Assessing Vietnam’s Economic Prospects After COVID-19
Up to the present time, the epidemic in Ho Chi Minh is tending to near the peak at the end of June and decrease at the beginning of July 2021. The government has also focused all its energy on closely monitoring the spread of the virus, taking samples for testing and vaccinating the entire population. The question is how will the economy of Vietnam, especially Ho Chi Minh City, recover after the epidemic?
Thanks to its performance on the public-health front, Vietnam has been given its biggest economic opportunity in decades. The country claimed one of the fastest rates of GDP growth in the world, at 2.9%, according to Vietnam’s General Statistics Office, while aiming for 6.5% in 2021. Consumer demand rose domestically and internationally. Americans and Europeans spent months of isolation on gardening, home improvement, and remote work, using products made in Vietnam. The country also gained market share from the lockdown of Asian neighbors. With their factories on pause, Vietnam picked up the slack. Vietnam’s openness to trade is playing a key part in its quick economic recovery. The minimal lockdown meant domestic companies bounced back sooner and gained an edge in the region. More foreigners have singled out of the country for investment, thanks to the recovering economy and the absence of a real coronavirus resurgence. This means the demand for office rental will increase dramatically right after Covid. Together with it will be tough competition to rent a workspace in a rental building and extremely expensive rental fees, especially with buildings in prime locations such as the central area in Ho Chi Minh city.
Workspace trends for the future office
The epidemic has caused employees to stay away from the office and work from home for a long time. This makes the company’s culture difficult to maintain. According to Savills’ forecast, by 2024, millennials (those born between 1981 and 1996) will account for 75% of the workforce, of which Gen Z workers also account for more than 35%. These are kind of people with high learning needs, respecting traditional values but willing to integrate them in a modern context of development.
The rapid change in economy and people after the post-pandemic makes the future office design have an expected transformation. The construction of an open workspace where communication between departments is inevitable. Therefore, the office market during and after the epidemic begin to notice a new member: co-working spaces.
The shared office is not only aesthetically pleasing but also financially beneficial, suitable for startups. Coworking space is a perfect choice for startups because of the flexibility of the workspace as well as the cost optimization it brings. Besides, startups can also find new partners by connecting in the co-working space.
Hello World Saigon | Catch the trend with the most modern shared office in Viet Nam
Perhaps it’s time, in the wake of the COVID-19 pandemic, to recalibrate our understanding of the workplace? A new vision of the workplace could be one in which we spend less time commuting and instead create more spaces in our offices for creative collaboration.
Located in Saigon Pearl, the prime downtown area of Saigon, Hello World Saigon meets the needs of businesses with reasonable costs but many superior utilities to help businesses maintain company culture. The HWS community is growing stronger with familiar names such as Group 360, Dable – one of Korea’s Unicorn companies, etc. HWS is ready to welcome new members – These young people are full of enthusiasm and dynamism to connect and interact in our workspace.