WPP gets Smart in Vietnam

Vietnam - WPP has purchased a 20% stake in Smart Media Joint (SMJ), a marketing services agency specialising in advertising, TV production, internet and mobile services.

SMJ has operations in Hanoi and Ho Chi Minh City and employs 30 people. SMJ's key clients include Mobifone, Vietnam Mobile, Vinaphone, VNPost and VNPT.

The agency was founded in February 2008 and is backed by Vietnam Post, Vietnam Mobile Telecom Services and Vietnam Television Station.

WPP's 20% stake is subject to regulatory approvals and an acquisition price was not made public. WPP said the investment is part of early investmentes into the fast growing markets of Vietnam.

Goldman Sachs argues Vietnam is one of the next 11 world economies to watch, with a population of 86 million and GDP growth rate of 6.2%.

In 2008, WPP's media division GroupM took stakes in three subsidiaries of the DacvietVAC Group Holdings in Vietnam. Other WPP companies operating in Vietnam include Bates 141 and Ogilvy.