The boom of the coworking sector in Vietnam seems unstoppable and potential users are spoilt for choice. Hanoi got its first coworking provider in 2013 with Hub.IT, and Ho Chi Minh followed in 2015 with Dreamplex. In the meantime, many well-known coworking spaces entered the Vietnam market: WeWork, UP, CirCO, Regus, Compass, Kloud, Tiktak, and Toong, are all based in both cities. Toong, founded in 2015, is Vietnam´s largest coworking space operator. Their offices achieved high occupancy rates of 85-100% just six weeks after opening. For a full list of coworking spaces in Ho Chi Minh City and Hanoi please refer to the two PDFs at the bottom of this article. They not only contain links to every cowworking space but also prices for private offices, hot and dedicated desks.
From 2013 to 2018, the sector grew by 55% annually. At the end of 2018, there were 25 coworking spaces in Hanoi and 20 in Ho Chi Minh City. In 2019 Vietnam ranked among the top 50 countries worldwide for coworking growth with 47.5 days between the opening of new spaces. In the fourth quarter of 2019, Ho Chi Minh counted about 100,000 m² and Hanoi 50,000 m² of coworking and serviced office space. The first quarter of 2020 corroborates the country’s coworking boom with 49 spaces in Hanoi and 71 in Ho Chi Minh City. The number of operators increased by 360% from 23 in 2018 to 83 in 2020. One reason for the continued growth is the age of the coworking space user in Vietnam. 91% of the users are millennials under the age of 35. This proportion of millennials in Vietnam is significantly higher than the global average of 67%, and it reflects the country’s young demographics.
One can certainly look forward to the future as the coworking space sector will continue to expand, fuelled by economic growth and demographics. However, smaller operators will face increased competition from global coworking space operators and real estate firms, forcing them to innovate and niche-themselves. One operator that followed this approach is Spiced, which merged a coworking and coliving space. Combining working and living spaces might be one trend to watch out for in the future.
If you´re looking for coworking spaces in Ho Chi Minh City and Hanoi please refer to our lists from March 2020.