WeWork to add two new locations in Vietnam this year

Photo by Charles Koh on Unsplash

After announcing plans to expand its presence in Singapore, co-working space provider WeWork is now set to open two new locations in Vietnam before the end of the year.

The two new WeWork locations will be in Ho Chi Minh City, a company spokesperson said. The company launched its first location in Vietnam in March this year at E. Town Central in Ho Chi Minh City’s District 4.

The company’s proposed Southeast Asia expansion comes against the backdrop of an abandoned initial public offering (IPO) due to investor concerns over its lofty valuation and a $9.5-billion bailout by investor SoftBank Group Corp.

The rescue package from SoftBank, which includes $5 billion in new financing, offered a lifeline to WeWork parent We Co., which was on track to run out of money this month. The company has been on a cost-cutting spree after it pulled its IPO paperwork in September and was said to be considering curbing its expansion in China.

Vietnam witnesses surge in shared workspaces

Shared workplaces in Vietnam have grown on the back of a boom in the local startup ecosystem. The market is witnessing the rise of local brands such as Dreamplex, Toong (backed by Indochina Capital), CirCo (backed by East Ventures), COGO and others.

Northstar managing director Bert Kwan recently confirmed the PE firm’s investment in co-working space provider UPGen, which we understand was in the region of $15 million.

UPGen, formerly known as Up, currently operates 13 workplaces in Hanoi and Ho Chi Minh City in Vietnam and plans to expand to Bangkok and Kuala Lumpur this year.

Meanwhile, Toong has 14 locations, including two in Laos and Cambodia with a total area of over 20,000 square meters.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.