The total value of unsold properties across Vietnam stands at 83.5 trillion VND (nearly 4 billion USD), down 526 billion VND from the first quarter of this year and 938 billion from the end of 2013, according to the Ministry of Construction.

A majority of the unsold property was recorded in Ho Chi Minh City , totalling 15.8 trillion VND in value, a fall of 1.7 trillion VND from 2013. About 12.1 trillion VND of the sum came from 7,015 unsold apartments.

In the first months of 2014, apartment projects such as Green Valley in Phu My Hung urban area and Sunrise City in District 7 sold well. However, far fewer transactions were seen for developments selling at high prices, especially those located uptown or yet to be completed.

HCM City was followed by Hanoi with 10.9 trillion VND worth of unsold housing, dropping by 2 trillion VND from last year.

The capital shared the same trend as the southern city in terms of the stagnant market in uptown areas.

The Construction Ministry said it is reviewing the market to devise appropriate measures for clearing unsold stock.

It will adjust the purpose of some projects to match the real demand and suspend licenses for the new ones that do not fall in line with urban development plans.-VNA