`Yesterday, a businessman was arrested for stock manipulation. The question is whether recent acts of manipulating the housing market will be handled as stock market manipulation or not.`
Mr. Dinh analyzed that in 2020-2021, the economy faced many difficulties due to the pandemic but the real estate market experienced price fever everywhere.
Many brokers participated in helping create land fever, causing real estate prices to skyrocket, turning land into a speculative commodity rather than serving the economic purpose of that locality.
This expert called on lawmakers to research and come up with a plan to limit acts of manipulating the real estate market.
Real estate brokerage scene in Binh Phuoc.
Mr. Nguyen Minh Quang, Director of Sales and Marketing Department of Nam Long Investment Joint Stock Company, has worked in both the stock and real estate environments.
According to Mr. Quang, the stock market only serves a group of investors with specialized knowledge, but there are many regulations and standards for violations in stock brokerage.
However, real estate brokers serve a larger community, but the standards and sanctions are not adequate.
Many cars flocked to see land in Loc Tho village, Viet Tien commune (Ha Tinh) at the end of February. Photo: Hung Le
Mr. Pham Lam, Vice President of the Vietnam Real Estate Brokers Association, estimates that there are currently about 300,000 people participating in real estate brokerage practice, in reality there may be more because every year the country has over 100,000 transactions taking place.
The brokerage profession requires high professionalism, not everyone can participate.
Mr. Nguyen Manh Khoi, Deputy Director of the Department of Housing and Real Estate Market Management – Ministry of Construction agreed with the proposals to set standards for the real estate brokerage profession to correct the market.
According to Mr. Khoi, the situation of brokers helping to manipulate land prices in recent times makes lawmakers need to re-evaluate education, issue practice certificates, strengthen management and digitize the real estate brokerage profession.
In the stock market, brokers must operate at securities companies and not freelance (individually) outside, and must meet many professional criteria.
Mr. Khoi explained that in order to regulate real estate brokerage activities, it is necessary to review whether the role of the law is sufficiently regulated.
The leader of the Department of Housing and Real Estate Market Management explained that in the immediate future, in early 2022, there will be two new decrees: Decree 02 detailing a number of articles and clauses of the Real Estate Business Law and Decree 16.
`The Decree was issued not for the purpose of fining violations to collect money, but to direct real estate brokers to practice more responsibly to the community,` Mr. Khoi said.