First cargo airline gets aviation authority green light

It said the airline meets all requirements, including 100 percent funded ownership by Vietnamese entities.

IPP Air Cargo has a charter capital of VND300 billion ($13.13 million), with Imex Pan Pacific Group holding a 70-percent stake and the family of Johnathan Hanh Nguyen, the company chairman, the rest.

Nguyen had mooted the establishment of the airline last year, but the CAAV said it was not considering applications amid the Covid-19 outbreak.

With Vietnam now resuming international flights, IPP Air Cargo is set to become its first full-fledged cargo airline.

After the air transport license, the company has to get other permits to fly, including the aircraft operator certificate.

IPP Air Cargo plans to start with five freighters (Boeing 737 or 777 or equivalent) and double the number in the fifth year.

It targets revenues of $71 million in the first year of operation.