Vietnam unveils code of conduct for real estate brokers

Vietnam’s real estate market is expected to become increasingly transparent, fair, and sustainably developed with the release of a code of conduct.

The “Vietnam Real Estate Brokerage Professional Ethics and Conduct Code (VPEC 2024)” was released on November 22 and aims to strengthen customer and community trust, and meet international integration standards.

Dr. Nguyen Van Dinh, Chairman of the Vietnam Association of Real Estate Brokers (VARS), expressed his hope that the code would lead to a more transparent, fair, and sustainably developed Vietnamese real estate market, while strengthening customer and community trust and meeting international integration standards.

“The code of ethics, culture, and professional conduct for real estate brokers and real estate trading floors, developed by VARS, aims to establish professional standards, covering many aspects,” said Mr. Nguyen Manh Quynh, Vice Secretary General and Head of the VARS Office.

“It includes regulations on general rules focusing on conduct with clients, ensuring honesty and dedication and preventing conflicts of interest; conduct with colleagues, promoting a spirit of support, cooperation, and healthy competition; conduct with the market, contributing to promoting transparency and fairness; and conduct with society, linking professional responsibility with community benefits.”

Mr. Duong Quoc Thuy, CEO of Dat Xanh Western Region, emphasized that the real estate business is a conditional profession, requiring that practitioners hold certificates and comply with organizational regulations. The code of conduct should therefore be incorporated into formal training programs.

Associate Professor Tran Dinh Thien said the code of conduct affirms that brokerage is an independent profession, playing a crucial role in the market system, especially in the current difficult context, where issues of speculation and fraud still persist.

VARS needs to take responsibility for standardizing the brokerage workforce through the strict implementation of the code, with clear, transparent, and publicly-available monitoring mechanisms and sanctions, and a willingness to acknowledge the truth, said Mr. Thien.

Mr. Nguyen Hong Phu, representing the Ministry of Construction, pledged that the ministry will continue to collaborate with VARS in disseminating and implementing these rules to promote transparent and healthy development of the real estate market, contributing positively to the country’s prosperity.