Vietnam’s co-working space operator Toong will be launching its first outlet in Ho Chi Minh City early next year, in partnership with CapitaLand in Vietnam. The company already has four operational co-working spaces in Hanoi and Danang, leveraged by the seven-digit funding in March this year.
The planned facility, which will be located inside The Oxygen Mall, developed by CapitaLand Vietnam will help secure Toong’s status as the largest co-working space chain in Vietnam.
Other co-working chains include Up and Dreamplex.
Toong at The Oxygen will cover an area of more than 1,000 square metres and will target startups, small and medium businesses, and multinational national corporations.
“Our Trang Thi location (the first one in Hanoi) is now operating at full capacity. Ever since our series A fundraising, we have been focusing on growing our network of locations to serve a much large untapped market in Vietnam,” Do Son Duong, founder and CEO of the co-working space operator, told DEALSTREETASIA.
“The expansion path has taught us to work harder. That is why on top of the investment by OpenAsia, we manage to seal collaboration with esteem partners each time we open a new place. For the launch of Toong at The Oxygen, it is CapitaLand Vietnam.”
Toong rolled out its first co-working space facility at Trang Thi, Hanoi in August 2015. The US dollar seven-figure investment came only seven months after the opening of this facility.
The copany did not revealed the name of the investor at that time, but has now disclosed it to be – Openasia, a group with more than 20 years of experience in investment and retail in Vietnam (it partnered Starbucks for Vietnam operations).
In October, Toong and the Danang Entrepreneurship Support Company Ltd launched a co-working space in Danang, central Vietnam.