The Ho Chi Minh City Asset Auction Service Center recently announced an online auction for two assets formerly owned by Truong My Lan, chairwoman of the Van Thinh Phat Group's board of directors. The auction is scheduled for 21/5.

Specifically, one white Hermes handbag, size 30, has a starting bid of 2,34 billion VND. The other bag, from the same brand, size 25, features white embellishments on its lock and trim, with a starting price of 1,77 billion VND.

These two items will be auctioned individually, with bid increments of 50 million VND. Prospective participants must place a deposit of 20% of the starting price and have the option to preview the assets.

Authorities seized and confiscated both bags during the second phase of the cases involving the Van Thinh Phat Group. The Ho Chi Minh City Civil Judgment Enforcement Department currently holds ownership of these assets.

The albino Hermes bag, size 30, has a starting auction price of 2,34 billion VND. *Photo: Ho Chi Minh City Asset Auction Service Center*

During a court session in late September 2024, Ms. Lan stated that she purchased one of the albino crocodile skin Hermes bags in Italy, while a Malaysian billionaire gifted her the other. "Their value is negligible compared to my assets (currently frozen), but I request they be returned as mementos for my children and grandchildren," Ms. Lan said.

Similar bag models have been famously carried by celebrities such as Kim Kardashian, Jennifer Lopez, and Victoria Beckham.

Beyond these two bags, the investigation into the Van Thinh Phat case has led to the seizure of 1,237 properties and numerous other assets directly linked to Ms. Lan. Earlier this year, the Ho Chi Minh City Civil Judgment Enforcement Department attempted to auction Ms. Lan's yacht, The Reverie Saigon, with a starting price of 52 billion VND, but found no buyers. After several unsuccessful attempts, the yacht's asking price this month has been reduced to 42,5 billion VND.