Two luxury Hermès Birkin handbags confiscated from jailed Vietnamese property tycoon Truong My Lan have been sold for more than S$720,000 at a government auction in Vietnam.
The handbags, which were among over 1,200 seized assets linked to the disgraced businesswoman, reportedly attracted strong interest from collectors and luxury investors. One of the white crocodile-skin Birkin bags alone sold for approximately S$593,000, while the second fetched around S$128,000.
The auction reportedly lasted just 30 minutes before both bags found buyers.
Luxury Bags Seized During Massive Fraud Investigation
Truong My Lan is currently serving a life sentence after being convicted over one of Vietnam’s biggest financial scandals. Prosecutors accused her of secretly controlling Saigon Commercial Bank and siphoning billions of dollars through shell companies and fraudulent loans over more than a decade.
The total amount linked to the scandal reportedly reached around US$44 billion (approximately S$59.4 billion), shocking Vietnam’s financial sector and triggering major anti-corruption efforts.
She was initially sentenced to death in 2024, but the sentence was later reduced to life imprisonment after Vietnam abolished the death penalty for several economic crimes.
Authorities have also ordered her to repay roughly US$27 billion (around S$36.5 billion) in compensation and damages.
During court proceedings, Truong My Lan had reportedly pleaded to keep the handbags, saying one was purchased in Italy while the other had been gifted by a Malaysian businessman. She allegedly hoped to pass them down to her children and grandchildren as family keepsakes.
Birkin Bags Continue To Fetch Record Prices Worldwide
Luxury experts say Hermès Birkin bags remain among the world’s most sought-after fashion items due to their exclusivity and limited production.
According to luxury fashion specialists, rare editions featuring crocodile skin, diamonds, or special embellishments can appreciate significantly in value over time, making them attractive alternative investments for wealthy collectors.
The more expensive bag sold in the Vietnam auction was reportedly a smaller size 25 Birkin featuring rhinestone detailing on the clasp and trim, helping it achieve a price nearly seven times higher than its opening bid.
The global demand for Birkin bags has also pushed auction records higher in recent years. In 2025, the original Birkin bag was sold at a Sotheby’s auction in Paris for more than S$13.7 million, setting a new record for the most expensive handbag ever sold.
Luxury analysts say the resale market for premium designer goods continues to grow rapidly, especially in Asia, where collectors increasingly view rare handbags as both status symbols and long-term investment assets.