Indochina Capital partners up with Vietnam’s first co-working space provider

The funding from ICC will allow Toong to provide more modern, progressive (modern and progressive are pretty much the same), and conducive working environments for companies and individuals in Vietnam.

In addition to a capital injection, Peter Ryder—founder and CEO of Indochina Capital and Doan Viet Dai Tu, co-founder and chairman of Openasia Group—will join forces with Duong Do, founder and CEO of Toong, in the company’s board of directors.

Talking about this special cooperation, Peter Ryder shared that the company has always been looking for excellent Vietnam-focused investment opportunities.

“When Toong came to our attention, we were immediately interested because the company has the largest and widest footprint of any co-working space provider in Vietnam,” Ryder said.

He added that ICC was also impressed with the Toong brand. “In just twenty two months, Toong, led by its brilliant founder and CEO, Duong Do, and his extraordinary team, has established itself as a leading player in Vietnam’s high octane co-working service and space market and formed relationships with Openasia, one of Vietnam’s leading investment firms, as well as CapitaLand, one of Asia’s largest real estate developers,” he added.

The union of ICC and Toong furthers Toong’s expansion and dominant market position, while complementing ICC’s lifestyle brand. 

Toong will take full advantage of Indochina Capital’s real estate experience in design, project management, development execution, and market knowledge, while ICC will add another “arrow” to its development “quiver” with Toong as a partner and preferred tenant.

Specifically, ICC’s upcoming series of lifestyle properties via the ICC-Kajima development platform will be enhanced by a Toong co-working facility.

Toong’s founder and CEO Duong Do said that the founders of Openasia Group and Peter Ryder are among the few rare entrepreneurs in Vietnam whose vision and meticulous attention to detail he deeply admires.

“Every product they create brings not only new value to customers, but also positive change to society, while redefining how people live and work,” Do said.

ICC investment will enable Toong to strongly expand its network of high-quality creative working environments in Vietnam.

More importantly, having both Peter and Dai Tu join Toong board of directors will be of invaluable help to further refine product offerings and realise the company’s mission of changing the way people work in Vietnam.

Ryder added that innovative change dominates the global real estate industry, not only Vietnam.

“This is evidenced by a growing number of companies that utilise co-working models to encourage disruptive ideas and cutting-edge technology in collaboration with other firms,” he said.

“ICC enters our partnership with Toong expecting that via the interaction and intersection of design with technology and education with location, ICC and Toong will produce a portfolio of unique iconic spaces to nurture Vietnam’s entrepreneurial intelligence and culture,” Peter further added.