The board of directors at VAC are evaluating their options, said a source at the company, but are believed to want to retain the agency name if an agreement is reached with either holding company.
Talks with WPP are believed to have taken place during chief executive Sir Martin Sorrell's recent visit to the region, although a senior GroupM source said the news was untrue. Omnicom was unavailable for comment as Media went to press.
A deal with Omnicom would allow OMD to establish a foothold in Vietnam, one of Southeast Asia's fastest growing markets.
An alliance with WPP, which already has a large presence in Vietnam through MindShare, would strengthen the company's market lead.
