Eligibility requirements to be satisfied by organizations and individuals providing real estate brokerage service in Vietnam as of January 1, 2025

Eligibility requirements to be satisfied by organizations and individuals providing real estate brokerage service in Vietnam as of January 1, 2025 (Internet image)

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

Eligibility requirements to be satisfied by organizations and individuals providing real estate brokerage service in Vietnam as of January 1, 2025

Article 61 of the Law on Real Estate Business 2023 stipulates the eligibility requirements to be satisfied by organizations and individuals providing real estate brokerage service in Vietnam as follows:

- Any organization or individual that wishes to provide real estate brokerage services shall be required to establish a real estate service enterprise as prescribed in clause 5 Article 9 of the Law on Real Estate Business 2023, and must meet the following requirements:

+ Regulations on provision of real estate brokerage services are available;

+ There are material and technical facilities to serve the provision of brokerage services as prescribed by the Government;

+ There is at least 01 employee possessing practicing certificate for real estate broker;

+ Before providing real estate brokerage services, the real estate brokerage enterprise shall be required to provide its profiles to the real estate authority of the province or city where it is located for publishing on the housing and real estate marketing information system as prescribed in the Law on Real Estate Business 2023.

- A real estate broker shall be required to meet the following eligibility requirements;

+ He/she must possess a practicing certificate for real estate broker; and

+ He/she must work for an enterprise providing real estate trading floor services or a real estate brokerage enterprise.

Real estate brokerage contents in Vietnam

According to Article 62 of the Law on Real Estate Business 2023, the real estate brokerage contents includes:

- Look for partners who meet conditions set out by clients for negotiation and conclusion of contracts.

- Act as an authorized representative to follow procedures for real estate sale and purchase, transfer, lease, sublease or lease purchase.

- Provide information and assist relevant parties in negotiating and concluding real estate sale and purchase, transfer, lease, sublease or lease purchase contracts.

More details can be found in the Law on Real Estate Business 2023, which comes into force from January 1, 2025.

The Law on Real Estate Business 2014 ceases to be effective from the effective date of the Law on Real Estate Business 2023, except for the cases specified in Clauses 2, 3, 5, 6, 7, 9, 12 and 13, Article 83 of the Law on Real Estate Business 2023.

To Quoc Trinh

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE