Vietnamese authorities are preparing to sell a collection of luxury assets seized from disgraced real estate tycoon Truong My Lan, as part of an ongoing effort to recover billions lost in one of the largest banking fraud cases in global history.
Two Hermes Birkin handbags made from crocodile skin, along with a luxury yacht and several other high-end items are now under appraisal by Ho Chi Minh City’s Civil Judgment Enforcement Agency – an entity responsible for implementing court decisions in civil disputes.
Officials say the proceeds from any sales will go toward compensating victims of Lan’s crimes, after courts ordered her to repay $27bn in damages.
Lan, once one of Vietnam’s most powerful property developers, is currently serving a life sentence. She was originally sentenced to death in April 2024 after judges found she had secretly controlled Saigon Commercial Bank – the country’s fifth-largest lender – and siphoned funds from it over more than a decade through an elaborate network of shell companies.
That sentence was later commuted to life imprisonment after Vietnam abolished the death penalty for certain economic crimes.
Prosecutors told the court that the total amount involved in the scheme reached $44bn, of which $27bn was misappropriated and $12bn formally classified as embezzled. More than 80 people, including Lan’s husband and niece, were convicted alongside her.
Authorities have now seized more than 1,200 assets linked to Lan, including company shares, real estate, jewellery, clothing and luxury vehicles. This week, enforcement officials confirmed that the two Hermes bags, along with a watch and other personal items, were among those taken into state custody.
During her trial, Lan attempted to prevent the handbags from being confiscated. She told the court she had bought one bag in Italy and received the other as a gift from a Malaysian businessman, arguing that they were personal items she hoped to pass on to her family. She said she wanted to leave the bags as “keepsakes” for her children and grandchildren.
The court rejected the request, ruling that the bags were proceeds of crime and therefore subject to seizure. Hermes Birkin bags, especially rare crocodile versions, can sell for hundreds of thousands of dollars on the secondary market.
Some asset sales have already gone ahead. Last October, one of Lan’s prime properties in central Ho Chi Minh City sold for more than 600 billion dong. Other auctions have been less successful: her yacht failed to attract buyers earlier this month and is now set to be re-auctioned on 12 February at a reduced starting price of 49.3 billion dong. Two additional boats are also scheduled to be sold.
