According to the Ho Chi Minh City Asset Auction Service Center, both luxury bags were successfully auctioned on May 21 after about 30 minutes of bidding for each item.

A white Hermès size 30 handbag, which carried a starting price of more than VND 2.3 billion ($90,000), was sold after four bidding rounds for over VND 2.5 billion ($98,000).

The second item - a white Hermès size 25 handbag featuring white diamonds on the lock and trim - sparked intense competition among bidders. Starting at more than VND 1.7 billion ($67,000), the bag eventually sold for more than VND 11.6 billion ($456,000) after 119 bids.

The winning bidder was identified only by the code HCM23013421.

The handbags were among assets seized from Truong My Lan, chairwoman of the now-collapsed Van Thinh Phat Group, as part of ongoing enforcement proceedings following her conviction in Vietnam’s sweeping corruption and financial fraud cases.

Under rulings issued by the Ho Chi Minh City People’s Court and the High People’s Court in Ho Chi Minh City, Truong My Lan was sentenced to death and ordered to compensate victims and related parties more than VND 30 trillion ($1.18 billion) in connection with illegal bond issuance activities.

During previous court hearings, Truong My Lan repeatedly asked authorities to return the two Hermès handbags, saying she hoped to keep them as family heirlooms for her children and grandchildren.

The request was rejected, and the items remained under seizure to secure enforcement obligations.

Alongside the handbag auctions, Ho Chi Minh City civil judgment enforcement authorities are preparing to auction three luxury vehicles linked to Truong My Lan and affiliated companies.

Among the assets scheduled for sale is a white Maybach registered under Van Thinh Phat Investment Group, carrying a starting price of more than VND 7 billion ($275,000).

Authorities are also auctioning a BMW registered to Times Square Vietnam Investment JSC with a starting price of nearly VND 967 million ($38,000), and a Lexus valued at more than VND 767 million ($30,000).

The auctions form part of Vietnam’s broader efforts to recover assets for tens of thousands of bondholders affected by the Van Thinh Phat scandal.

On the same day, Ho Chi Minh City civil enforcement authorities announced they had completed the ninth round of compensation payments, distributing VND 1.732 trillion ($68 million) to 42,574 bondholders tied to the case.

Thanh Phuong