From 2025, real estate brokerage businesses in Vietnam only need to have 1 employee possessing practicing certificate

13:08, 22/12/2023

Is it true that from 2025, real estate brokerage businesses in Vietnam only need to have one employee possessing a practicing certificate? Thao Trinh (Binh Duong)

From 2025, real estate brokerage businesses in Vietnam only need to have 1 employee possessing practicing certificate (Internet image)

Regarding this issue, LawNet would like to answer as follows:

At the 6th Session of the 15th National Assembly, the National Assembly passed the Law on Real Estate Business.

The Law on Real Estate Business 2023 takes effect on January 1, 2025 and replaces the Law on Real Estate Business 2014.

From 2025, real estate brokerage businesses in Vietnam only need to have 1 employee possessing practicing certificate

Specifically, according to Article 61 of the Law on Real Estate Business 2023, regulations on eligibility requirements to be satisfied by organizations and individuals providing real estate brokerage service are 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.

According to the Law on Real Estate Business 2014, requirements for real estate brokerage service providers are as follows:

- Any real estate brokerage service providers must set up the enterprise and there are at least 2 employees obtaining real estate broker license (hereinafter referred to as broker license), excluding cases prescribed in Clause 2 of this Article 62 of the Law on Real Estate Business 2014.

- Any individual is entitled to provide real estate brokerage services independently provided that he obtains a broker license and pay taxes as prescribed in law on taxation.

- Any real estate service provider is not entitled to be both a broker and a contracting party in a real estate transaction.

Thus, according to the new regulations, real estate brokerage businesses only need at least 01 person possessing a practicing certificate for real estate brokers, not two, as currently prescribed.

Obligations of real estate brokerage enterprises and real estate brokers in Vietnam

Article 65 of the Law on Real Estate Business 2023 stipulates the obligations of real estate brokerage enterprises and real estate brokers as follows:

- A real estate brokerage enterprise is obliged to:

+ Provide adequate and truthful documents and information on the real estate for which its brokerage service is provided, and assume responsibility for provided documents and information;

+ Organize annual training and refresher training courses to improve knowledge in real estate brokerage for its brokers;

+ Fulfill tax obligations to the State;

+ Compensate for damage caused by its negligence;

+ Submit reports as prescribed by law and bear the inspection by competent authorities;

+ Discharge other contractual obligations.

- A real estate broker is obliged to:

+ Discharge the obligations specified in Points a, c and d clause 1 of Article 65 of the Law on Real Estate Business 2023;

+ Comply with regulations on operation of the real estate trading floor or the real estate service enterprise for which he/she is working;

+ Attend annual training and refresher training courses in real estate brokerage.

Nguyen Ngoc Que Anh

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- The legal regulations in this article are according to Vietnamese Law;
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