Index Creative Village in VN venture
Index Creative Village, the country's leading event organising agency, will form a joint venture with a Ho Chi Minh City firm next month to create event organising agencies in Vietnam.
Co-CEO Kreingkarn Kanjanapokin said last week that under Vietnamese commercial regulations, the registered capital of the JV must be split evenly between Index Creative Village and its local partner. The JV will focus on staging private events in Vietnam.
The country, with over 70 million people, offers lots of opportunity with rising purchasing power among consumers and manufacturers.
This step is part of the agency’s aggressive expansion to cash in on the Asean Economic Community, which will be fully effective in 2015.
Early this year, the agency partnered with Myanmar’s leading media and entertainment company, Forever Group, to plan events for local businesses and the government, as well as to support Thai companies venturing into the neighbouring country.
Next, the agency will move into Malaysia, followed by Indonesia. In three years, the overseas business should contribute 20-25 per cent of its revenue.
Besides the international business, the agency will also seek new sources of revenue such as stage shows and ad hoc activities from government agencies.
Last year the company started with “Rak Ter Samer The Musical”, which generated Bt35 million in sales. This year, the company plans two performances – “Mae Bia The Musical” in September and “Concert by Be Peerapat” in the last quarter as well as mobile exhibition shows in August. With those events, the agency targets Bt50 million in revenue this year.
The firm will focus on organising government events like roadshows for the Board of Investment (BoI) and the prime minister’s state visits abroad.
“We have done the BoI’s roadshows to boost foreign investors in Japan, South Korea and China. The next destination is Qatar,” he said.
It has secured some projects from the Energy Ministry and will continue to help the Thailand Convention and Exhibition Bureau promote the country’s bid to host the World Exposition in 2020.
This year, the firm projects a 15-per-cent rise in revenue from Bt1.78 billion last year, while industry growth should come in at about 20 per cent, he added.
