In December 2024, Sovico Group (led by senior leader, Ms. Nguyen Thi Phuong Thao) and a Kazakhstani fund acquired Qazaq Air.
Vietjet Air and Qazaq Air entered into a business franchise agreement, and the two parties will jointly develop and operate Vietjet Qazaqstan (formerly known as Qazaq Air).
According to Mighty Travels, the deal was valued at up to USD 417 million (equivalent to VND 10,800 billion).
Since late 2023, Vietjet has operated direct flights from Kazakhstan to Phu Quoc. On April 2, 2025, flight VJ52, departing from Almaty, Kazakhstan, on an A330-300 aircraft, officially landed at Danang International Airport.
Sovico Group also signed a cooperation agreement with the provinces of Turkestan and Kyzylorda in Kazakhstan to build airports in these provinces. Sovico has also reached an agreement with KazMunaiGaz, Kazakhstan’s national oil and gas company.
Crystal Bay Group, a tourism company founded and chaired by Mr. Nguyen Duc Chi, operates tours from Almaty, the former capital of Kazakhstan, as well as from Samarkand and Tashkent, two cities in Uzbekistan, to Nha Trang and Phu Quoc. Crystal Bay Group has subsidiaries, Crystal Bay Kazakhstan LLP in Kazakhstan and Crystalbay Tourism in Uzbekistan.
According to international media, Crystal Bay is collaborating with Kipros to invest approximately USD 427 million to modernize the Ak-Bulak ski resort in Almaty, Kazakhstan.
Recently, ROX Group (formerly known as TNG Holdings) met with the Deputy Foreign Minister of the Republic of Kazakhstan, Mr. Alibek Kuantyrov.
During the meeting, ROX Group expressed interest in developing projects in the field of renewable energy, including the construction of large-scale energy infrastructure in Kazakhstan. The company is also considering participating in industrial and tourism infrastructure development initiatives and exploring opportunities in banking and finance.
Some of ROX Group’s projects 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.
Mareven Food’s products in Uzbekistan
Meanwhile, a “silent empire” of Vietnamese entrepreneurs has been conquering the Central Asian consumer goods market for many years: Mareven Food Holdings, co-founded by Mr. Dang Khac Vy, Chairman of VIB Bank.
Mareven Food Holdings is essentially a holding company that operates through its subsidiaries: Mareven Food Central in Russia, Mareven Food Europe in Ukraine, and Mareven Food Tian Shan in Kazakhstan.
According to a PwC report on Mareven Food Tian-Shan LLP, Mareven is the market leader in sales for “instant noodles”, “mashed potatoes”, and “broth” product categories in the Eurasian market.
Additionally, the Vietnam National Oil and Gas Group (Petrovietnam) has consistently shown interest in the region’s abundant oil and gas reserves and is always on the lookout for exploration and exploitation cooperation opportunities.
Recently, the General Director of Vietnam Petroleum Exploration and Production Corporation (PVEP) and a high-level delegation from PVEP had working sessions with Kazmunaygaz, the National Company of Kazakhstan, and Altay Resources.
Kazmunaygaz introduced four high-potential exploration blocks to PVEP for consideration. At the same time, the two parties agreed to move towards signing a Memorandum of Understanding (MOU) to create a foundation for specific cooperation in the future.
During the trip, the PVEP delegation also worked with Altay Resources to explore opportunities for mine development and exploitation.
The ‘Shadow’ of Rox Group on Stanley Brothers Securities
The four major new shareholders who collectively hold 86.97% of the capital at Stanley Brothers are closely associated with Rox Group, helmed by the prominent businesswoman Nguyen Thi Nguyet Huong.
For the Second Year Running, ROX Group is Voted “Vietnam’s Best Workplace”
Creating a happy and sustainable working environment for its employees, ROX Group Joint Stock Company (formerly TNG Holdings Vietnam) has been honored as one of the “Best Companies to Work for in Vietnam” for the second consecutive year.
Sovico Group and UNESCO Sign a Strategic Partnership Agreement for 2025-2035 During the Official Visit of General Secretary and President To Lam.
On October 7, 2024, at the UNESCO headquarters in Paris, France, the SOVICO Group and UNESCO signed and officially inked a Strategic Partnership Framework Agreement for the period of 2025–2035. This agreement brings to life a number of collaborative programs outlined in the initial Cooperation Agreement between Vietnam and UNESCO.
