Vietnam’s Most Corrupt Female Tycoon Imprisoned, 2 Hermès Bags Auctioned for RM2.12 Million to Repay Debts

Vietnamese real estate tycoon Truong My Lan has been jailed due to her involvement in a massive financial fraud case, and the government is striving to recover her illegal gains. According to local state media, two Hermès handbags she once owned were auctioned off for about 1.41 billion Vietnamese dong (approximately RM2.12 million) to repay debts.

Truong My Lan and her accomplices were previously accused of embezzling over 304 trillion Vietnamese dong (around RM45.7 billion) from Saigon Commercial Bank. She exercised actual control over the bank through several agents, committing the largest financial fraud in Vietnam’s history.

This financial scandal shocked the entire country and resulted in tens of thousands of people who invested in Saigon Commercial Bank suffering major losses.

In April 2024, Truong My Lan was sentenced to death by the court. However, in June 2025, the Vietnamese National Assembly passed an amendment to the Criminal Law, abolishing the death penalty for eight crimes. As a result, she was spared execution and her sentence was commuted to life imprisonment.

The two handbags found new owners in just 30 minutes during the auction held on the 21st. The Ho Chi Minh City Property Auction Service Center hit the gavel at 1.16 billion Vietnamese dong for one bag, while the other Hermès bag sold for 250 million dong.

During the trial, she tried to keep these two Hermès handbags, saying she wanted to “leave them for her descendants.” One of the bags was purchased by herself in Italy, while the other was a gift from a Malaysian businessman. However, the court deemed them criminal proceeds, directly rejected her request, and put them up for auction to repay debts.