Vietnam-based co-working space chain Toong has announced a partnership with real estate developer BIM to jointly develop a co-working space in Laos.
BIM group will be in charge of developing the property while Toong will be its operator, which will involve consulting, developing and managing all daily business aspects and activities of the co-working space.
The co-working space, called “Toong Royal Square”, will be housed in the Royal Square complex developed by BIM Group. This complex, which overlooks the Mekong river, covers an area of 100,000 square meters, and comprises a grade-A office block, a commercial centre, service apartments as well as a five-star hotel Crowne Plaza.
Another plus point for entrepreneurs is that this co-working space is only a 10-minute drive from the Wattay International Airport.
“More than two years ago when we opened the first outlet of Toong in Hanoi, most people said that this is an inappropriate service. Up to now, co-working space is developing strongly in Hanoi and Saigon. Laos is a new market and we see a lot of potentials for co-working space model,” said Duong Do, Founder and CEO of Toong, in an official press statement. “We develop a co-working space not only as a solution for a comfortable, economical workplace but also a living and creative working culture.”
To date, Toong has raised over 7-figures of funding from investors including Indochina Capital (ICC). Last year, Toong partnered with Singapore government agency International Enterprise (IE) Singapore to help Singapore startups enter the Vietnamese market.
Although Laos’ startup ecosystem is still nascent, Toong will not be the only co-working space operator in the country; a company called TOHLAO already has one up and running in the same city as Toong’s.
Image Credit: Toong