Vạn Thịnh Phát Heiress's Diamond Jewelry Set for Auction in Vietnam

Ho Chi Minh City authorities are preparing to auction three diamond jewelry items belonging to Truong My Lan, the chairwoman of Van Thinh Phat Group, with a combined starting bid of approximately VND 25 billion (USD 1 million). The items include a necklace with 16 diamonds, valued at around VND 8.9 billion; a pair of earrings with 10.58mm and 10.7mm diamonds, worth nearly VND 9.5 billion; and a diamond ring measuring 14.1mm, priced at over VND 6.6 billion. These valuations were provided by an appraisal company based in Ho Chi Minh City. These pieces are among numerous assets seized from Lan as part of the enforcement of judgments related to her involvement in a massive fraud case. During a trial in late September 2024, Lan requested the return of a diamond jewelry set exceeding 20 carats that she wore upon her arrest, along with other items like two albino crocodile skin Hermes bags. She argued that their value was negligible compared to the assets being frozen and wished to keep them as mementos for her children and grandchildren. In May, two Hermes bags were successfully auctioned on their first attempt, with one selling for VND 11.6 billion, seven times its starting price. Other assets linked to Lan, such as yachts, ships, and real estate, are also currently being processed for sale. Furthermore, Saigon Commercial Bank (SCB) is in the process of selecting an appraisal organization to value 1,120 collateral assets backing 1,243 loans by Lan before proceeding with public auctions. The valuation of collateral assets is a crucial step in debt recovery and determines the starting bid for public sales. In Vietnam, under the one-party rule of the Communist Party, economic growth remains a top priority. Recent anti-corruption campaigns have created a climate of scrutiny within the business sector, and large-scale asset seizures and auctions serve as symbolic demonstrations of strict law enforcement. Amidst complex relations with China, maintaining domestic economic stability and the credibility of its legal system are ongoing challenges for the Vietnamese government.