Omnicom Media Viet Nam Joint Stock Company (Vietnam)

The company is founded in early 2017 and acquired by “Omnicom Media Group Asia Pacific Pte Limited” - a Singapore-based company in 2019. According to the subject's accounting department, the subject is engaged in providing digital marketing services. Omnicom Media Group is the media services division of “Omnicom Group Inc.”, the top 4 leading global advertising, marketing and corporate communications company.We visited the subject's head office and had a short conversation with its accounting department. There is no company signboard outside the door. It staff is strict in providing information about the subject. Further information on mass media about the subject is limited. In July 2022, the company gave a public announcement that its company name, logo, and even business certificate have recently been illegally used by scams of recruitment information through online applications such as Zalo and Facebook.  As of September 28, 2022, the company has outstanding loan of VND 18.4 billion at Citibank. Credit history of the past five years shows that the business has no record of bad debt at financial institutions. The subject generated annual big net revenue during the period of 2019-2021, just being slightly lower than top 10 companies in the local industry. However, despite having high total assets turnover ratios, the subject just reported small net income in 2019 and reported losses in the last two years due to the thin gross profit margin and recording higher sales and G&A expenses. As result, the accumulated losses exceeded its humble owner's investment capital as of 31 Dec 2021. Hence, all of its business operations were based on financial obligations last year. Anyway, Payable to suppliers was the biggest external funding resource and there were small interest expenses incurred in recent years. Meanwhile, around 93% of the total assets focused on the Receivable from customers item in the last three years.