Vietnam Auctions Disgraced Tycoon's Hermes Bags to Recoup Damages

Vietnam auctioned off two Hermes handbags owned by real estate tycoon Truong My Lan, convicted in a major fraud case, for US$539,000 as part of efforts to claw back billions in ill-gotten wealth.

Fri May 22 2026

Disgraced Tycoon's Assets Seized and Sold in Vietnam

The Vietnamese government has auctioned off two Hermes handbags owned by real estate tycoon Truong My Lan, who was convicted in the nation's largest fraud case, for 14.21 billion dong (US$539,000). This accelerated effort aims to recoup billions of dollars in ill-gotten wealth. Courts ordered Lan to repay US$27 billion in damages, and the government is auditing assets owned by her and her affiliates to recover these losses.

Progress in Recovering Damages

To date, Truong My Lan has repaid over 12 trillion dong to approximately 42,000 bondholders. The auction of her Hermes bags is part of these ongoing recovery efforts, with further asset sales expected to retrieve more of the damages. The government continues to pursue strong legal measures and asset seizures to mitigate the massive economic losses resulting from the fraud case.

*Source: SCMP (2026-05-22)*

Tags: #Vietnam #Truong My Lan #Hermes #Real Estate Fraud #Asset Recovery