The Vietnamese Transport Ministry has authorised restructure of the air freight market by 2020. The plan is to develop the cargo transport market and increase the role of airfreight, especially in key economic zones and remote areas, local newspaper Vietnam News reported Thursday.

The project sets a goal of transporting 0.04 per cent of all goods by air by 2020 as well as 3.23 per cent of all travelers. By then, the Vietnamese airfreight market will be the fifth largest in Southeast Asia. According to the plan, Vietnam will have a fleet of 190 to 210 aircraft by 2020; Vietnam Airlines will be a 4 or 5-star carrier; and low-cost airlines will match the quality of regional budget carriers. The rate of delayed and cancelled flights will also be reduced year by year.

To implement these goals, the project has set up missions and envisioned solutions like renovating institutions and policies and speeding up administrative reform, increasing the efficiency of airfreight and international connections, developing multiform-transport and logistics, efficiently exploiting existing infrastructure, improving management efficiency and public investment, as well as encouraging and attracting private investment in airfreight.