Việt Nam must standardize real estate brokerage

VIETNAM, April 2 –

Việt Nam has around 300,000 people working as real estate brokers. Photo

HCM CITY – Việt Nam’s real estate market needs stricter regulations to standardize real estate brokers so that the national real estate market operates seamlessly.

Nguyễn Hương, vice president of the Việt Nam Real Estate Brokers Association, said the number of real estate brokers in Việt Nam has grown rapidly in recent years, but the quality has not improved.

The problem is the quality. Although the Ministry of Construction has regulations relating to real estate brokerage practice certificates, it has still not paid attention to them, she said.

According to Hương, unprofessional real estate brokers significantly affect investors, clients and professional real estate brokers. It is therefore necessary to have appropriate solutions and penalties to standardize real estate brokers.

Nguyễn Văn Đính, President of the Association of Real Estate Brokers of Việt Nam, pointed out that at present, land fever has hit some localities, making the real estate market unhealthy, which was partly contributed by real estate brokers non-professional real estate.

Phạm Lâm, vice president of the Việt Nam Real Estate Brokers Association, said that according to the association’s statistics, Việt Nam has around 300,000 people working as real estate brokers. Each year, more than 100,000 real estate transactions are carried out on the primary and secondary markets.

“This shows that brokers play an extremely important role in promoting transactions,” Lam said.

Therefore, the state management agency must manage this labor to control the real estate market, Lâm said. This would avoid the situation of unprofessional real estate brokers destabilizing the market.

Nguyễn Mạnh Khởi, Deputy Director of Housing and Real Estate Market Management Department, also admitted the important role of brokers in the real estate market, so to promote their role, the broker must be properly trained to have certificates real estate brokerage practice. .

Khởi also said that the national real estate market was still lacking in information, so there was a situation where real estate prices were being pushed up by brokers.

To strengthen state management in construction activities, the government issued Decree 16/2022/NĐ-CP providing penalties for administrative offenses in construction, including regulations on penalties for brokerage services immovable.

According to Khởi, Executive Order 16 provides for severe penalties for violations of brokerage activities, so brokerage agents should know these regulations clearly. Otherwise, in addition to administrative penalties, commercial contracts with customers will be canceled and the real estate trading room will be shut down.

The Ministry of Construction is studying the institutionalization of real estate trading activities so that the real estate trading law determines the role and purpose of brokerage in the market, and the regulations on the training of professional skills, responsibilities and ethics of brokers, said Khởi.

According to Nguyễn Mạnh Hà, vice president of the Việt Nam Real Estate Association, there is currently chaos in the real estate market information, such as real estate for sale in the wrong place with incorrect prices to attract customers.

Even non-eligible projects are also offered on the market. Therefore, in addition to increasing the supply of real estate products eligible for sale, it is necessary to have a coordination mechanism between ministries and sectors related to the real estate market to manage transparent real estate information. A real estate broker must have a code of practice to increase his professionalism. VNS