Truong My Lan's Luxury Yacht Fails to Sell at Auction for Fourth Time

Three luxury assets owned by Truong My Lan, the former chairwoman of Van Thinh Phat Group, failed to attract any bids at an auction held on June 18. The assets included a yacht and two boats.

The auction, organized by the Ho Chi Minh City Civil Judgment Enforcement Department and the City Services Auction Center, was conducted online. However, no participants submitted offers for any of the three properties.

This is the fourth time these luxury assets have been put up for auction with reduced prices. The yacht, named 'The Reverie Saigon,' a blue and white vessel manufactured in France in 2018, had a starting bid of 38.7 billion Vietnamese dong (approximately $1.5 million USD). The other two assets are boats, THALIA and ELECTRA, both manufactured in Poland in 2017, with initial bids exceeding 3.8 billion Vietnamese dong each.

Truong My Lan is a central figure in a major financial scandal involving alleged embezzlement and damages totaling hundreds of trillions of Vietnamese dong to Saigon Commercial Bank (SCB). The court has ordered her to compensate victims and creditors.