U.S. communication firm enters Vietnam
Richard Edelman, chairman or chief executive officer of Edelman, did not reveal the deal value but said that the firm would hold a majority stake after agreement went through regulatory approval.
The investment of Edelman is currently waiting for approval from the local authorities, and the new firm will be named AVC Edelman.
The merger with a local partner is the fastest way for Edelman to penetrate the Vietnamese market, said Edelman. Moreover, Vietnam has the highest potential of short- and medium-term growths in Southeast Asia.
The scale of Vietnam’s communication industry has increased by three times over the past five years when multinational groups and local firms tend to shift from advertising to integrated marketing which includes communication, public relations and social networks.
Bui Ngoc Anh, founder of AVC, said public relations was still a young industry in Vietnam, and the partnership with Edelman would help AVC make use of experiences, skills and the wide network of this U.S. firm
Local public relations firms have now tended to merge with foreign firms to increase the professionalism in this sector.
Edelman Co., founded in 1952, is currently having 60 offices with 4,000 employees worldwide.
In addition to helping multinational firms develop their brand names in Vietnam, Edelman will also help promote brand names of Vietnamese products in foreign markets, said Edelman.
