- Co-working spaces in Vietnam
“Co-working space” market in Vietnam is considerably new compared to other countries in Asia.
Currently, the demand for coworking spaces in Vietnam is mainly driven by startups, freelancers, and small corporations. There are 19 co-working spaces in Hanoi and 15 in Ho Chi Minh City, with more than 23 operators, including two overseas. The number grew by 62 percent in 2017 compared to 2016 and has grown 55 percent annually in the last five years. By the end of 2018, the number of spaces will increase to 45, with Hanoi and Ho Chi Minh City accounting for 56 percent and 44 percent respectively. Toong is Vietnam’s largest co-working space operator. Other operators include UP, Circo, and Dreamplex.
Around 55 percent of the tenants are in the IT industry, while tourism, F&B, education, marketing, and real estate account for the remaining share. About 91 percent of the users of coworking spaces are below the age of 35, much higher than the global average of 67 percent. Startup founders account for 54 percent of the users, while freelancers and self-employed only account for 14 percent.
Coworking space rents do not depend on the area of the office but on the requirement of the tenant. Spaces in Vietnam are priced much lower than other cities in Asia-Pacific and are charged based on the requirements and the number of seats or desks, rather than the office area. Rent is charged on a daily or monthly basis for flexible desks, and monthly for fixed desks and private offices.
The major source of revenue for coworking space operators is rent. Additional sources of revenue include food and beverages, internet connection, and consulting services which are provided to the tenants.
To keep prices low, coworking spaces are usually not located in prime locations but are found mostly in underutilized buildings in decentralized areas, around central business districts.
published in Mar,2019)
Top co-working spaces in Hanoi, Danang and Hochiminh city
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