IPP Air Cargo, in an unanticipated move, has withdrawn its application for a cargo flight permit, citing “worsening economic conditions”, “looming global recession” and “volatile fuel prices”, all of which likely will result in numerous challenges for global freighters.
Vietnam-based IPP Air Cargo is pausing its launch in response to softening market demand and pessimism over the global economy. The company requested the government end the process of approving its licensing application, which would have led to it becoming Vietnam’s first cargo airline. The Civil Aviation Authority of Vietnam shared that IPP Air Cargo’s
After the Prime Minister agrees on the establishment of IPP Air Cargo, the Ministry of Transport (MOT) will implement procedures to grant a license to the air carrier, according to MOT Deputy Minister Le Dinh Tho.