HM&P lawyer discusses new real estate brokerage regulations on VOH

On October 2, 2024, in an interview with the Voice of Ho Chi Minh City People (VOH), The Managing Partner Nguyen Van Phuc, representing HM&P Law Firm, provided an in-depth analysis of the Real Estate Business Law 2023. The discussion highlighted key changes in the conditions for real estate brokerage practices, emphasizing the law's role in fostering transparency and sustainable growth in the real estate market.

Notable updates on brokerage practice conditions

Lawyer Nguyen Van Phuc pointed out that the Real Estate Business Law 2023 introduces significant changes. Notably, as of August 1, 2024, individuals engaged in real estate brokerage must operate within professional organizations instead of independently, as allowed under the 2013 law.

He explained that this change not only enhances professional standards but also mitigates fraud risks, ensuring better customer protection. “Working within an organization equips brokers with greater legal knowledge and a stronger sense of responsibility, ultimately building a positive image for the real estate brokerage profession,” said Lawyer Phuc.

Strict requirements for practice certification

Another prominent aspect of the new law is the requirement for brokers to obtain a practice certificate. To qualify, individuals must:

• Meet educational requirements (high school diploma or higher).
• Complete specialized training courses.
• Pass a qualifying exam administered by the Ministry of Construction.

According to Attorney Phuc, these stringent criteria ensure that only those with adequate skills and knowledge can engage in brokerage activities, thus improving service quality across the sector.

Challenges in implementation

While the new regulations are widely praised for enhancing market quality, Attorney Phuc acknowledged that their initial implementation may pose challenges. Independent brokers will need time to adapt, and companies must allocate additional resources to manage and support their employees in obtaining certification. Furthermore, organizing the certification exams will require substantial investment from regulatory bodies, especially as demand for the exams is expected to rise.

Concluding the interview, Lawyer Nguyen Van Phuc emphasized that despite short-term difficulties, the new regulations will yield long-term benefits. They are expected to reduce risks, promote transparency, and establish a fair, professional business environment.

HM&P Law Firm expressed its gratitude to VOH for facilitating this opportunity to share valuable insights with the real estate community. The firm hopes regulatory authorities will continue issuing detailed guidelines to help businesses comply effectively with the new law.

Please follow the link below for the detailed content of this interview:

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