Full Breakdown
Vietnam Auctions Hermès Birkin Handbags Seized from Convicted Tycoon
5/22/2026, 11:15:54 PM
Auction of Two Hermès Birkin Handbags
On 21 May 2024, the Ho Chi Minh City Asset Auction Service Center sold two confiscated Hermès Birkin handbags belonging to property developer Tru ng My Lan. The white size-30 bag sold for 2.54 billion dong (? US $95 000) after four bids; the size-25 bag with rhinestones sold for 11.67 billion dong (? US $440 000) after 119 bids. Total proceeds were reported as 14.21 billion dong, roughly US $535-$540 000, and the items found buyers within 30 minutes.
Background & Context
Lan, a former real-estate magnate, was convicted in April 2024 of a $44 billion fraud that involved secretly controlling Saigon Commercial Bank, Vietnam’s fifth-largest lender. Courts ordered her to repay $27 billion to about 42 000 bondholders. She was sentenced to death, but the penalty was commuted to life imprisonment after Vietnam abolished capital punishment for certain economic crimes.
Data & Statistics
The auction featured two crocodile-skin Birkin bags: a plain white size-30 and a rhinestone-trimmed size-25. Bidding reached four and 119 offers respectively. The sale added 14.21 billion dong to the recovery fund. Authorities have seized roughly 1 200 assets from Lan, including three luxury cars, and have recovered over 12 trillion dong (? US $455 million) for victims, leaving about 18 trillion dong still owed.
Official Statements & Responses
The Ho Chi Minh City Civil Judgment Enforcement Agency said the auction is part of a wider audit of Lan’s holdings to recoup the $27 billion in damages. A government website confirmed the proceeds will be added to the fund already returned to bondholders. Officials also announced that the seized Mercedes-Maybach, BMW and Lexus will be auctioned on 22 May.
Criticism & Opposition
State media quoted victims saying “tens of thousands of people who invested their savings in Saigon Commercial Bank lost money, shocking the communist nation and prompting rare protests.” Observers note that the high-profile sale of luxury items underscores stark inequality and raises doubts about how quickly ordinary investors will be compensated.
Conflicting Reports & Gaps
BBC Vietnam cites a total of US $535 000, SCMP reports US $539 000, while RFI mentions “more than $500 000.” Conversions to Singapore dollars (S$689 600) also appear. No source identifies the buyers or details how the proceeds will be allocated beyond the recovery fund.
Verbatim Quotes
- “It is one of one of the most sought-after bags and that has been achieved primarily by Hermes restricting access to people,” — Nicholas Parnell, founder, Agency Parnell
- “Parnell said the handbags themselves were "pieces of art" and "extremely rare" and were considered investments by many people.” — Nicholas Parnell
- “They were "mementos" she wanted returned to her family, state media reported.” — State media (quoting Lan)
- “She said she wanted to leave the bags as "keepsakes" for her children and grandchildren.” — Tru ng My Lan, convicted tycoon
What's Next
The Mercedes-Maybach, BMW and Lexus will be auctioned on 22 May, adding further proceeds to the recovery fund. Ongoing audits of Lan’s shell-company network suggest more assets may be seized and sold in the coming months.
