The Ho Chi Minh City Civil Judgment Enforcement Agency announced that the auction of assets belonging to Truong My Lan, chairwoman of Van Thinh Phat, on 9/2 failed due to a lack of registered participants. This marks the second unsuccessful attempt to sell these assets.

Under the Civil Judgment Enforcement Law, if no bidders come forward for assets auctioned to satisfy state budget obligations, the enforcement officer will determine a price reduction for subsequent auctions. Each reduction is limited to 10% of the previous auction's starting price.

The Reverie Saigon yacht. Photo: *Yacht introduction document*

The Reverie Saigon yacht was first put up for auction by the Ho Chi Minh City Civil Judgment Enforcement Agency in January. It had an initial price of 52 billion dong, which was later reduced to 49 billion dong for the second auction. Built in France in 2018, the yacht is currently moored at Tam Son Swan Bay marina in Dai Phuoc commune, Dong Nai province. The asset was seized in late 2023, and Ms. Lan sought its return during her 2024 appellate court trial.

Beyond the yacht, two Polish-built boats also belonging to the Van Thinh Phat chairwoman failed to attract buyers. Their starting prices had been lowered from over 5 billion dong to 4,8 billion dong each.

During the Van Thinh Phat case investigation, 1.237 real estate properties and numerous assets directly linked to Ms. Lan were seized. At the phase one appellate court trial in late 2024, Ms. Lan sought the return of several assets. These included the Reverie Saigon yacht, which she claimed was used to serve guests of the hotel bearing the same name. She also requested the unfreezing of assets and the return of the building currently serving as SCB Bank's headquarters on Nguyen Hue street, Ho Chi Minh City, to her daughter.

Phuong Dong