction materials, and real estate. Meanwhile, Kusto Vietnam, an investment company operating in Vietnam since 2005, has contributed to the success stories of leading enterprises. The company focuses on high-growth businesses that benefit from its expertise and flexible approach.

To date, Kusto Vietnam has successfully executed 10 investment deals, achieving an average annual revenue growth of 30%, thereby transforming companies into industry leaders. Kusto Vietnam’s investment portfolio includes companies in Real Estate, Construction, Building Materials, Transportation, Logistics, Retail, and other consumer sectors.

During the visit of Party General Secretary To Lam to Kazakhstan, businesses from both countries signed a series of cooperation agreements, aiming to elevate bilateral trade turnover to 5 billion USD by 2030.

As of the end of 2024, the two-way trade turnover between Vietnam and Kazakhstan reached approximately 1 billion USD. The two countries have set a target to increase this figure to 5 billion USD by 2030.