MediaCorp does Vietnam investment

Singapore - MediaCorp has taken a 20% stake in newly formed Vietnamese media company, International Media Corporation (IMC), marking its first strategic investment in Vietnam.

IMC was set up to develop and produce entertainment and economic news content as well as to provide channel management services. The company will also assist one of the major Vietnamese nationwide television broadcasters, Vietnam Multimedia Corporation, to launch a new television channel in the second half of 2008.

"Vietnam is not a new market to MediaCorp as our dramas, formats, artistes and Channel NewsAsia are seen by Vietnamese households. We look forward to lending our expertise in the areas of programming, branding, promotion, management and airtime sales. We are excited by its prospects and potential as Vietnam's advertising market has been growing at 20-30% annually. We also see this as the beachhead for more opportunities as we begin to participate actively in this market," Lucas Chow, CEO for MediaCorp, said.

Other partners in IMC include a Vietnamese media advertising firm, FS Communications, and listed confectionery company, Kinh Do Corporation, as well as a group of prominent Vietnamese media businessmen.