The Reverie Saigon yacht. Image provided by Times Square Vietnam.

The HCMC Civil Judgment Enforcement Department, responsible for the auction, had not received any offers at that time.

The department will also attempt to auction off two additional vessels owned by Lan at VND4.8 billion each, which is 4% lower than the price in the January 5 auction. Bidders will need to deposit 20% of the opening bid.

In 2024, Lan and her associates were convicted of stealing from Saigon Commercial Bank, resulting in a loss of VND677 trillion (US$27 billion) over a ten-year period.

She was sentenced to death, a ruling confirmed by an appeals court last year.

As a result of an investigation into Lan’s enterprise, Van Thinh Phat, over 1,200 properties and numerous assets directly associated with her were confiscated.

During the trial, Lan unsuccessfully sought the return of several assets, including the yacht and two Hermes bags.