Yerkin Tatishev’s Vietnamese adventure started 20 years ago when he first visited the country and decided that he and his company would invest when they were strong enough. Today, over 10 firms have significantly increased their revenues after investments from Yerkin Tatishev.
Since the establishment of Kusto Group in 2002, Founding Chairman Yerkin Tatishev has been working hard to spread the success of the private holding company to other countries.
When the firm saw the light of the day, it was headquartered in Yerkin Tatishev’s native Kazakhstan, where the founding chairman was especially focused on reinvestment, worker safety, deep community engagement, transparency and flat hierarchies.
As the company continued to grow and invest in projects abroad, Yerkin Tatishev decided in 2013 to move the headquarters of Kusto Group from Almaty, Kazakhstan to Singapore.
Over time, the company has grown to be active in multiple countries, including Canada, Ukraine, Russia, Israel, Turkey, Georgia, Italy, India, Thailand, China, Kazakhstan, Singapore and Vietnam.
Yerkin Tatishev and Kusto Group entered the Vietnamese market in 2005 and have since then invested in more than ten companies whose revenues have grown an average of 30% per year.
Concentrating on firms in construction, real estate, building materials, transportation, retail and logistics in Vietnam, Yerkin Tatishev and Kusto Group aim to support entrepreneurs who strive to transform and improve Vietnam’s business landscape.
Yerkin Tatishev: “Vietnam offers more opportunities”
Vietnam became the first Southeast Asian country that Yerkin Tatishev set his sights on, and it all started because of a trip to the country almost 20 years ago.
“After my first look around, ideas came to me about investing here – a nice country with good people and good prospects for development. I?told myself that we would return here when we were strong enough, had the money and the competence and had sufficient knowledge about the market,” Yerkin Tatishev told the Vietnam Investment Review in 2018.
He believes that Vietnam is one of the most promising countries in the region and that it has room for growth.
“That is why we have far more opportunities here than in Thailand, Laos or Cambodia. Vietnam is a good country to do business in, and it is our number one priority,” he added.
When he and Kusto Group entered the Vietnamese market about 15 years ago, it was much more difficult to run businesses there because of limitations in law and licensing, among other things.
However, today, the market is more stable and is experiencing steady growth, according to Yerkin Tatishev.
Feeling luxurious at home on Diamond Island
One of Kusto Group’s most extravagant projects in Vietnam is Diamond Island – a resort home building concept in Ho Chi Minh City, where people can live their daily lives while feeling like they are staying at a luxury resort.
Diamond Island was completed in 2018 and features a Zen Stone garden, several pools, a jacuzzi, a private marina club, playgrounds and much more.
The housing complex consists of 1,323 apartments divided into five 29-story towers named after the resort islands Bora Bora, Maldives, Canary, Hawaii and Bahamas.
All the units have extraordinary views of the rivers surrounding the island.
In 2018, Yerkin Tatishev told the Vietnam Investment Review that “perfect” is the word that Kusto Group aims to be associated with.
“We name our project as Diamond Island so even the tiniest part of the project must be perfect and polished like a diamond. This is our motto. Our products must be of the highest quality even at the worst of times. When customers choose our products, they must think about exceptional apartments, a good living environment, happy neighbors and fantastic living quality,” he stated.
Yerkin Tatishev added that while his company strives for the highest quality, it also seeks to keep prices at affordable levels to offer value for money.
When the Diamond Island apartments were put up for sale, 70% of the condos in the Hawaii building and 85% of the units in the Bora Bora tower were sold on the first day.
As of 2020, 98% of the apartments from the first two phases were sold.
Yerkin Tatishev believes that the Diamond Island apartments will double in price within the next few years, making the project an even better investment.
Yerkin Tatishev’s next projects in Vietnam
Yerkin Tatishev has revealed that the company’s next Vietnamese venture will be a high-end real estate project in the capital, Hanoi.
“In addition, we are also doing the preparation work for another 500,000 square meters of future projects. Besides Hanoi and Ho Chi Minh City, we are also considering further options in Hoi An, Danang and Nha Trang. One of these could be the next destination for hospitality and commercial development. We are also seeking partners to co-develop projects with us,” Yerkin Tatishev told the Vietnam Investment Review.
He added that Kusto Group is not only interested in Vietnamese real estate projects but also in sectors such as construction materials, industrial manufacturing, agriculture and technology.
Regarding real estate, Yerkin Tatishev is also exploring shopping centers in addition to living complexes.