Ho Chi Minh City's Civil Judgment Enforcement Agency organized an auction on October 23 for four properties linked to Truong My Lan, Chairwoman of Van Thinh Phat Group.

The combined starting price of the first three property lots was reported at more than VND334 billion.

The most valuable property was a villa on Nguyen Thi Dieu Street in Xuan Hoa Ward, formerly part of District 3, with a starting price exceeding VND202.5 billion (approximately $7.7 million).

The villa stands on a land plot measuring nearly 300 square meters, with a building footprint of 164 square meters.

The second property was a house and land plot at 142 Vo Van Tan Street in Xuan Hoa Ward, offered at a starting price of more than VND94 billion.

The property covers 115.9 square meters and is designated for urban residential use.

The third lot consisted of three apartments on the second floor of a building at 25 Dong Khoi Street in Sai Gon Ward, with a combined starting price exceeding VND41 billion. Each apartment measures 26.43 square meters.

The fourth property was a house and land plot at 151 Dong Khoi Street in Sai Gon Ward, with a starting price of more than VND37.3 billion.

Despite their prime locations, none of the four property lots attracted a registered bidder.

Under Point a, Clause 1, Article 52 of Vietnam's Law on Property Auction, an auction is deemed unsuccessful if no bidders register before the registration deadline.

Luxury handbags and vehicles previously sold at auction

The Ho Chi Minh City Civil Judgment Enforcement Agency has previously succeeded in auctioning several other assets belonging to Truong My Lan.

Among them, two rare Hermès handbags were sold for a combined total exceeding VND14 billion.

A Mercedes-Maybach fetched more than VND16.6 billion, while a BMW was sold for VND879 million.

A diamond jewelry set was also listed with a starting price of nearly VND25 billion.

Most recently, after several unsuccessful auction attempts, Lan's Lexus bearing license plate 51A-942.85 was sold for VND600 million, more than VND150 million below its initial asking price.

More than 600 properties still subject to enforcement

The asset auctions are being conducted to enforce two criminal judgments issued by the Ho Chi Minh City People's Court and the High People's Court in Ho Chi Minh City against Truong My Lan.

Under these judgments, Lan is required to compensate more than 43,000 victims a total of over VND30 trillion.

Enforcement authorities are continuing to process more than 600 other properties linked to Lan to fulfill her court-ordered financial obligations.

Thanh Phuong