Forbes outlines ambitious plans for Vietnam

Forbes has been steadily expanding its reach in Asia. In March, it launched its Thai edition, which was due to release its first issue in June. It also has licensing partnerships in China, Korea, India and Indonesia, with a combined circulation of 425,000 copies.

Vietnam, like Thailand, is a lucrative market for the company. A recent PWC report predicts that the media and entertainment industry in Vietnam is estimated to grow at 10.9 per cent between 2012 and 2016, well above the global average of 5.7 per cent. 

“The country’s economic prospects are getting stronger, so we anticipate the country’s community of leading and aspirational entrepreneurs, business leaders, executives and social innovators to grow,” said Cecilia Ma Zecha, spokeswoman for Forbes in Asia. 

Globally, Forbes has a significant number of web readers. According to data from comScore, Forbes attracted 24.5 million unique users in January, an increase of 43 per cent from the previous year. Within Asia, Forbes.com, ForbesChina.com and ForbesIndia.com contribute 6.8 million monthly unique visitors. The company's business model is in transition as it expands and diversifies its ad products to target its online audience. 

However, the challenge for Forbes will be to grow its online platform in Vietnam, where internet advertising is still in its infancy and is expected to grow at about 10 per cent, putting it in the 25th percentile globally.

Forbes Vietnam, a monthly magazine in Vietnamese, is published under a licensing agreement between Forbes Media LLC and venture capital firm Interactive Media, an IDG Ventures company, and in cooperation with Bao Van Hoa. Its initial circulation is 25,000 copies per month.

Lan Anh Nguyen, a former contributing editor for the magazine, has been named as executive editor of Forbes Vietnam.  The magazine will carry Forbes stories from around the world, and will also feature local content from the Forbes Vietnam editorial team.

“The launch of Forbes Vietnam is an important milestone for Forbes’ expansion in the Asia-Pacific region," said William Adamopoulos, CEO for Forbes Media in Asia. "It is also timely given Vietnam’s rising economic prospects and its fast-growing community of CEOs, tycoons, philanthropists, investors and aspiring entrepreneurs."

Forbes was recently embroiled in controversy in India over several senior layoffs of its editorial staff. In May, four senior editors including Forbes India editor Indrajit Gupta and managing editor Charles Assisi were asked to leave for demanding their share of stock ownership. The magazine is currently being run by Mr. Jagannathan, editor-in-chief of print and web publications for the Network18 Group, which has the license for Forbes in India.