Sanjay Bhasin, CEO of Y&R Southeast Asia, today announced the launch of Y&R Indochina as part of the network’s continued efforts to build the sub-region’s advertising industry.
Having been the first international network to launch a majority-owned agency in Myanmar, Y&R is now launching a dedicated Indochina operation overseeing Vietnam, Myanmar, Cambodia and Laos.
“Indochina is home to some 170 million people with a combined GDP of almost US$500 million. This presents not only an opportunity for brands, but also a responsibility incumbent upon us as an industry to invest in the sub-region’s long term potential. Being the first international network to open a majority-owned agency in Myanmar affirmed our long-term commitment to that market, and now Y&R Indochina further reinforces how importantly we value the sub-region,” explained Sanjay Bhasin, CEO Y&R Group Thailand and Southeast Asia.
“We are also seeing phenomenal client interest in Indochina sparked by the AEC (ASEAN Economic Community), with Thai clients like Shera, Krungsri Auto and Kubota looking at multiple markets in Indochina,” continued Bhasin.
Assuming the newly-created role of CEO Y&R Indochina is Matthew Collier, who adds the sub-region to his existing role as CEO Y&R Vietnam.
Collier’s 22 years in advertising, the last six with Y&R, primarily span Australia, Cambodia, UAE and Vietnam. Former and current clients include Discovery Channel, KFC, Ford, Emirates Airlines, Chevron and Colgate-Palmolive.
“Y&R is already serving multinational clients in Indochina and seeing increased cross-border interest. As we continue to grow our offerings within these markets we see the importance of leveraging our capabilities and other synergies within the sub-region,” added Collier.
Upon opening, Y&R Yangon was the first majority-owned international advertising agency in Myanmar, Asia’s newest emerging market. Recent news reports based on findings from a local research firm say that advertising expenditure in Myanmar increased five-fold last year, and is expected to hit US$180 million in 2014.