Although it has only two locations in Vietnam, WeWork, the American company that provides flexible workspace, says that Vietnam is among the top countries in Southeast Asia for coworking space and the market is growing at 8% per year.
Elizabeth Laws Fuller, WeWork's head of growth in Southeast Asia, held an interview with local media VnExpress, and said that most of its customers in Vietnam are in the financial, manufacturing, pharmaceuticals and technology sectors.
WeWork entered Vietnam in 2018 and has two locations in Ho Chi Minh City out of its 30 locations across Southeast Asia.
WeWork says that a recent survey conducted by market research firm International Data Corporation (IDC) found that 80% of companies plan to use coworking space in the next three years as companies provide greater flexibility in employee work from anywhere schemes and as company’s downsize their central offices.
Fuller says that one of the reasons for the growth of co-working spaces in Vietnam is because the country has been successful in containing the Covid-19 pandemic, while sustaining economic growth.
Many global corporations have been investing or expanding in Vietnam in recent years, and as they continue to expand their operations, many of these companies will have demand for flexible workspaces.
However, Vietnam already has an estimated 100+ co-work spaces across the country, with more than 50 in Ho Chi Minh City and 30 in Hanoi, so Vietnam will be a competitive market with companies like WeWork having to provide benefits to customers that go beyond their real estate needs.