On 15 September 2023, Vietnam held its first ever official auction of vehicle registration numbers. There was a fair bit of excitement as the event seemed to be attracting some very serious bids. By the time the sale was over, several lots had achieved very impressive hammer prices.
The undisputed star of the show, and the focus of news headlines was the Ho Chi Minh City registration number 51K-888.88 which appeared to sell for a hefty VND32.34 billion (£1.1 million). Other notable high-fliers included the Hanoi number plates 31K-555.55, which went for VND14.1 billion (£473,000) and 30K-567.89 at VND13 billion (£436,000).
Good luck
As with auctions in other East and Southeast Asian countries, the number 8 seems to attract strong bids. In many Asian traditions, the digit is associated with luck and good fortune. Conversely, the number 4, which has negative connotations associated with death, is often avoided. Bearing five occurrences of the lucky number, it should be no surprise that 51K-888.88 did well. The hammer price of over £1 million, however, was completely unexpected and the result immediately made the headlines.
And bad luck
Sadly, reality reasserted itself and the winning bidders of six lots, including 51K-888.88, failed to pay within the 15 day time limit. The unpaid sales were voided and the affected registrations were set aside to be auctioned again at a later date. The defaulting bidders lost their £1,085 deposits. Experts speculated that the bidders who did not pay may have been investors testing market demand.
Nice little earner
Despite the slightly embarrassing 51K-888.88 debacle, the Deputy Minister of Public Security, said that more than VND100 billion had been raised. He expressed the opinion that the effectiveness of the number plate auction at generating money for the state, the auctions should become a legitimate activity for that purpose. The Vietnamese National Assembly passed a resolution in 2022 approving the auctions on a trial basis.
A plate-loving continent
As we have seen, East and Southeast Asian countries have a particular liking for certain lucky numbers, but people on the opposite side of the continent are also big spenders when it comes to grabbing their ideal plates.
Abu Dhabi and Dubai in the United Arab Emirates are, officially, the world's highest paying private number plates fanatics. The UAE currently holds the top 10 places in our chart of the world's most expensive number plates!
