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Coworking Space Study Coworking & Flexible Workspace in Vietnam 2020-2021 A Market Insight Report by Acclime Vietnam, supported by Cushman & Wakefield CONTENTS. Flexible workspace in Vietnam. Where opportunity meets growth. pg. 3 1 The outlook. pg. 9 2 Marketplace analysis and the underpinning for the future of work. 3 pg. 14 Insights into operators and market entry ramifications. 4 pg. 19 The power of users. Value and perception of occupiers. 5 pg. 31 Future of work and the key role of 6 flexible workspace. pg. 34 References & Engagement team. pg. 36 2 1 Flexible workspace in Vietnam. Where opportunity meets growth. 3 a world where human productivity In Vietnam, due to continued economic has a significant correlation with the expansion, the increase in startups IN workspace environment and culture, and SMEs, and changes to traditional and where the office location becomes more and office models, it has become more more important in regards to business operations difficult for businesses to find and efficiency models, it is critical for international appropriate office space in central investors and businesses to have a clear understanding of the flexible office and coworking areas such as Hanoi, Danang, and Ho space market in the region they operate in. Chi Minh City. The rise of the coworking space culture has its roots in the aftermath of previous recessions, which led to an increase in the number of small and medium enterprises and start-ups alike. This represents one of the key premises for the fast development of the coworking space model globally, which now Hanoi has become a mainstream organizational tool used to increase productivity and efficiency, generating fundamental changes in organizations’ structure. The country’s focus to attract international Hue investors and open its doors to foreign trade has generated a demand for office space in a relatively Danang short amount of time, thus also creating the Hoi An opportunity for the rise of the flexible workspace, as a perfect alternative for businesses to enter the market and have access to areas and locations otherwise untouchable from a traditional workspace perspective. Nha Trang Dalat Ho Chi Minh City Vung Tau NUMBER OF COMMERCIAL WORKING SPACES IN VIETNAM, 2020 4 A trend becoming mainstream? The Vietnamese coworking market is growing Whilst initially it was a business culture exponentially as more and more people become differentiation trend in Vietnam, flexible workspace aware of the benefits this niche brings from a is now a valuable opportunity for developers and business and productivity point of view. operators who are seeking to enter the sector, as it opens up their reach not just to startups and SMEs occupiers, but also to multinational companies In a study by Cushman & Wakefield, which now are choosing coworking spaces over the cumulative supply of coworking more traditional locations. space was more than 4 times higher in 2018 compared with 2017, and the Most coworking spaces and serviced offices in new supply was more than double in Vietnam are located in central areas such as the same period. 2021 is expected to Hanoi with ca. 60 locations, Danang with over 20 bring a significant growth compared locations and Ho Chi Minh city with close to 100 with 2020, with the cumulative locations. supply being at least double year on year. Apart from the large, global players such as Regus who has operated in this sector in Vietnam for over 15 years, Wework and The Executive Center COWORKINGCoworking SPACE space IN VIETNAM in Vietnam BY YEAR by (m 2) year who have entered the Vietnamese market in the 180,000 last 3 years, smaller but popular and reliable local 160,000 coworking brands are becoming a strong force in 140,000 the sector, competing with well-established brands 120,000 100,000 by taking advantage of a better understanding 80,000 of the local market needs, community building 60,000 40,000 opportunities, lower prices and convenient locations. 20,000 - 2013 2014 2015 2016 2017 2018 2019 2020 This presents a significant opportunity for investors to enter the market in Vietnam by taking advantage Cumulative Supply New Supply of the chance to consolidate and strengthen local brands in order to better compete with the well- established providers. (Source: Cushman & Wakefield - Research) 5 Vietnam Overview. Continent: Asia Area: 331,200km2 Region: Southeast Asia Coastline: 3,260km Capital: Hanoi Population: 97,757,118 (31 December 2020) The biggest city: Ho Chi Minh City Currency: Dong (VND) GPIGDP Growth GROWTH rate RATE & CPI, & CPI 2016 2016-2020-2020 In the context of the COVID-19 pandemic in 2020, Vietnam’s GDP CPI economy still achieved a growth 8% rate of 2.91%, which was a 6% remarkable achievement. 4% VIETNAM, 35 YEARS OF REFORM 2% 0% 2016 2017 2018 2019 2020 NUMBER OF NEWLY ESTABLISHED ENTERPRISES, 2020 Number of new established enterprises 1986 2000 Number of enterprises Released Doi Moi Launched stock market, & Signed US- Total investment (Billion USD) (Reforms) Policy Vietnam Bilateral Trade 150,000 120 Agreement 100 100,000 80 60 50,000 40 20 - - 2009 2007 Enterprises 2016 2017 2018 2019 2020 Investment Overcame 2008 Issued the first Vietnam export and import 2016- global economic resolution on private VIETNAM IMPORT & EXPORT 2016-2020 (BILLION USD) 2020 crisis economy Import Export 400 300 200 100 2011 2016 0 Reviewed, Launched “start-up 0 20161 20172 20183 20194 20205 6 restructured the country” initiative economy TOP EXPORT SECTORS, 2020 Others Types of phones 27.6% and accessories 18.1% 2018-20 2017 Computer, Signed free trade Issued the first electronic products Iron & steel 1.9 % agreements: CPTPP, resolution on private & accessories EVFTA, RCEF economy Sea food 3.0% 15.8% Means of transport and spare parts 3.2% Wood & wooden Textile and products 4.4% sewing Footware Other products Telephones and accessories 5.9% machinery,Computer 10.5% electronic products & components equipment, and spare 2020 Textiles partsMachinery, equipment, tools and spare parts Succeeded in containing 9.6% Footware Wood & wooden products Covid-19, maintaining growth Means of transport and equipment Sea food 6 Iron & steel Others In 2019, Vietnam’s GDP grew by 7.02%. At the same time, imports and exports of goods and services increased with 13% and 14.3% compared with previous year. The top export destinations in 2019 were South Korea, Japan, ASEAN, China, EU and United States. The US was the biggest export destination with circa 58 billion USD, and in 2020 the export destinations maintained their positioning. Vietnam’s Resilient Strategy - According to World Bank analysts, Vietnam’s Prospects and Reform growth is explained by three main factors: Trade Liberalisation, Domestic Reforms combined with lowering the cost of doing business, and Under Covid-19, Vietnam earned a valuable market Investments in Education and Human Capital position in 2020 by being among one of the few development. economies across the globe that managed to maintain a positive economic growth, cumulated Vietnam has continued its commitment to with attracting foreign investments and keeping the internationalise its economy by being a part of number of virus infections to a minimum. multiple Trade Agreements which offer investors commercial incentives and tariff reductions. Over the last decade, Vietnam has experienced Vietnam joined the ASEAN free trade area in 1995 significant development, due to economic and and signed a free trade agreement with the US in political reforms that drove the country’s growth to 2000. new heights, transforming it into a medium-income country with exceptional prospects. In January 2007, it participated in the World Trade Organisation (WTO) and is concluding several Recent changes and economic reforms, combined free trade agreements in 2015-2019 such as EU with political stability and the government’s drive to – Vietnam Free Trade Agreement (EVFTA) and engage Vietnam in multiple favourable agreements the Comprehensive and Progressive Agreement and treaties, have created an extraordinary for Trans-Pacific Partnership (CPTPP), and more opportunity for international investors to take recently the Vietnam-UK Free Trade Agreement. advantage of the regional growth prospective and focus their attention on Vietnam. In 2020, due to the Covid-19 pandemic, the country’s economy expanded only 2.91%, and from October to December 2020 the economy grew with 4.48%, signaling a strong recovery supported by continuous investments in the private sector, in conjunction with the successful actions of the local authorities to mitigate and contain the health crises. 7 Internationalisation and Trade Openness is Key. The country has signed a historical treaty with Within this complex, country-wide development European Union on the 30th of June 2019, boosting mechanism, enabled by sustained foreign direct trade and investment on both sides, and helping investment in most of the major business sectors Vietnam to further integrate into the global in Vietnam, flexible office spaces present an economy and the international community. attractive segment, not just from the operators’ vantage point, but also considering the standpoint of In the EVFTA, Vietnam has increased its offered developers entering the sector and creating a healthy benefits compared with the WTO in terms of competition with the traditional office models. market access granted to EU service providers, Top 10 Foreign Investors by Country, Lifetime, 2020 where additional sectors will be opened up for TOP 10 FOREIGN INVESTORS BY COUNTRY, LIFETIME, 2020 EU investors. The EU has described the free trade TotalTotal registered registered capital capital (USD (billion billion) USD) deal as “the most ambitious free trade deal ever 70.6 concluded with a developing country.” 60.3 56.6 33.7 25.7 Foreign direct investment into Vietnam rose 6.7% 22.3 18.5 percent in 2019 from USD 19.1 billion in 2018. 12.9 12.9 10.4 Korea Japan Singapore Taiwan Hong British China.
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