Vietnamese Tycoon's Seized Hermes Collection Sold For Over Rs 5 Crore

A collection of luxury handbags once owned by jailed Vietnamese property tycoon Truong My Lan has been auctioned for more than $535,000 (approx Rs 5.05 crore).

The sale included several Hermes Birkin bags, which are among the most expensive and in-demand luxury handbags in the world. One white Birkin bag sold for about $440,144 which was decorated with rhinestones, and the second bag sold for about $94,858. These bags were seized after Lan was convicted in a huge banking fraud case.

Nicholas Parnell, founder of Agency Parnell, a wholesale luxury fashion agency, told BBC that Hermes Birkin bags are among the most sought-after luxury items in the world, largely because of the brand's strict control over supply and access.

"It becomes something you cherish and hold on to. The price is quite limitless in a way because there are so many special editions," he said.

Lan, a real estate billionaire, was first sentenced to death in 2024, but her punishment was later changed to life imprisonment after the court removed the death penalty for embezzlement. She was found guilty for her role in a multi-billion-dollar fraud involving Saigon Commercial Bank, through which she and her accomplices siphoned about $44 billion via the bank. 

Authorities are selling her seized luxury items, including bags, jewellery and property, to recover some of the losses from the case. She still owes about $27 billion in compensation to the victims of the fraud.

During her trial, she said she wanted to keep the Birkin bags as gifts for her children and grandchildren. She claimed she bought one in Italy and received the other as a gift from a businessman. But the court ordered the sale of her seized assets, including these bags, to recover money. The bags were part of about 1,200 items taken from her.

Last month, Lan's luxury cars, including a white Maybach, a BMW and a Lexus, were sold after being seized in connection with her case. A 4-seat white Maybach that had a starting price of about $265,000 was sold for about $630,000, a 5-seat blue BMW sold for $36,700, and a 5-seat black Lexus sold for $29,000, according to CNN.

The money raised from these sales will first be used to cover judgment enforcement costs, auction expenses, and court and legal fees, according to lawyer Nguyen Thi Huyen Trang, while the remaining amount will go toward compensation related to the case.