The value of unsold houses and land plots in Vietnam has fallen 18 percent since the end of last year to around VND60.3 trillion (US$2.68 billion), according to a new report.
Figures from the Ministry of Construction’s housing and property market management department show the inventory has been steadily declining this year.
It includes more than 8.7 million square meters of land plots worth VND27.3 trillion and more than 20,300 apartments costing nearly VND33 trillion.
Ho Chi Minh City has the most unsold properties now valued at VND11.66 trillion ($518.66 million), followed by Hanoi at around VND7.77 trillion ($345.6 million).
The report collated figures from property investors and many property trading floors.
The Housing Law was amended in July to clear the huge inventory.
It now allows overseas Vietnamese to buy property without any restriction while foreigners can buy housing in certain urban areas.