“False information is being spread on social media that Thai Cong is returning the leased premises in District 1. This is completely fabricated and untrue,” emphasized fashion designer Quach Thai Cong at the beginning of his livestream on September 17th on the Thai Cong TV YouTube channel.
Prior to this, on September 16th, social media was abuzz with news that several real estate brokers were seeking tenants for the premises located at 66-68 Hai Ba Trung, District 1, Ho Chi Minh City. This highly desirable location, occupying a corner lot with two frontages, is the headquarters of Thai Cong Vietnam Company Limited.
According to the information posted, the premises have a rental area of 1,517 square meters, consisting of one basement and seven floors. The lease term is for 5-10 years, with a security deposit of three months and rent payable every three months. The rent is 45,000 USD per month, equivalent to approximately 1.1 billion VND per month.
“At present, you may have come across rumors that our showroom in District 1 is looking for tenants. These are completely false and fabricated statements. Thai Cong typically does not pay attention to such baseless claims. However, on this occasion, I would like to address the defamatory statements made about our company, suggesting that we are going bankrupt and closing down. I would like to clarify that Thai Cong is currently operating very successfully,” asserted the German-Vietnamese designer.
He further added that previously, he had not disclosed the rental price for the premises at 66-68 Hai Ba Trung because the amount was substantial.
“However, they are correct about the rent. Our company pays approximately over 12 billion VND in rent for this building annually. We have a long-term lease. It is common for large companies to rent premises,”
A company like Thai Cong, willing to spend over 12 billion VND annually on rent, reflects our success and confidence to commit to such a long-term contract,” he stated.
Thai Cong stands in front of his showroom on Hai Ba Trung Street in District 1, Ho Chi Minh City. Photo: Facebook Thai Cong Quach.
During the livestream, which lasted over an hour, Thai Cong also shared that previously, the company had rented a showroom in District 2 at a much lower cost. After seven years, the company has grown, and so has the number of projects.
“Success doesn’t happen overnight. It took Thai Cong more than five years in Vietnam, in a barren landscape with very low revenue. It required courage and perseverance to get to where we are today. Only in the past few years have we had clients investing millions of dollars in their projects,” Thai Cong recounted his journey.
The designer also pointed out that he hasn’t changed premises often. When the showroom was in District 2, he invested 20-30 billion VND in renovations, making changes over a dozen times. Due to the small number of customers, there was no need to open additional stores. According to Thai Cong, his current clients in Hanoi are willing to fly to Ho Chi Minh City to meet with him.
“Thai Cong cannot disclose client information. They are individuals who do not appear on social media, in the press, or at events, but their companies are well-known. We are currently working on over a dozen projects simultaneously, but we cannot share details due to complexity and client privacy,” he explained.
Thai Cong is considered the most prominent interior designer in Vietnam today, especially after he gained popularity on TikTok, showcasing his extravagant designs and prices that make people “dizzy” due to the “countless zeros.” According to Thai Cong, he specializes in designing interiors for the upper class, serving “10% of the 1% of Vietnam’s wealthy population.”
