Code of conduct issued for real estate brokers

Office buildings and apartments in Hà Nội. The real estate market in Việt Nam is becoming increasingly competitive. — VNA/VNS Photo Tuấn Anh

HÀ NỘI - A code of ethics and professional conduct for real estate brokers in Việt Nam has been launched by the Vietnam Association of Real Estate Brokers (VARS).

The first of its kind in Việt Nam, the code consists of six chapters and 21 articles, regulating the ethical principles and standards of conduct for brokers in their relations with clients, colleagues, the market and the community.

According to VARS permanent deputy chair Nguyễn Chí Thanh, the code plays an important role in providing occupational standards for real estate brokers in Việt Nam, especially as the real estate market is developing rapidly and becoming increasingly competitive.

“The code touches on different aspects,” he said. “It provides guidance on how to interact with customers with honesty and integrity, promotes support between colleagues and healthy competition, and aims to build a transparent and fair real estate market that benefits the community.”

Dương Quốc Thủy, CEO of Dat Xanh Mien Tay Services and Investment JSC, a real estate management company, expressed his approval of the code.

Long-established real estate service providers like his company would prioritise legal compliance and building a corporate culture based on the code, he said.

“Real estate business is a conditional profession, requiring practitioners to have certification and adhere to regulations. So it is necessary to incorporate the code into formal training programmes,” he said.

According to Nguyễn Hồng Phú, deputy head of real estate market management division at the Housing and Real Estate Market Management Agency (under the Ministry of Construction), the code not only provides guidelines for brokers but also lays a solid foundation for a responsible and law-abiding brokers community.

“The Ministry of Construction commits to continuing to accompany VARS in disseminating and implementing these rules to promote a transparent, healthy real estate market,” he said.

"The code is not only an update but also a step up to meet the new standards of the real estate market," said Dr Trần Đình Thiên, former director of the Vietnam Institute of Economics.

“It affirms that real estate brokerage is an independent profession that plays an important role in the market system, especially in the current challenging context, where issues such as speculation and fraud still persist,” he said.

“VARS must take responsibility for standardising the brokers workforce through strict enforcement of the code, with clear and transparent monitoring mechanisms.”

A code of ethics and conduct for real estate exchanges has also been introduced by VARS. It consists of five chapters and 22 articles, focussing on regulations related to the exchanges’ responsibility toward customers, their internal conduct, their cooperation and responsibilities to the market and society.