The Lunar New Year in Vietnam, known as Tet, is a significant holiday where families purchase ornamental plants such as potted kumquat trees as symbols of luck and good fortune. This year, a typhoon and extreme heat have impacted the harvest, leading to fluctuating prices for these plants. Some consumers have opted for less expensive options like orchids or persimmon branches due to the higher costs of kumquats. Ornamental plant farmers are now facing unsold inventory and decreased demand for their products.
Kumquat trees are a common sight in Vietnamese homes, shops, and office lobbies during the Lunar New Year season. However, the impact of Typhoon Yagi in September caused significant damage to crops, including kumquat trees. The extreme weather, accompanied by higher-than-average temperatures and a shortage of rainfall, has resulted in weaker trees and less attractive fruit, leading to price swings in the market. Consumers have noticed that this year’s kumquat fruits are smaller and less appealing than usual, contributing to the price sensitivity of ornamental plants.
The economic malaise in Vietnam has also affected the market for kumquats and other ornamental plants. While consumers can adjust their purchases based on price fluctuations, farmers are struggling to recover from the impact of the typhoon and extreme weather on their crops. One kumquat farmer, Nguyen Duc Vinh, reported losing 40% of his trees to flooding and high winds. Despite raising prices to cover labor costs, Mr. Vinh was forced to reduce them again when traders did not make orders for the Lunar New Year holiday.
Nguyen Van Loi, a kumquat vendor in Hanoi, shared his struggles in selling trees that he had purchased from Mr. Vinh. Despite cutting prices in half, Mr. Loi still had about 400 trees left to sell. This year has been described as one of the worst in Mr. Loi’s 10 years of trading, reflecting the challenges faced by both farmers and vendors in the ornamental plant market. The uncertainty and volatility in the market have made the craft of growing and selling kumquat trees more precarious than ever.
Overall, the combination of a typhoon, extreme heat, and economic challenges has impacted the ornamental plant market in Vietnam, particularly affecting kumquat farmers and vendors. While consumers have adjusted their purchases based on price fluctuations, farmers are struggling to recover from crop damage and unsold inventory. This Lunar New Year season has been difficult for those involved in the production and sale of ornamental plants, highlighting the broader economic challenges facing Vietnam in the aftermath of natural disasters and the pandemic.
