What are the principles of real estate consulting service business?

This English version is translated from the Vietnamese original. In case of any discrepancy, the Vietnamese version prevails.

What are the principles for operating real estate consultation services?

The Law on Real Estate Business 2023 (No. 29/2023/QH15), at Article 66 – Principles and scope of real estate consultation services and real estate management services, stipulates two mandatory principles for operating real estate consultation services and real estate management services:

a) The person directly providing consultation must have relevant qualifications or certificates in the field of consultation being provided;
b) Real estate being managed must be lawfully obtained real estate.

These two principles apply to all organizations and individuals engaged in real estate consultation and management activities from August 1, 2024 — the date when the Law on Real Estate Business 2023 officially took effect.

What conditions must a person directly providing real estate consultation meet?

According to Point a, Clause 1, Article 66 of the Law on Real Estate Business 2023, a person directly providing consultation must have relevant qualifications or certificates in the field of consultation being provided. This provision establishes a requirement for alignment between the consultant's professional qualifications and the content of services being delivered. However, the Law does not prescribe a single professional practice certificate applicable to all real estate consultation activities, nor does it specifically list the types of mandatory qualifications or certificates for each service group. In cases where consultation activities simultaneously fall within the scope of conditional business sectors under specialized laws, organizations and individuals must also meet the corresponding conditions.

What does the scope of real estate consultation services include?

Clause 2, Article 66 of Law No. 29/2023/QH15 comprehensively lists four groups of activities falling within the scope of real estate consultation services:

• Consultation on investment, creation, and operation of real estate (Point a);

• Consultation on real estate finance (Point b);

• Consultation on real estate valuation (Point c);

• Consultation on real estate business contracts (Point d).

However, when determining whether a specific consultation activity falls within this scope, consideration must be given to the nature of the service, the actual content of work performed, and relevant specialized legal provisions.

What legal form requirements must organizations operating real estate consultation services meet?

According to Clause 1, Article 67 combined with Clause 5, Article 9 of the Law on Real Estate Business 2023, organizations and individuals operating real estate consultation services must establish an enterprise in accordance with enterprise law provisions or establish a cooperative or cooperative federation in accordance with cooperative law provisions.

Organizations and individuals operating real estate consultation services or real estate management services must establish an enterprise for real estate service business in accordance with the provisions of Clause 5, Article 9 of this Law.

In addition to organizational form requirements, according to Clause 2, Article 67, before commencing business operations, an enterprise operating real estate consultation services must submit information about the enterprise to the provincial-level state management agency responsible for real estate business for publication on the housing and real estate market information system.

Consequently, individuals cannot independently operate real estate consultation services in the form of freelance individuals or household businesses without meeting the business organization requirements stipulated above.

How are the rights and obligations of parties in real estate consultation services determined?

Clauses 1 and 2, Article 68 of Law No. 29/2023/QH15 stipulate that the rights and obligations of parties and consultation service fees are agreed upon by the parties in the contract, but must not contradict the provisions of this Law. Simultaneously, parties must perform their contractual commitments correctly and compensate for damage caused by their fault. This means that consultation fees are not fixed by regulation — the two parties negotiate freely, though the legal framework remains the ultimate boundary.

How do real estate consultation services differ from real estate brokerage services?

Both types of services fall under the real estate service business category according to Law No. 29/2023/QH15, but they have distinct differences in nature and practice conditions:

Criteria	Real Estate Consultation	Real Estate Brokerage
Nature	Providing professional opinions on investment, finance, valuation, contracts	Acting as intermediary in sales, leasing, and transfer transactions
Individual Certificate	Qualifications/certificates according to consultation field (Article 66)	Real estate brokerage practice certificate (Article 61)
Organizational Form	Must establish an enterprise (Article 67)	Must establish an enterprise; individuals must practice within an enterprise (Article 61)
Legal Basis	Articles 66, 67, 68 of Law No. 29/2023/QH15	Articles 61, 65 of Law No. 29/2023/QH15

What consequences may an enterprise face for violating principles for operating real estate consultation services?

Law No. 29/2023/QH15 clearly defines compensation obligations: according to Clause 2, Article 68, parties must compensate for damage caused by their fault. Additionally, operation of real estate consultation services where the consultant lacks appropriate qualifications or certificates, or where the organization was not established in the correct enterprise form as prescribed, may be subject to administrative violations according to current law provisions.

According to Article 74 of Decree 339/2026/NĐ-CP, violations of regulations on real estate consultation services or real estate management services may be subject to administrative penalties as follows:

• A fine of 40 to 60 million Vietnamese dong for an individual directly providing real estate consultation without appropriate qualifications or certificates for the consultation field.

• A fine of 120 to 160 million Vietnamese dong for an enterprise that fails to submit enterprise information for publication before commencing operations, or operates consultation services or real estate management services outside the prescribed scope.

• A fine of 160 to 180 million Vietnamese dong for operating real estate consultation services or real estate management services without establishing a real estate service business enterprise as prescribed.

In addition to monetary penalties, competent authorities may also apply remedial measures such as requiring submission of enterprise information or mandating compliance with prescribed scope. Besides administrative responsibility, the parties may also be liable for compensating damage caused by their fault according to Article 68 of the Law on Real Estate Business 2023.

If your enterprise or organization is planning to launch real estate consultation services and requires assistance in conducting legal due diligence, drafting consultation service contracts, or developing compliance procedures, A&D Law Firm — corporate legal advisor in Vietnam is ready to support you.

This article is for informational purposes only and does not substitute for professional legal advice on specific matters. Please contact a lawyer for advice suited to your particular circumstances.