A multi-ministry team has begun to inspect real estate projects in cities and provinces across Vietnam this month to determine which to close down.

Deputy Construction Minister Nguyen Tran Nam said representatives from construction, finance, government office, investment and planning and natural resources and environment ministries would take part.

Nam said inspectors would examine on-going and delayed projects, deciding which to close down and which to be allowed to continue or be restructured.

He added that many property investors had developed luxury residential projects with the co-operation of local authorities who had ignored real market demand.

Many developers built luxury complexes in areas with poor infrastructure and social services, such as lack of safe water, schools and markets. This was why no one was interested in buying their properties, Nam said.

Selling plots of land to attract capital from housing developers created over-heated land prices and a fake increase in demand.

Experts said developers should build small apartments for first-home buyers rather than targeting the rich and speculators.

However, in the capital city of Hanoi, the first real estate fair is scheduled to take place from October 19-21 with the aim of creating a bridge between traders and customers, according to the Viet Nam Real Estate Association.

Phan Thanh Mai, the association's general secretary, said the association planned to hold the fair every year in Hanoi and HCM City to bring transparent information about property products to customers and promote investment in the local property market.

The fair would have 30-50 pavilions to introduce property enterprises and trading floors, including the Northern Green Land Company, AsiaInvest, DTJ and Maxland. Property showcased at the event is located in Ha Noi, Ha Long, Hai Duong, Da Nang and HCM City .