Around 47% of them were houses, 35% land lots, and the rest apartments, according to the latest report by the Ministry of Construction.
The units are either completed but not yet sold or unfinished.
Most completed units are properties in the suburb which struggle to attract buyers due to high prices, unclear legal status, or poor location.
The unfinished units are mostly apartments in major cities in projects with uncertain launch dates or those temporarily paused due to legal hurdles.
The Ministry of Construction has encouraged developers to lower prices to reduce the high inventory.
Le Hoang Chau, chairman of the Ho Chi Minh City Real Estate Association, said that unsold inventory has become a heavy debt burden for businesses with weak financial resources or high debts.
Without revenue, unsold units will erode the financial health of these companies, he said.
“To relieve the inventory pressure, developers need to strategize for clearance, ideally by adjusting prices,” he said.
He also called on banks to offer lower interest rates and more flexible mortgage policies.
Authorities should work on resolving legal obstacles to help businesses reduce unsold units, he added.
Despite the high inventory levels, property prices continue to rise, especially in Hanoi and Ho Chi Minh City.
The ministry said that prices on the primary market went up by 22-25% annually in the third quarter.
In some areas, prices even spiked by 35-40% within just a few months.
The secondary market for villas and townhouses in Hanoi recorded a 7% year-over-year price increase, averaging about VND160 million (US$6,300) per square meter.
In Ho Chi Minh City, some secondary projects with slow sales have lowered prices by 3-4%, while others in areas with better infrastructure have seen price increases of 4-5%.
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