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Vietnam moves to sell seized assets of convicted tycoon
Vietnamese authorities are preparing to auction luxury items and a yacht belonging to Truong My Lan, the businesswoman serving a life sentence for one of the largest financial frauds in history.
Assets targeted for auction
Ho Chi Minh City's Civil Judgment Enforcement Agency announced this week it is seeking experts to appraise two Hermès Birkin bags made of crocodile skin, confiscated from Lan. The agency also confirmed plans to auction her yacht next month, with a starting bid of 49.3 billion Vietnamese dong ($1.9 million).
Lan was sentenced to death in April 2024 after a court found she had secretly controlled Saigon Commercial Bank, the country's fifth-largest lender, and orchestrated a decade-long scheme to siphon funds through shell companies. Prosecutors estimated the total fraud at $44 billion, with $27 billion misappropriated and $12 billion embezzled.
Legal battles and commuted sentence
Lan denied all charges and attempted to appeal her death sentence, which was later reduced to life imprisonment in June 2024 after Vietnam abolished capital punishment for certain crimes. More than 80 associates, including her husband and niece, were also convicted in the high-profile trial.
During the proceedings, Lan fought to retain her two Birkin bags, claiming one was purchased in Italy and the other gifted by a Malaysian businessman. She argued they should be kept as heirlooms for her family, but the court ruled they were obtained through illicit gains.
Efforts to recover stolen funds
Authorities have seized over 1,200 of Lan's assets, including real estate and corporate holdings, in an attempt to compensate victims and offset the financial losses. Last October, one of her properties in central Ho Chi Minh City sold at auction for over 600 billion dong ($25 million).
Her yacht, the Reverie Saigon, failed to attract buyers in an earlier auction this month with a starting price of 52.4 billion dong. It will be offered again on February 12, with a reduced opening bid. Prospective bidders must deposit 20% of the starting price to participate. Two additional boats owned by Lan will also be auctioned, each with a reserve of 4.8 billion dong.
Global significance of the case
The trial, part of Vietnam's aggressive anti-corruption campaign, drew widespread attention for its scale and the dramatic fall of one of the country's most powerful business figures. Officials continue to liquidate Lan's assets to recover as much of the embezzled funds as possible.
