The auction of Ms. Truong My Lan's yacht continues to fail despite price reductions.

On February 12th, the auction for The Reverie Saigon yacht, owned by Ms. Truong My Lan - Chairwoman of Van Thinh Phat Group - continued to fail due to a lack of registered bidders, even though the starting price had been adjusted downwards.

According to an announcement from the Ho Chi Minh City Asset Auction Service Center, the auction scheduled for the morning of February 12 could not proceed as planned because no individuals or organizations registered to purchase the property, marking the second consecutive time this auction has failed.

The Reverie Saigon yacht, manufactured in France in 2018, is blue and white and is currently moored at Tam Son Swan Bay marina in Dai Phuoc commune, Dong Nai province. In the second auction, the starting price for this asset was reduced to over 49.2 billion VND from the initial price of over 52 billion VND. However, even with the reduced price, this auction failed to attract buyers.

Besides the yacht, two other vessels owned by Ms. Truong My Lan, named THALIA and ELECTRA, were also put up for auction at the same time and both failed to attract buyers. Both vessels, manufactured in Poland in 2017 and painted white, had their starting prices adjusted from 5.16 billion VND down to 4.8 billion VND each, but still received no bids.

The Ho Chi Minh City Civil Enforcement Agency stated that, according to the Law on Civil Enforcement, for assets put up for auction to enforce payments due to the state budget, if no one registers to buy, the enforcement officer will decide to reduce the price to hold another auction, with each reduction not exceeding 10% of the starting price of the previous auction. The fact that both assets continued to have no buyers shows the difficulty in finding interested buyers for large assets such as yachts and ships in the current auction market.

Previously, the yacht and two other vessels were seized as part of an enforcement order related to a major economic case involving the Van Thinh Phat Group. The assets, including the yacht The Reverie Saigon, were seized at the end of 2023 as part of the case proceedings and subsequently reviewed by the first-stage appellate court at the end of 2024. Ms. Truong My Lan had requested the return of several assets, including this yacht, arguing that they were used for her hotel and café operations under the same brand, but this request did not alter the decision to seize the assets for enforcement purposes.

The continued failure to sell the yacht and related assets is occurring amidst close public scrutiny of the handling of seized assets related to those responsible in major economic cases. The Reverie Saigon yacht has long been of interest to industry insiders and the public due to its size, origin, and high value, and its association with the well-known brand of the same name in Ho Chi Minh City, leading to significant attention during the auction process. However, initial results suggest that the asset's appeal in the auction market is not strong enough, even after a substantial price reduction compared to the initial offering.

Currently, civil enforcement agencies can still proceed with the next steps as prescribed by law, including a subsequent auction with a new starting price if necessary, in order to exercise the right to recover funds for the state budget in accordance with regulations. Meanwhile, public opinion and relevant parties continue to monitor the developments in the handling of auctioned assets related to Ms. Truong My Lan and other seized assets in the same case.

Truong My Lan gave up and said her last words, her husband was praised to the skies. Minh Lợi20:58:19 26/11/2024On November 26, the appeal hearing of the Van Thinh Phat Group case (phase 1) continued the debate with the response of Ms. Truong My Lan. After that, the defendants were given the final say before the panel of judges deliberated.