Total advertising revenues in Vietnam are expected to top US$3 billion in 2020, triple the amount of last year, as the industry continues to post impressive growth, an industry official said.
Ad revenues have expanded by 30-35 percent annually on average in recent years, said Do Kim Dung, vice chairman of the Vietnam Advertising Association.
Despite the economic downturn last year, the industry still recorded a growth rate of more than 15 percent.
Dung said local companies will continuously increase their advertising budgets as tougher competition requires them to promote their products and services more.
Spending on outdoor and point of sale advertising is also growing because large companies now want to have a direct impact upon potential customers, he said.
With positive market prospects, the industry is likely to achieve the $3 billion revenue target, Dung said, noting that last year's figure of $1 billion was low considering a local market made up of 86 million people.
Ad revenues in Thailand, Singapore and Indonesia are two or three times higher than Vietnam's, he added.