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IN BRIEF
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In Vietnam, sentenced to life imprisonment for one of the largest cases of fraud of the country, a business woman sees his precious Hermès bags sold at auction for a total amount exceeding $500,000One of the Birkin bags, adorned with white stones, was sold for approximately 11.6 billion dong (≈€380,000) and the other for nearly 2.5 billion dong (≈€81,000). Initially sentenced to death in 2024 for the massive embezzlement of funds from the Saigon Commercial BankHer sentence was commuted to 2025 following a reform of the penal code; she has already paid sums to the victims and had her luxury goods seized — which she claimed as “souvenirs” for her family — with several prestige vehicles also to be sold at auction.
A former Vietnamese business executive, now imprisoned, had two of her luxury handbags stolen from the house. Hermes to be auctioned for an amount exceeding $500,000These sales, announced by state media, are part of a vast restitution scheme intended to compensate the victims of a massive embezzlement case that rocked the country and led to the conviction of the protagonist. life imprisonment.
Hermès bags sold at auction: notable figures and pieces
At the auction held in Ho Chi Minh City, one of the bags, a model Birkin adorned with white stones, was sold for the equivalent of approximately 11.6 billion dong (that is, close to 380,000 euros), while a second Birkin sold for approximately 2.5 billion dong (~81,000 euros). The total number of auctions has thus crossed the symbolic threshold of $500,000, an operation widely covered by the national and international press (see in particular the reports on BFMTV, Six News And Southeast Asia).
The symbolism of the seized items
These bags, emblems of easily identifiable luxury, have taken on a strong symbolic value in this case: they illustrate both the opulence associated with the seized assets and the authorities’ willingness to convert private property into resources for the victims. Specialized media outlets followed the event, which blends financial news and fashion issues (FashionUnited, Vanity Fair).
Legal context: the case that led to the seizures
The protagonist in this case, the real estate developer Truong My Lan, was convicted in 2024 in a major embezzlement case related to the operations of the Saigon Commercial Bank (SCB)The scandal affected tens of thousands of savers and caused a major economic shock in Vietnam.
Initially sentenced to death, her sentence was commuted to life imprisonment In 2025, following a reform of the penal code that abolished the death penalty for certain corruption-related offenses, the commutation of her sentence was accompanied by a commitment from the convicted woman to repay a portion of the embezzled funds.
Amounts involved and refunds already made
Authorities have indicated that a significant portion of the assets has already been returned to the victims: more than 12 trillion dong have been returned, an amount equivalent to several hundred million euros (approximately 392 million euros). Auctions of seized goods, such as bags Hermes, are part of this logic of financial redress.
Luxury goods at auction: procedure and disputes
The forced sale of these items has provoked mixed reactions. On the one hand, the authorities insist on the need to recover the funds to compensate the victims; on the other, the convicted woman has requested the return of certain items, arguing that they were… memories intended for his family. These requests were rejected by the authorities in charge of liquidating the assets.
The media covered the proceedings, noting that the sale wasn’t limited to handbags: several luxury vehicles belonging to the former executive—including a Mercedes-Maybach, a BMW and one Lexus — are scheduled to be auctioned off soon, in order to replenish the compensation fund (20 Minutes).
Transparency and public perception
The auctioning of luxury goods raises questions about the transparency of the procedures and how the proceeds will be redistributed. Authorities emphasize the public and controlled nature of these sales, while the public, still reeling from the scale of the loss, closely monitors the use of the recovered funds.
Economic and symbolic impact of the case
Beyond the legal aspects, this case has economic repercussions. The embezzled sum has been presented as representing a significant portion of the national gross domestic product, and the crisis has highlighted weaknesses in banking and real estate governance. The sale of prestigious assets, such as bags Birkin, reflects the authorities’ desire to transform outward signs of wealth into concrete means of compensation.
International media coverage of the sale also highlighted the almost cinematic aspect of the case: a once-powerful business figure, now incarcerated, whose personal assets are being dispersed to redress a large-scale wrong (see summaries in the international press, for example). BFMTV, Six News, Southeast Asia, Vanity Fair).
Frequently Asked Questions: Auction of Hermès bags belonging to a convicted businesswoman
Q. Who is the person at the center of this case?
A. This is about Truong My Lan, a former real estate developer aged approximately 69, found guilty of orchestrating one of Vietnam’s largest embezzlement cases involving the Saigon Commercial Bank.
Q. What items were sold at auction?
A. Authorities auctioned off two luxury bags from the fashion house Hermes, models Birkinone of which is adorned with white stones. These two pieces were sold separately at the sale organized by the State.
Q. How much money was obtained from the sale?
A. The total product exceeds $500,000 (approximately 430,000 eurosOne of the bags was auctioned for 11.6 billion dong (≈ 380,000 euros) and the other for 2.5 billion dong (≈ 81,000 euros).
Q. Why were these goods seized and put up for sale?
A. The bags were confiscated as part of measures to recover funds for the victims of the embezzlement. The sales of luxury assets are part of a coordinated effort to compensate savers and compensate for damages caused by fraud.
Q. How serious is the fraud she is accused of?
A. The total damage is estimated at over 23 billion eurosrepresenting a significant share of the national economy (nearly 6% of GDP (according to the authorities), and resulting in the disappearance of the savings of tens of thousands of depositors.
Q. What sentence did the convicted woman receive and what is her current situation?
A. Initially sentenced to death in 2024, her sentence was commuted to life imprisonment in 2025 after a reform of the Vietnamese penal code reducing the application of the death penalty for certain offenses, including some cases of corruption.
Q. Has she already returned funds to the victims?
A. Yes. According to the authorities, she has already paid more than 12 trillion dong (i.e. approximately 392 million euros) as part of the compensation to victims; the sale of seized goods complements this effort of reparation.
Q. Did the prisoner request the return of the items that were sold?
A. She stated that some of the items, including these bags, were memories intended for his family and had requested their return, but the authorities included these items among the assets to be liquidated to compensate the victims.
Q. Are other auctions planned?
A. Yes. The authorities plan to sell other seized assets, including several luxury vehicles identified as a Mercedes-Maybach, a BMW and one Lexus, in order to continue providing financial compensation to the victims.
Q. Where and when did the sale of the bags take place?
A. The auction took place at Ho Chi Minh City, during a sale organized by the authorities and relayed by state media in May 2026.