The World: Ho Chi Minh - City Agency holds talks with WPP and Omnicom

Vietnam Advertising Company, the country's largest independent media agency, is in talks with Omnicom and WPP about a possible alliance.

The agency's directors are said to be examining their options, but are believed to want to retain the agency's name if an agreement is reached with either holding company.

Talks with WPP are believed to have taken place during a recent visit to the region by WPP's chief executive, Sir Martin Sorrell.

A deal reached with Omnicom would allow OMD to establish a foothold in Vietnam, one of South-East Asia's fastest-growing markets.