First cargo airline gets green light from aviation authority
Johnathan Hanh Nguyen, Chairman of IPPG and IPP Air Cargo. Photo by VnExpress/Xuan Ngoc
The Civil Aviation Authority of Vietnam has recommended that the Ministry of Transport issue an air transport license to Vietnam’s first proposed cargo carrier, IPP Air Cargo.
He said the airline meets all requirements, including 100% financed ownership by Vietnamese entities.
IPP Air Cargo has a registered capital of VND300 billion ($13.13 million), with Imex Pan Pacific Group holding a 70% stake and the family of Johnathan Hanh Nguyen, the company’s chairman, the rest. .
Nguyen had hinted at the airline’s founding last year, but CAAV said it was not considering applications amid the Covid-19 outbreak.
As Vietnam now resumes international flights, IPP Air Cargo is poised to become its first full-fledged cargo airline.
After the air transport license, the company must obtain other flight permits, including the aircraft operator certificate.
IPP Air Cargo plans to start with five freighters (Boeing 737 or 777 or equivalent) and to double the number in the fifth year.
It is targeting revenues of $71 million in the first year of operation.