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IN BRIEF
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The Vietnamese government has awarded to Ho Chi Minh City two bags Birkin from the house Hermes having belonged to the former businesswoman Truong My Lan, for a cumulative amount exceeding $500,000One of the coins, adorned with white stones, was sold for approximately 11.6 billion dong (≈ $440,000) and the other for 2.5 billion dong (≈ $95,000). These sales are part of an asset liquidation aimed at raising funds related to a large-scale case of diversion involving the Saigon Commercial Bank, while more than $455 million have already been returned to the victims. Several seized luxury vehicles are also expected to be auctioned.
Summary — During an auction organized at Ho Chi Minh City, two bags Birkin from the house Hermes having belonged to the former businesswoman Truong My Lan were sold for a total exceeding $500,000One of the models, adorned with white stones and particularly precious, reached approximately $440,000, while the second was sold for around $95,000These sessions are part of an operation to recover funds for the victims of a vast financial scandal.
Sale details and item descriptions
The auction took place mid-week at Ho Chi Minh CityThe most precious bag, a Birkin set with white stones, it was auctioned for the equivalent of 11.6 billion Vietnamese dong (approximately $440,000), while a second Birkin bag was sold for 2.5 billion dong (approximately $95,000). Together, these two pieces have therefore surpassed the symbolic threshold of $500,000attracting the attention of local and international media. For a detailed account of the event, see in particular the articles published by 24 Hours, BFM TV And CNews.
The legal context: the Truong My Lan case
These sales are part of the legal proceedings in one of the most important corruption and financial fraud cases in Vietnam. Truong My Lan, former executive linked to the real estate group Van Thinh Phat, was convicted in 2024 for having set up, according to the authorities, a complex system of embezzlement through bond schemes passing through the Saigon Commercial Bank (SCB), controlled primarily by his group.
Initially sentenced to death, her legal situation has changed: the Vietnamese judicial system has alleged that it has modified the sanctions regime for certain economic crimes, and the businesswoman now faces a sentence of up to… life imprisonmentDuring her trial, she had requested the return of her Hermes bags, which she presented as souvenirs acquired or given to the family.
Recovery of funds and compensation for victims
The sale of the bags is part of a strategy to liquidate assets and compensate for losses suffered by thousands of savers. According to a government statement, more than 12 trillion dong, or nearly $455 millionSome of the proceeds have already been distributed to affected bondholders. Authorities are continuing to liquidate other seized assets to maximize the amounts recovered for the benefit of the victims.
To keep track of the auctions and recovery strategy, several regional and specialized media outlets covered the case, such as Southeast Asia And The essentials.
The collectible luxury market as a backdrop
This sale highlights the enthusiasm for luxury leather goods, whose value can reach considerable sums on the collectors’ market. By comparison, the house Sotheby’s recently auctioned in Paris the very first Birkin Created in 1984 for Jane Birkin for a record sum of several million euros, a milestone that illustrates the explosion in prices for historical pieces. Similarly, previous sales had seen Hermès crocodile bags set with diamonds reach sums exceeding $500,000, demonstrating the continued strong demand for rare examples.
Industry analyses explain how the vintage look and history associated with an object can multiply its value, a phenomenon discussed by media outlets that follow luxury and auctions.
Other seized assets and next steps
In addition to these two Birkin bags, Vietnamese authorities are preparing to auction off other seized assets to increase the funds available to compensate victims. These assets include several luxury vehicles, notably a Mercedes-Maybach, a BMW and one Lexuswhich should be offered to the public in upcoming sales.
The public strategy for selling assets aims to transform prestigious assets into cash, while demonstrating the State’s commitment to doing justice to the hundreds of thousands of savers affected by the affair.
Public and symbolic repercussions of the case
The affair triggered a social shock in Vietnam: rare public demonstrations erupted when savers discovered they had lost most of their savings through bank-linked bonds. The sale and publicity surrounding luxury items acquired through this scandal reinforce the symbolic dimension of the case, illustrating the stark contrast between the ostentatious wealth of certain players and the losses suffered by ordinary citizens.
Local and international media coverage continues to closely follow the auction and restitution process, with analytical articles and reports available on platforms such as Southeast Asia and other regional titles that explore the fight against corruption and asset recovery.
For a broader perspective on the fight against corruption in Southeast Asia, see also the investigations focusing on public officials and institutional practices in the region, for example on Southeast Asia.
FAQ — Two Hermès bags up for auction in Vietnam
Q. What items were put up for auction?
A. Two bags Birkin from the house Hermesbelonging to a former Vietnamese businesswoman, were sold at auction during a public sale held in Ho Chi Minh City.
Q. What was the total amount sold for these bags?
A. The combined sales revenue exceeds $500,000, with one model sold for approximately $440,000 and the other for about $95,000.
Q. Which model reached the highest price and what distinguishes it?
A. The most valuable model was a Birkin adorned with white stones, sold for approximately 11.6 billion dong (i.e. ~$440,000), making it the most sought-after item in this sale.
Q. Who owned the bags and why were her belongings seized?
A. The bags belonged to Truong My Lan, a former businesswoman involved in a vast financial and real estate scandal. Authorities have seized and liquidated some of her assets to help compensate victims of the fraudulent scheme she is accused of orchestrating.
Q. What is the legal context surrounding this case?
A. Convicted in 2024 in a major corruption and fraud case, she is facing prosecution related to bond schemes involving the Saigon Commercial Bank (SCB), majority-controlled by the real estate group Van Thinh Phat.
Q. What proportion of the embezzled funds has already been returned to the victims?
A. According to an official statement, more than 12 trillion dong were paid to the affected bondholders, amounting to approximately $455 million.
Q. Did the businesswoman contest the seizure of these bags?
A. During the trial, she requested the return of the bags, presenting them as family memoriesclaiming to have bought one in Italy and received the other as a gift.
Q. Were other personal belongings seized and put up for sale?
A. Yes. In addition to the leather goods, several vehicles were seized — including a Mercedes-Maybach, a BMW and one Lexus — are also intended for auction sales.
Q. Why is the state selling these luxury items at public auctions?
A. The auctions are used to raise funds to compensate investors and savers who were victims of fraudulent transactions related to the case, as part of the restitution measures ordered by the authorities.
Q. Do these sales reflect a trend in the luxury market?
A. Yes. The market for collectible bags and vintage pieces is experiencing high price levels. For example, a recent sale of a historic Birkin in Europe exceeded several million euros, illustrating the sustained appetite of bidders for rare items.
Q. Where and when did these auctions take place?
A. The auctions took place at Ho Chi Minh City, during an auction session organized by the authorities and broadcast by state media.
Q. What impact has this affair had on public opinion?
A. The affair caused a national shockwave: tens of thousands of savers lost their savings, demonstrations took place, and the case attracted strong media attention around the responsibility of financial actors and regulatory mechanisms.