Freight carrier looks to reach for the sky

Vietnam might have the country’s second specialised air cargo carrier this year after Vinafreight submitted its proposal to the Civil Aviation Administration.

Do Xuan Quang, chairman of VinaFreight, said the company had completed a feasibility study and would ask for approval at the company’s annual general shareholder meeting on April 23 to operate.

“We will hire aircraft for delivering services in the first year of operation to domestic and regional destinations up to 5,000 kilometres away. We will buy our own aircrafts in the following years,” said Quang.

VinaFreight plans to increase its chartered capital to meet requirements for international air cargo carriers with chartered capital of VND500 billion ($24.1 million). The company currently has chartered capital of VND56 billion ($2.7 million), but made a profit of VND55 billion ($2.6 million) last year. The company targets to nearly triple its revenue to $100 million in the next three years.

VinaFreight has business relationship with 24 air carriers in the world and plans to double its partner number in the next two years.

Vietnam’s first specialised air cargo carrier Trai Thien Air Cargo was licenced in October 2009 and is facing the threat of having its licence withdrawn due to financial distress. It has not yet to be operational.

Trai Thien Air Cargo carrier initially focused on cargo delivery in domestic and regional markets including the ASEAN and Northeastern Asia with Boeing 737-300 Freighter. – VIR

Tags: Vietnam aviation, Vietnam aviation industry, Vietnam aviation market

Posted by VBN on Mar 30 2011. Filed under Aviation. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry