IPPG contributes capital to establish a new logistics company: Bellazio Logistics

The luxury retail group in Vietnam IPPG has cooperated with other companies to establish Bellazio Logistics, to support for IPP Air Cargo to enter the aviation market more conveniently.

IPP Air Cargo

IPP Air Cargo (Photo: IPPG)

Imex Pan Pacific Group (IPPG) - a luxury retail group based in Vietnam - has cooperated with other companies to establish a new logistics company to support this company to soon launch a cargo airline.

Accordingly, Bellazio Logistics Joint Stock Company was newly registered and announced its contents on April 5. Bellazio Logistics mainly operates in the field of warehousing and goods storage. Besides, the company also operates in a number of other fields such as freight transport by road, direct support service activities for air transport, cargo handling, direct support service activities for road transport,…

Bellazio Logistics Company is expected to serve as a support for IPP Air Cargo to enter the aviation market more conveniently.

According to the filing, the company's charter capital is 100 billion dong, with the capital contribution of 6 major shareholder groups. IPPG accounts for 51% of Bellazio Logistics' charter capital. Other entities including Sasco, Viettel Post, Vietnam Post, Bellazio Trading Online and IPP Air Cargo hold 10%, 10%, 10%, 10% and 9% of the charter capital of this new logistics company, respectively.

According to Mr. Johnathan Hanh Nguyen, Bellazio Logistics will be a platform to help IPP Air Cargo, a newly established airline, to enter the aviation market more conveniently. Earlier this month, the IPPG said IPP Air Cargo is getting closer to its launch date.

In each locality, Bellazio Logistics will be available to manage small warehouses connected to IPP Air Cargo. At that time, the quantity of goods at airports will no longer be controlled, will grow rapidly thanks to many flights and help domestic logistics companies develop strongly. Consumers in all provinces, cities and remote areas can quickly access goods globally.

Mr. Johnathan Hanh Nguyen previously explained that Vietnam's air cargo market is dominated by foreign airlines, with a market share of about 88%.

However, he said that according to current regulations, foreign carriers can only import goods to two airports: Tan Son Nhat International of Ho Chi Minh City and Noi Bai of Hanoi.

So IPP Air Cargo will provide international flights and domestic services to and from 16 domestic airports, services he hopes foreign airlines will also use.

Sharing his vision for the revolution for the aviation logistics branch in Vietnam, Mr. Johnathan Hanh Nguyen - IPPG chairman - said: “For the domestic market, foreign firms only have access to two airports. With a network of cargo planes covering all domestic airports, IPP Air Cargo is also negotiating with foreign airlines to continue transporting cargo to 16 airports in Vietnam.

IPP Air Cargo wants to operate 5 cargo aircraft in the first year, then gradually increase to 7 aircraft in the second year and 10 aircraft in the third year.

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