A local auction firm has announced the sale of 12 asset lots, comprising various traffic violation vehicles seized by the traffic police under the Ho Chi Minh City Police.
The vehicles, now under state ownership, include large batches stored at impound yards across the city. One lot alone features more than 3,200 motorbikes, while another contains over 1,200 units at a facility on Nguyen Van Quy street.
Starting prices for each lot range from several hundred million to over VND 1 billion (about USD 39,000), with average values per motorbike estimated at between VND 720,000 and just over VND 1 million (about USD 28-39).
Successful bidders must have suitable storage facilities and cover all associated costs, including transport, labour and environmental handling. The auction is scheduled to take place online on March 31, using an ascending bid format and selling assets by lot.
Experts say auctioning confiscated vehicles is necessary to recover value for the state. However, they note that delays in processing from seizure to sale often result in significant deterioration, reducing actual value and leading to waste.
Earlier this year, three lots comprising more than 24,000 seized motorbikes were successfully auctioned online, with starting prices ranging from VND 3.3 billion to VND 5.8 billion (about USD 129,000-227,000), averaging VND 470,000-560,000 (USD 18-22) per vehicle.
