Lim Ming Yan, president and group CEO of CapitaLand, and Duong Do, founder and CEO of Toong Coworking Space, have discussed the potential of the co-working space model in Viet Nam.

The discussion took place during a meeting between the two at Toong’s newest location at The Oxygen mall developed by Capitaland in HCM City’s District 2.

“Toong’s DNA is making life better via providing creative workplace solutions for businesses and individuals that are both aesthetically designed and economically sound,” Duong said.

Using design to tell a story, every Toong centre seriously emphasises celebrating the history, culture and heritage of the surrounding community.

“With respect to future development, Toong believes that its business model and creative capacity can add value and, in turn, help celebrate the heritage, culture and diversity of not just Viet Nam but also other Southeast Asian nations, whose heritages are timeless, valuable, and worthy of recognition.”

Toong is the only start-up that Lim visited during his recent strategic business trip to Viet Nam to reaffirm CapitaLand’s commitment to one of its key markets.

CapitaLand and Toong entered into a strategic partnership in December 2016, agreeing to work closely in developing and providing more modern, progressive, and conducive working environments for start-ups and small and medium-sized enterprises amid a growing trend of the sharing economy in Viet Nam.

During this trip, CapitaLand also reaffirmed its commitment to being a long-term real estate developer in Viet Nam with its plans to expand its S$2.1 billion multi-sector real estate presence in the country, including a possible Raffles City, its flagship brand of integrated developments located in city centres with excellent connectivity to key transport nodes.

Lim said Viet Nam is one of CapitaLand’s key markets in Asia, and its real estate market is supported by the country’s strong economic growth, rapid urbanisation and a young and growing population.

Transforming working environment

Toong, Viet Nam’s largest co-working space developer, has been identified by CapitaLand as a strategic partner.

CapitaLand has brought the Collective Works co-working space into its Capital Tower project.

The group is now present in seven of Viet Nam’s major cities and towns - Ha Noi, HCM City, Hai Phong, Ha Long, Da Nang, Binh Duong and Nha Trang -- in the housing and serviced residences sectors.

It has a portfolio of close to 9,100 quality homes across nine residential projects in HCM City and Ha Noi.

In the serviced residences sector, its wholly-owned serviced residence business unit, the Ascott Limited, has more than 4,600 apartment units in 22 properties in the seven major cities, making it the largest international serviced residence owner-operator in the country.

Toong is Viet Nam’s largest co-working space developer and operator. It has a total of five locations across Viet Nam in Ha Noi, Da Nang and HCM City. — VNS