Jailed Vietnamese tycoon's Birkin bags sells for more than $550K
Summary
Two luxury Hermès Birkin bags owned by jailed Vietnamese businesswoman Truong My Lan were sold at a government auction for over $535,000. Truong My Lan is serving a life sentence for embezzling billions from a Vietnamese bank, and the auction was part of efforts to recover assets linked to her crimes.Key Facts
- Truong My Lan was sentenced to death in April 2024 for embezzling about $44 billion from Saigon Commercial Bank but her sentence was changed to life imprisonment after Vietnam abolished the death penalty for some crimes.
- She secretly controlled the bank and took out large loans using shell companies over 10 years.
- Two confiscated Hermès Birkin bags sold quickly at auction, fetching $440,144 and $94,858.
- One bag was decorated with rhinestones and sold for nearly seven times its starting price.
- The auction included 1,200 seized assets being sold by the Ho Chi Minh City Asset Auction Service Center.
- Birkin bags are highly valued luxury items, considered rare and collectible, often seen as investments.
- A previous Birkin bag set a record by selling for €8.6 million ($10.1 million) in 2025 at Sotheby’s Paris.
- Truong My Lan had wanted to keep the bags for her children as keepsakes before they were seized.
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