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Transportation

Vietnam's first cargo-only airline nears takeoff

Retail group IPPG looks to crack market dominated by foreign carriers

IPP Air Cargo plans to establish an export hub at Noi Bai International Airport in Hanoi.   © Reuters

HANOI -- Vietnam's first all-cargo airline, led by local retail conglomerate Imex Pan Pacific Group, aims for launch as early as 2022 to take advantage of soaring demand in the air freight market.

The group known as IPPG will establish IPP Air Cargo at a capitalization of 2.4 trillion dong ($104 million). IPPG will take a 30% stake while other investors hold the rest.

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