Vietnam’s National Assembly has called for industry regulation as part of a draft Law on Real Estate Trading currently being debated.
The law, members said, should clarify requirements on licensing real estate brokers.
Speaking to the media Phan Trung Ly, Chairman of the NA Legal Committee, said currently there were too many real estate and house brokers who worked "underground".
He said the draft Law must increase requirements on becoming real estate brokers and the method to measure their credibility, and further suggested allowing the Vietnam Real Estate Association to be given responsibility for testing and issuing licences to brokers.
Supporters of the law also suggested that organisations deposit VND50 billion (S$2.93 million) for organisations and individuals who want to engage in the real estate business.
Andrew Batt, International Group Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email andrew@propertyguru.com.sg
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