The purchase makes WPP Smart Media become the second largest shareholder after the Vietnam Post and Telecommunications Group (VNPT), which holds a 25 percent stake in the company.

According to Smart Media’s general director, Nguyen Tuan Anh, the establishment of a relationship with WPP will guarantee Smart Media’s future development.

Scott Spirit, WPP’s digital strategy director for the Asia-Pacific region, said that WPP’s investment in Smart Media represented its commitment to developing Vietnam’s digital communications industry.

This cooperation will also create numerous opportunities for WPP subsidiaries operating in Vietnam, he added.

According to WPP, this year, the Vietnamese advertising market will post a growth rate of 16.6 percent and earn US$680 million in revenue.

Established in 2008, Smart Media specialises in providing a broad range of marketing, communications and multimedia services, including advertising, online marketing and mobile services, with the aim of building and expanding the national communications industry.