Standardizing Real Estate Brokerage Activities Through the Code of Ethics and Conduct

On November 27, 2024, the Vietnam Association of Real Estate Brokers (VARS) announced the "Code of Ethics and Conduct for Real Estate Brokerage Professionals in Vietnam," which has drawn attention from the public, experts, government agencies, and industry businesses. This code is not only an important step in enhancing the reputation of the brokerage profession but also lays the foundation for the sustainable development of Vietnam’s real estate market.

1. Importance of the Code of Ethics

The "Code of Ethics and Conduct for Real Estate Brokers" consists of 6 chapters and 21 articles, addressing the moral principles and behavioral standards in relationships with clients, colleagues, the market, and society. This is the first time VARS has introduced such a code, marking a significant step towards standardizing the brokerage profession and helping real estate professionals work with integrity, fairness, and transparency.

Dr. Tran Dinh Thien, an economic expert, stated that the announcement of this code solidifies VARS’s position as an independent professional organization and serves as the foundation for the sustainable development of the real estate brokerage profession. This not only helps prevent speculation and fraud but also enhances the value and reputation of real estate brokers, especially in the context of the current challenges faced by the market.

2. Specific Regulations on Professional Responsibility

The code is divided into different sections, specifying the behavior expected in various situations, including:

• Behavior toward clients: Ensuring honesty, dedication, and protecting client interests. Brokers should prevent conflicts of interest and maintain client trust.

• Behavior toward colleagues: Fostering a cooperative and supportive environment while maintaining fair competition within the industry.

• Behavior toward the market: Brokers should promote transparency and fairness in transactions, ensuring that all business activities comply with legal regulations and government policies.

• Behavior toward society: The brokerage profession should be linked to social responsibility, contributing to the sustainable development of society and protecting the common good.

3. Implications for Businesses and the Market

For long-established companies in the industry, adhering to these codes will help build a strong corporate culture and create a professional, transparent working environment. Mr. Duong Quoc Thuy, CEO of Dat Xanh Mien Tay, emphasized that for real estate service companies, compliance with the law and building a corporate culture based on the code of ethics are core factors for maintaining stable development.

Moreover, the code will help standardize the training and certification of brokers, improving the quality of the workforce and contributing to the sustainable development of the market.

4. Guiding Principles for Sustainable Development

The Code of Ethics and Conduct not only helps maintain industry stability but also plays a vital role in enhancing the social responsibility of organizations and individuals within the profession. The Ministry of Construction has committed to partnering with VARS in implementing this code, aiming to promote a transparent and healthy real estate market.

Through clear regulations, this code will help prevent negative practices within the industry, build client trust, and thereby promote the sustainable development of the real estate market. In the increasingly competitive market environment, this code will be a guiding principle for brokers to work effectively while contributing positively to society and the community.

Conclusion

The announcement of the "Code of Ethics and Conduct for Real Estate Brokers" is a crucial step in standardizing and improving the quality of the real estate brokerage profession. This will not only help establish a transparent and fair market but also strengthen client and public trust in the industry. VARS and relevant authorities need to continue promoting the implementation of this code to provide a solid foundation for the sustainable development of the real estate market and support the healthy growth of the industry.