Hoang Linh, Co-founder & CEO, CirCO

In 2024, circCO’s business has developed strongly and achieved very positive results in business operations thanks to its focus on providing flexible workspace solutions with seven branches located in the most prime locations in the central areas of Ho Chi Minh City and Danang.

The occupancy rate of CircCO’s office spaces for rent and coworking spaces is maintained at over 85 per cent, with some locations continuously reaching 99 per cent.

Currently, customer preferences for the coworking space segment and the office rental market in general are undergoing clear and very interesting changes.

One of the important factors that customers look for is flexibility in choosing workspace, including the ability to flexibly adjust according to needs, freely choosing location in addition to competitive rental prices and flexible payment mode.

This helps businesses, especially freelancer teams, startups and small and medium-sized companies, easily optimise costs and meet the needs of flexible changes in work.

In addition, customers are also increasingly paying attention to work support amenities such as high-speed internet connection, relaxation space, reception area, and full office services. More importantly, tenants want coworking space to be not only a place to work but also a place to build relationships, expand networks, and learn from other businesses and experts. Therefore, networking events, workshops, or community activities are factors that engage potential customers.

Finally, a beautiful, comfortable and creative working environment will help improve customers’ productivity and working spirit.

In 2025, the development opportunities of the coworking space segment remains potential, especially when the flexible working trend becoming more popular and businesses are encouraging employees to work at the office. Companies, organisations and individuals are increasingly aware of the benefits that the co-working model brings, from optimising operating costs to the ability to create a creative and connected working environment.

Another trend is the increase in additional services such as creative spaces, community networking events, or training and skills development initiatives.

In addition, in 2025, factors such as advanced technologies, smart utilities and sustainability standards in space design will also be important factors contributing to market direction. The suppliers will actively develop and provide working spaces that are not only fully equipped but also environmentally friendly and equipped with modern technologies to help improve work efficiency to meet the increasing demand from customers and creating a certain competitive advantage.

Duong Do, founder and CEO, Toong

In 2024, Toong opened a new location and expanded another location also in Ho Chi Minh City to bring 13 locations nationwide and one in Vientiane. In April, we expect to open a new location at The Global City, the new hub of Ho Chi Minh City and expand to double another location in District 1. Our average occupancy rate last year was high, around 80 per cent. However, Ho Chi Minh has a much higher average occupancy rate than Hanoi.

Most companies that use our services are foreign-invested or dynamic businesses in fields with high creative content. Unlike three years ago, the rate of customers terminating contracts prematurely in our system in 2024 was much less. In previous years, due to economic downturn, businesses and projects were paused and this also affected the business situation of coworking space.

One thing I see differently to the previous time is that tenants increasingly place more emphasis on aesthetics and culture in the community than on facilities. Coworking providers that focus on investing in facilities without cultivating community culture have also been quickly purged.

The coworking space market in 2024 was not much active and there were not many new arrivals, while some coworking space chains have stopped developing and expanding. The coworking space is not an easy field to succeed in. But if coworking space is considered an essential solution, meeting the need for a work space that is both cost-effective and capable of taking care of the spiritual life of workers, then coworking space is an ideal solution, and it has much room to develop.

Toong was born out of the philosophy that a work environment should, first and foremost, nurture the transformation of every individual, which will be a tremendous momentum to their businesses. Since the establishment, Toong has exponentially expanded across Indochina, with each location uniquely crafted to melt into its landscape and take roots in local culture.

However, more than a physical space where businesses happen, Toong has evolved into a work environment that boldly changes not only the way people work but also the way people push back frontiers by interweaving architecture, culture, art, ecology, technology, and community.