Retail company Imex Pan Pacific Group is looking to start a cargo airline by next year. IPP Air Cargo will have 30 percent of its VND2.4 trillion ($103.6 million) capital contributed by the company and 70 percent by other investors, according to a proposal is sent to the Vietnamese Ministry of Planning and Investment.
Starting with five aircraft in the first year, the airline will expand its fleet to seven in the second and 10 in the third. It eyes a maiden flight in the second quarter next year and breaking even in the fourth year of operation.
The chairman of IPPG, Johnathan Hanh Nguyen, will also be the airline’s chairman. He used to be a financial inspector at Boeing Subcontractors and Indochina chief representative of Philippines Airlines.
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He is currently the chairman of SASCO (Southern Airports Services Joint Stock Company), a service provider at Tan Son Nhat International Airport, and of the Cam Ranh International Terminal in the central province of Khanh Hoa.
IPPG, established 35 years ago, distributes popular international brands like Nike, Mango, and Calvin Klein in Vietnam.
