HCM CITY — US-based public relations firm Edelman announced on Monday that it was entering the Vietnamese market by buying a stake of local partner AVC Communications after 18 months of negotiation.
Richard Edelman, president and CEO of Edelman, did not reveal the deal value but said that the firm would hold a majority stake after the agreement receives regulatory approval, which is awaited.
The new firm will be named AVC Edelman. The merger with a local partner is the fastest way for the company to penetrate the Vietnamese market, Edelman said.
"Viet Nam has the highest potential of short and medium-term growth in Southeast Asia, our clients are pounding at our door for communications help to navigate the Vietnamese market," he said.
"Our customers want to be in Viet Nam because it is an emerging country with 90 million people and has a high growth rate. They think it's urgent for them to be in the market because they would open more factories and facilities to expand investment."
That requires more communications, public relations and marketing activities. — VNS