In the past two weeks, the orchid market has started to heat up again with the appearance of many high-value transactions. Among them, the most sought-after types of orchids are the white 5-petal Bao Duy, Tuyet Dinh Hong, Vinh Khang, Dai Cat, Ngoc Son Cuoc…
Nguyen Van H., an orchid player in Phu Tho, said that before the Lunar New Year, orchids like Ngoc Son Cuoc, Bao Duy… were expensive but still affordable at a few million dong per pot if they met the standard.
A transaction of Tuyet Dinh Hong orchids shared on social media.
However, recently many people have been trading and posting on social media with prices ranging from tens of millions of dong per cm for 5-petal white orchids like Bao Duy, Tuyet Dinh Hong… Recently, social media clips have appeared with transactions of Tuyet Dinh Hong orchids priced at hundreds of millions of dong per plant, or clips of dozens of gardeners gathering to buy the plants…
Nevertheless, many flower players believe that this is a way for some big gardeners to raise the prices of orchids to “lure fools”. Mr. N.V.T. (owner of a garden in Thanh Hoa) said that he also has some types of orchids like Bao Duy, Ngoc Son Cuoc. However, when contacted, the potential buyers offered a very low price, even haggled, and then refused to buy.
“The big gardeners are just fooling around to make people invest, buy orchids from their gardens. However, people are aware now, because the lessons of 2021, 2022 have caused many people to lose their homes, land, and even fall into debt,” said Mr. T.
Phu Tho white 5-petal orchids in bloom are priced at 1.8 million dong.
Talking to PV Tien Phong about this issue, Professor Tran Duy Quy – Chairman of the Association of Orchid Production and Business in Vietnam – said that recently the price of orchids has “increased” compared to before. The reason is that during the breeding season, flower players exchange more. Moreover, after a period of planting and taking care, orchids have bloomed, and players can see the flowers clearly rather than guessing and buying the wrong plant as before.
Professor Tran Duy Quy also believes that although the price of orchids has increased, it is still not as high as during the frenzy. Currently, orchids have returned to their true value, suitable for the majority of consumers’ budgets and everyone can afford to play with them.
Previously, at the end of 2021, beginning of 2022, orchids caused a market frenzy when prices soared. During the frenzy, Bao Duy 5-petal orchids were priced at about 2-3 billion dong per cm, Ngoc Son Cuoc 5-petal orchids were priced at 1 billion dong per cm, Bach Tuyet orchids were priced at around 100 million dong per cm. The cheapest type of orchid is Hiển Oanh 5-petal orchids, priced at about 5 million dong per cm, and Phu Tho 5-petal orchids are priced at about 1.2 million dong per cm. In fact, many people even buy “unseen” plants, meaning they haven’t even seen the plants but still put a few hundred million dong to buy the orchids.
Orchids are gradually returning to their true value.
By mid-2022, the orchid market quieted down and in 2023, it reached the bottom, returning to its true value. By the end of 2023, for only 100,000 dong, players can buy a large pot of orchids. Moreover, orchids like Hien Oanh, Phu Tho have already bloomed, with prices at about 200,000 dong per pot (1-2 stems).
According to PV Tien Phong’s research, the orchid frenzy of 2021-2022 has pushed many families into bankruptcy, destroyed their homes, and left them with bank debts.
For example, the owner of a farm in Tuyen Quang said that he invested in a few plants, and within just 2 weeks, he made a profit of 500 million dong. Overly confident, he mobilized his relatives and borrowed money to invest in the orchid garden. However, after a period of time, the orchid market collapsed. He had to sell all his land, houses, and assets but still couldn’t repay the debts. Currently, his family still owes about 10 billion dong.
“From a farmer with tens of billions in savings, several pieces of land, but fell for orchids, my family lost everything. Now I have accepted that I will be in debt for the rest of my life,” the farmer shared.
