Conditions for operating real estate trading floor in Vietnam from January 1, 2025

Conditions for operating real estate trading floor in Vietnam from January 1, 2025 (Internet image)

On November 28, 2023, Hanoi passed the Law on Real Estate Business 2023.

Rules for organization and operation of real estate trading floor in Vietnam from January 1, 2025

Article 53 of the Law on Real Estate Business 2023 stipulates the rules for organization and operation of real estate trading floor in Vietnam as follows:

• The real estate trading floor must comply with the principles specified in Article 4 of the Law on Real Estate Business 2023.

• The operation of the real estate trading floor must be public, transparent, follow the activity regulation, and transaction process issued; provide real estate transaction services through the exchange, and earn remuneration as per rules and contracts signed with the service requester.

• Information about the real estate trading floor must be posted on the housing and real estate market information system.

• When contracting with individual real estate brokers, the individual brokers must meet the operational requirements as per the Law on Real Estate Business 2023.

• The real estate trading floor carries out direct and electronic transactions (if any); in the case of electronic transactions, it must comply with the provisions of the Law on Real Estate Business 2023, the Law on Electronic Transactions 2023, and related legal regulations.

Conditions for operating real estate trading floor in Vietnam from January 1, 2025

According to Article 55 of the Law on Real Estate Business 2023, the conditions for operating real estate trading floor in Vietnam are as follows:

• The managers and operators of the real estate trading floor must meet the following conditions:

  • Have the right to manage enterprises in Vietnam according to the 2020 Enterprise Law;

  • Complete a training course on managing, operating a real estate trading floor, and be awarded a certificate of course completion by the training institution.

• The real estate trading floor must be established and registered according to the provisions of Article 54 of the Law on Real Estate Business 2023.

• The real estate trading floor must issue and publicize the transaction process through the exchange.

• The real estate trading floor must register a fixed operating location and have sufficient facilities and technical means to carry out the activities of the real estate trading floor.

Operations of real estate trading floor in Vietnam from January 1, 2025

Article 56 of the Law on Real Estate Business 2023 stipulates the operations of real estate trading floor as follows:

• Inspecting the legality and business eligibility of real estate listed for transactions through the exchange; listing and providing information on real estate that meets the business eligibility criteria according to the Law on Real Estate Business 2023.

• Providing services, support, and information to help customers search and select real estate.

• Performing real estate brokerage services, assisting parties in negotiating and executing real estate transactions. Real estate brokerage activities within the exchange must meet conditions and follow regulations in Section 2, Chapter VII of the Law on Real Estate Business 2023.

• Providing services, support, and contract drafting and signing assistance for real estate transactions.

• Facilitating services, support for payment, document transfer, and real estate handover (if any) for transactions through the exchange.

• Storing information, documents, and records about the real estate and transactions conducted through the exchange.

• Providing services, support, and other related contents concerning transactions through the exchange.

• Confirming transactions through the real estate trading floor and providing transaction information to provincial real estate business management agencies.

More details can be found in the Law on Real Estate Business 2023 effective in Vietnam from January 1, 2024.

The 2014 Real Estate Business Law is annulled from the date the Law on Real Estate Business 2023 comes into effect, except as stipulated in clauses 2, 3, 5, 6, 7, 9, 12, and 13 of Article 83 in the Law on Real Estate Business 2023.

To Quoc Trinh

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE