Vinafreight wraps up its ambition in a nice package

What are Vinafreight’s future business plans?

Vinafreight is an affiliate of Vinatrans, which was equitised in 2002. Operating air cargo services is our core business.

Since operating under the new model, Vinafreight has been developing ceaselessly. In 2010 it reaped around VND55 billion ($2.65 million) in after-tax profits, almost equal to its chartered capital of VND56 billion. In the ensuing years, Vinafreight is set to further promote traditional services of air cargo and freight forwarding, warehousing and trans-border truck services. Our top focus will be on air cargo transport.

The firm seeks to triple its revenue to $100 million from current $35 million within the next three years and acts as air cargo transport agents for 40-50 international air carriers within the next two years.

In the coming period, Vinafreight intends to found a private airline specialising in cargo transport. We will send the development plan to the Civil Aviation Administration of Vietnam to seek approval. In the initial stage, Vinafreight will fly to local and regional areas within 5,000 kilometres. The firm will charter aircraft in the first year of operation then embrace aircraft purchases to fly internationally in the following years.

Does Vinafreight plan to hike its chartered capital within 2011 to get the ball rolling?

It is certain that we will hike the chartered capital within 2011.

Flying locally would need around VND200 billion ($9.66 million) in legal capital while flying internationally would require VND500 billion ($$24.1 million). Meanwhile, our current chartered capital remains modest.

Vinafreight seeks to rake in VND70 billion (($3.38 million) in profits this year.

In the forthcoming annual shareholders meeting which was slated to take place on April 23, the company will seek shareholders’ approval for our profit sharing and chartered capital raising plans. We will strive to bring increasing benefits to shareholders.

Vinafreight currently holds  a 12 per cent of the market share. What solutions will the firm embrace to maintain its leading position?

Vinafreight has built a well-established reputation in the Southeast Asian and international aviation market and a competitive customer and services base so that we are confident in doing business.

Vinafreight has a strong ambition to grow current market share by 3 per cent every year. Vietnam has a tremendous potential in aviation transport, particularly air cargo transport which grew phenomenally at 30-40 per cent, per year in recent years.

>> Freight carrier looks to reach for the sky