On June 29, 2006, the Law on Real Estate Business No. 63/2006/QH11 was passed by the National Assembly of Vietnam for the first time, and this was also the first time that the real estate brokerage profession was officially recognized as a legal profession in the Vietnamese legal system. Accordingly, since 2006, June 29 every year is the traditional day of the real estate brokerage profession.
Promoting the effective role of real estate brokers in the sustainable development of the market
On the morning of June 28, in Bac Giang , the Vietnam Association of Real Estate Brokers (VARS) organized the Workshop “Vietnam Real Estate Brokers in the New Battlefield - Changing Strategies, Leading the Game”. This is one of the outstanding activities of the Vietnam Real Estate Brokerage Festival 2025 series.
In his opening speech, Dr. Nguyen Van Dinh, Chairman of the Vietnam Real Estate Brokers Association, emphasized that the real estate brokerage profession plays an important role in connecting supply and demand in the real estate market, connecting investors, real estate developers and customers. Not only contributing to speeding up transactions, this force also plays an important role in connecting and reflecting information between the two sides of supply and demand, improving the quality, diversity and suitability of real estate products, promoting sustainable market development.
Also delivering his welcome speech, Dr. Nguyen Van Khoi, Chairman of the Vietnam Real Estate Association, affirmed that in the process of creating a dynamic, transparent and efficient economy , institutional and administrative reform is becoming one of the most important levers. Changes in laws, policies and management mechanisms are and will have a profound impact on the way the real estate market operates, from planning, investment, development to product distribution.
Sharing in the discussion within the framework of the workshop, Ms. Tong Thi Hanh, Director of the Department of Housing and Real Estate Market Management, Ministry of Construction expressed her concern about the activities of real estate brokerage as well as the operation of real estate trading floors becoming more professional, sustainable and effective. With the Law on Real Estate Business laying the foundation for the real estate brokerage profession in Vietnam, real estate brokerage has officially become an extremely important profession in the country's economy, especially in connecting buyers and sellers with each other.
According to Ms. Hanh, up to this point, it can be said that the brokerage profession has another role - an extremely important bridge for state management agencies in making the Vietnamese real estate market transparent. The real estate brokers themselves are factors that reflect the reality of the real estate market and have a great impact on market fluctuations. The amended and supplemented Law on Real Estate Business 2023 further clarifies the legal status of real estate brokers and real estate trading floors by giving more rights and responsibilities to brokers as well as real estate trading floors. Real estate trading floors will be responsible for ensuring the legality of real estate when put into business and real estate trading floors are also the agencies responsible for reporting to state management agencies on housing and the real estate market, on requirements for preventing and combating money laundering in real estate trading, etc.
Regarding the state management agency, Ms. Hanh added that the functional unit aims to reform the institutional status, position and role of real estate brokers as well as real estate trading floors, while creating tools for brokers and real estate trading floors to control whether the real estate put into business meets legal conditions or not.
Real estate market facing opportunities and challenges of institutional reform
Analyzing and commenting on the Vietnamese real estate market under the impact of comprehensive institutional and administrative reforms, Associate Professor, Dr. Tran Dinh Thien, former Director of the Vietnam Economic Institute, emphasized that it took 40 years for the private economy, from being recognized as a normal force, to become the most important driving force for development and growth of the economy. Therefore, it can be said that Resolution 68 on the private economy is an impressive highlight of the economy this year, contributing to positioning the economy. In addition, the merger and rearrangement of provinces, and streamlining the two-level government system have opened up opportunities and development space for the economy, including real estate enterprises.
Referring to the strategy of real estate enterprises to break through in the new situation, Dr. Vo Tri Thanh, Director of the Institute of Competitive Brand Strategy, said that the new era is not a dream, it is a number, a clear aspiration with a goal that emphasizes the turning point change as well as suggests strategic solutions so that enterprises can proactively adapt, create competitive advantages and break through in the new situation.
Through the discussion of the panel discussion “Vietnam real estate market in the new era: New rules of the game, new thinking” within the framework of the workshop, the speakers expressed their belief that with the analysis and recommendations associated with reality, real estate businesses will have more basis to establish and adjust flexible business strategies, maximize opportunities, promote internal strength and firmly enter the new era.
“In the new context, if we continue to operate in the old way, we will inevitably risk falling behind. Only those who dare to change their mindset, proactively adjust their strategies and innovate can rise up and gain a competitive advantage,” said Mr. Nguyen Chi Thanh, Vice President of the Vietnam Real Estate Brokers Association.
Dr. Le Xuan Nghia, member of the National Financial and Monetary Policy Advisory Council and former Vice Chairman of the National Financial Supervision Committee, analyzed that the supply-demand relationship of the real estate market is different from that of normal commodity markets. When prices increase, sellers stop selling and wait for prices to increase further. This causes supply and demand to go in parallel and not meet.
“If the government does not act quickly and does not increase supply to the market, the real estate “bubble” may have appeared since 2023 and will last until now. If it is not handled promptly, the “bubble” will burst. At that time, no one will buy, no one will sell, there is a risk of the real estate market collapsing and affecting the entire banking system,” Mr. Nghia warned.
However, Mr. Nghia said that recently, the supply has shown positive signs when social housing and commercial housing projects that have been "shelved" for a long time have been strongly cleared in the first 6 months of this year. "Thanks to Resolution 171 of the National Assembly on piloting the implementation of commercial housing projects through agreements on receiving land use rights or having land use rights, Hanoi has over 100 projects cleared. The upcoming supply will be more abundant," Mr. Nghia said.
On the same afternoon, within the framework of the festival, the Organizing Committee held a ceremony to honor the Vietnamese real estate brokerage profession.
Source: https://nhandan.vn/dieu-chinh-hoan-thien-chinh-sach-voi-nghe-moi-gioi-bat-dong-san-trong-ky-nguyen-moi-post890305.html
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