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Thai ad firm back in Indochina

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The advertising firm Prakit Holdings Plc plans to re-enter Myanmar and Laos this year to provide ad services to its clients in Indochina.
“This year is an important step for us, entering Myanmar and Laos again in preparation for the coming Asean Economic Community, as our clients want to expand their business throughout the region,” said chairman Prakit Apisarnthanarax.

The Thai ad agency set up in Myanmar a decade ago in a bid to explore new market opportunities, but unstable politics, trivial financial rules and rising inflation made it give up and pull out five years later.

“But the situation has changed. Now Myanmar is opening up to the West and moving towards democracy. It’s an emerging market for every business now that trade sanctions have been lifted,” said Mr Prakit.

He said Laos is another interesting market for many businesses, being part of Indochina.

Indochina is connected to southern China, another big potential market, and Thailand is strategically located to take full advantage.

Expansion into the two countries means Prakit Holdings can provide more services to its clients wishing also to expand into Indochina themselves such as Dutch Mill, Brand’s, Nestle{aac} and Colgate.

Mr Prakit said his company is talking with some ad agencies in Myanmar to form a joint venture, while in Laos it will organise a new team to coordinate with the Thai headquarters.

Presently, Prakit Holdings operates six companies in Thailand, Cambodia and Vietnam including Draftfcb Thailand, Draftfcb Vietnam, Draftfcb Cambodia, Marketing Drive Worldwide, Infinite Media Vietnam and Direct Response (Thailand).

The company entered Vietnam and Cambodia 10 years ago, posting losses during the first five years.

But operations in both countries have been profitable since then, and Prkait Holdings sees a particularly bright outlook in Vietnam.

“Vietnam is another emerging market, as its economy is growing rapidly and many Thai firms want to have a presence there,” said Mr Prakit.

He said giant global media firms such as WPP and Dentsu are focusing on Asean to strengthen their operations by acquiring Thai agencies, but ad agencies originating in Asean have an advantage thanks to their familiarity with local cultures and consumer behaviours.

Mr Prakit said the cost of operating abroad is not high thanks to its network of agencies, which will help it to survive in Vietnam in the long run.

Mr Prakit estimates consolidated net profit growth of 15% to 115 million baht this year due.

From: http://www.bangkokpost.com/breakingnews/349847/thai-ad-firm-back-in-indochina

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