Two highly exclusive Birkin handbags seized from the imprisoned Vietnamese property magnate Truong My Lan have been sold by the government for an impressive combined total exceeding $535,000, BBC reports.
The auction took place at the Ho Chi Minh City Asset Auction Service Centre on Monday and formed part of a wider government initiative to sell off 1,200 confiscated assets. Bidding for the luxury accessories was incredibly fast-paced and concluded in just 30 minutes. Earlier in January authorities from the local Civil Judgment Enforcement Agency had called in specialists to accurately value the two crocodile skin Hermès Birkin bags ahead of the highly anticipated event.
The standout item of the auction was a size 25 Birkin decorated with rhinestones on its trim and clasp. This luxurious piece blew past expectations to sell for $440,144 which was nearly seven times its starting price. Meanwhile the second bag, a slightly larger size 30, fetched a very respectable $94,858.
The downfall of a billionaire
The former billionaire is currently behind bars serving a life sentence following her involvement in a monumental financial scandal. Lan was found guilty of covertly controlling the Saigon Commercial Bank which ranks as the fifth-largest lender in Vietnam. Over the course of a decade she orchestrated the embezzlement of $44 bn in loans and cash through a sophisticated web of shell companies.
She initially faced the death penalty in April 2024 but this was downgraded to life imprisonment the following June when the country abolished capital punishment for various white-collar offences. Alongside her prison term she has been ordered to pay an astonishing $27 bn in reparations.
During court proceedings Lan fought desperately to keep the designer handbags. She testified that one was purchased in Italy while the other was gifted to her by a Malaysian businessman. She pleaded with the judge to let her retain them as precious family heirlooms for her children and grandchildren but her requests were ultimately denied.
The endless appeal of the Birkin
These astronomical sale prices are a testament to the enduring investment value of Hermès products. Renowned auction houses such as Sotheby’s frequently sell Birkin bags for tens of thousands of dollars. In July 2025 the market witnessed a historic moment when Sotheby’s Paris auctioned the very first Birkin bag for €8.6 mln to set a new global record for the most expensive handbag ever sold at the time.
Nicholas Parnell who founded the wholesale luxury fashion firm Agency Parnell explained that Birkin prices have experienced consistent annual growth for an extended period. He highlighted that the French fashion house deliberately restricts access to its products to maintain this immense desirability among the global elite.
Parnell considers these extremely rare accessories to be wearable works of art that owners tend to cherish and hold on to tightly. He added that the continuous release of highly limited special editions means the potential resale value of these items is practically limitless.
