The Ho Chi Minh City Civil Judgment Enforcement Department recently decided to further reduce the yacht's starting price by 5% for the third auction, setting it at 46,8 billion VND. The date for this new auction has not yet been announced.

The Reverie Saigon yacht was first put up for auction on 8/1 with a starting price of 52,4 billion VND. Due to a lack of buyers, the starting price for the second attempt was reduced by 6% to approximately 49 billion VND, but that also failed.

The yacht, owned by Truong My Lan, chairwoman of Van Thinh Phat, was built in France in 2018. It is currently moored at Tam Son Swan Bay marina in Dai Phuoc commune, Dong Nai province. This asset was seized at the end of 2023, and Ms. Lan sought to reclaim it during her 2024 appeal trial.

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

According to the Civil Judgment Enforcement Law, for assets auctioned to enforce payments to the state budget, if there are no bidders, the enforcement officer will decide on a reduction to continue the auction. Each reduction must not exceed 10% of the previous auction's starting price.

In addition to the yacht, two passenger ships owned by Ms. Lan and built in Poland have also been auctioned multiple times without finding buyers. The starting price for each has been reduced by 500 million VND to 4,6 billion VND for the upcoming third auction.

The auction of judgment enforcement assets rarely succeeds on the first attempt due to factors such as the starting price, legal complexities, and operational viability. In Ho Chi Minh City, many assets have been put up for auction by enforcement agencies more than 10 times but have not found buyers, necessitating continuous price reductions as per regulations.

Phuong Dong