The downward trend in real-estate inventories continued in September with a 4 percent decline in value from a month earlier.
News website VnExpress quoted the Ministry of Construction as saying they were worth an estimated VND101.89 trillion (US$4.8 billion), down more than 20 percent from six months ago.
Ho Chi Minh City accounted for a fifth of the inventories by value.
The market and consumer confidence have been improving improving, the ministry said.
In comparison to 2008-10 period, when housing prices hit their peak, the prices of most properties have gone down by 10-30 percent, with some falling by half.
The ministry said attempts to revive the property market have shown early results and it expects the government's measures to prove effective over time.
Since the launch of the government's $1.43-billion program for low-cost housing, six property developers have got loans worth VND860.5 billion ($40.8 million), it said.
A group of local banks, tasked with implementing the program, have also promised to lend VND203 billion to more than 610 low-income home buyers.
But companies and analysts complain that the pace of the program, which was launched in June, has slowed down.
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