A new co-working space in HCM City offers 12 affordably-priced office studios for startups and small businesses. — VNS Photo Hoang Nguyen

A new co-working space called Youth Five – Y5 Office opened on 135 Hai Ba Trung Street in HCM City’s District 1 on Tuesday.

The space is located in the Business Startup Support Centre (BSSC), which has been a destination for the startup community in the city for six years.

Covering an area of 500 sq.m, it includes 12 office studios which will be rented by startups and newly established businesses, and other common rooms and spaces for workshops and events.

Truong Ly Hoang Phi, director of BSSC, said the space not only offers studio rentals at an affordable price, but is also a place for business meet-ups and a platform for entrepreneurs and experts to exchange ideas.

At least half of the studios have been rented.

As the number of studios is limited, the management team is using certain criteria to select startups that can lease a studio.

The startups must have at least one co-founder under 35-years-old, and must address social issues or help foster a start-up ecosystem.

Due to demand for affordable studios and space for startups, Phi said she was looking for funds from the private sector to set up similar co-working spaces in the city.

The new co-working space is under the management of BSSC.

Since its establishment in 2011, the BSSC has supported 4,000 businesses, provided training to 15,000 young entrepreneurs, and funded 1,000 projects with a total investment of VND100 billion (US$4.34 million). — VNS