Two luxury Hermès Birkin bags belonging to disgraced Vietnamese property tycoon Truong My Lan have been auctioned off for more than US$535,000 (around RM2.5 million) as authorities continue recovering assets linked to Vietnam’s biggest financial fraud case.
The handbags were sold during a government asset auction held in Ho Chi Minh City, where more than 1,200 confiscated items connected to Truong My Lan’s case were put up for sale.
According to reports, both luxury bags found buyers within just 30 minutes of bidding.
One white Hermès Birkin bag was sold for an impressive US$440,144 (around RM2.06 million), while another Birkin fetched US$94,858 (approximately RM444,000).
The more expensive handbag reportedly featured rhinestone decorations on its hardware and sold for nearly seven times its starting price.
Truong My Lan was previously sentenced to death after being found guilty in Vietnam’s largest-ever financial fraud scandal involving billions of dollars.
In April 2024, Vietnamese courts ruled that she secretly controlled Saigon Commercial Bank, the country’s fifth-largest bank, and used a network of shell companies to illegally obtain loans and siphon funds over more than a decade.
Authorities estimated the total amount involved in the scandal reached US$44 billion.
The court also ordered her to repay approximately US$27 billion in damages.
To avoid execution, Truong My Lan later sought to negotiate by surrendering assets to help repay part of the losses.
However, during court proceedings, she reportedly requested permission to keep the two Hermès bags, saying she hoped to leave them behind for her descendants.
She allegedly told the court that one of the bags had been personally purchased by her in Italy, while the other was a gift from a Malaysian businessman.
Despite her request, both handbags were ultimately confiscated and sold as part of the government’s effort to recover funds linked to the massive fraud case.
The scandal has become one of the most closely watched corruption and financial crime cases in Vietnam’s history.
