His wife - Le Hong Thuy Tien, CEO of IPP Air Cargo – sent a document to the Government Office, the Ministry of Transport and the Civil Aviation Administration of Vietnam (CAAV), requesting the suspension of licensing.

According to the statement dated January 14, 2022, the company can satisfy all the requirements set by state management agencies on air transport business and general aviation as well as other regulations.

IPP Air Cargo cited World Bank and the International Monetary Fund judgments about the conflict between Russia and Ukraine, and the risk of a global recession due to higher inflation, interest rates, heavier debt burdens and fuel price fluctuations. The institutions predict that the situation may last until the end of 2023 or 2024. 

The representative of IPP Air Cargo expressed concern about the current fluctuations and uncertainties of the global cargo market, as well as the predictions about difficulties in the cargo transport sector in the next few years.

IPP Air Cargo asked to withdraw the dossier for an air cargo transport license. When the world market shows signs of recovery and stability in the future, the firm may reconsider, and it will follow administrative procedures from the very beginning.

IPP Air Cargo received a business registration certificate from the HCMC Planning and Investment Department in March 2021. The major business field of the HCM City-based company is air cargo transport.

The documents show that Johnathan Hanh Nguyen is its chairman and his wife the CEO. The airline’s capital is VND2.4 trillion, of which 30 percent is stockholder equity, while the remaining 70 percent of capital is mobilized from different sources.

IPP Air Cargo planned to use Boeing 737, 777 and Airbus A330 to provide services. The number of airplanes would increase from five at the beginning of 2022 to 10 in the next five years.

The company completed procedures to lease four B737 800BCFs. With the order, one aircraft was ready on July 25, while the other two were scheduled to be handed over in December 2022, and the fourth in February 2023. Also, the company planned to order 10 wide-body B777 Freighters with a total value of $3.5 billion.

Tran Chung