Deputy Transport Minister Le Anh Tuan said that the Civil Aviation Authority of Vietnam (CAAV) had reported to the Transport Ministry the request of IPP Air Cargo on November 15 for a stoppage of the licensing process.

According to the CAAV, this is a request from the carrier’s owner to suspend the licensing paperwork. The application processing fee will not be refunded, so it will go to the State budget.

The carrier’s charter capital of VND300 billion, which is being kept in an escrow bank account, will be returned to the investor.

The carrier attributed its decision to global economic uncertainties, volatile fuel prices, and unpredictable air cargo transportation market conditions.

When the global market recovers, the carrier would consider re-applying for an air cargo transport license.

Source: Saigon Times