Fireworks prices nearly doubled during Tet holiday but still 'sold out'

In mid-January, Ngo Minh (Thanh Xuan, Hanoi) bought four boxes of flashing pellet sprayers, a type of fireworks from the 21 Chemical Company Limited (Z121 Factory), priced at VND350,000 per box from a familiar online store. But now the wholesaler is offering the product at VND450,000, an increase of nearly 30%. If you buy 10 boxes or more, the price will be reduced by VND5,000 per product.

Flashing pellet sprayers, along with pellet and flower sprayers, are silent fireworks products that have been "hot" for many years at Factory Z121. This item is popular with people during Tet thanks to its sound effects, light and brilliant colors.

On December 22, Pham Thu (Tay Mo, Hanoi) texted three dealers introduced by acquaintances, and all received the answer "out of stock". Thu asked some more dealers on social networks, and was quoted 480,000-500,000 VND per box of spray rig. Compared to half a month ago, the price of each product has nearly doubled.

Afraid to go far, Thu bought two fireworks displays from a merchant near her home, for 480,000 VND per box, equivalent to the price of the official dealer plus shipping fee.

According to a survey, the price of 25-tube pellet and flashing guns is fluctuating on the market, ranging from 420,000 to 500,000 VND per box, not including shipping fee.

On the official website of Factory Z121, the 25-tube pellet sprayer is listed at 350,000 VND, the flashing type is 330,000 VND. At store number 3 in Cau Giay area (Hanoi) - one of the factory's sales points, the 25-tube flashing sprayer is out of stock. The pellet sprayer is quoted by the staff here at 450,000 VND per box, 100,000 VND higher than the listed price. The store staff said the price had increased 10 days ago according to company policy.

Ms. Thom, a wholesaler in Hanoi, said she usually tells customers to pick up their goods about two months before Tet. "A few weeks ago, each box was only 380,000-390,000 VND. As Tet approaches, the price increases every day," she said, adding that this year's purchasing power for this item is higher than previous years.

According to her, at the end of the year, there are many events such as the celebration of the Vietnamese team winning the ASEAN Championship 2024, the time between the New Year and the Lunar New Year At Ty is close together, so the demand for fireworks of the people has increased sharply, "concentrated" more than every year. Meanwhile, the quantity of goods is limited, so agents and wholesalers "have difficulty selling at the right price".

In addition, prices are pushed up by traders who continue to accumulate goods. The high prices are also due to traders who have sold off goods, but still accept individual purchases to make a difference, not being under pressure of inventory.

On the contrary, some traders are selling their products to celebrate Tet early. They sell by the box, not by the box, for an average of 400,000 VND per product. A few traders have reduced the price to 350,000-380,000 VND per box, but most of them are old models from previous years, not as good quality and beautiful as the newly produced models.

During last year’s Tet holiday, the Z121 factory also stockpiled fireworks to push up prices, with prices ranging from tens to hundreds of thousands of dong. However, around the 26th and 27th of Tet, traders in the capital and northern provinces, and localities near the factory, dumped their goods to recoup capital, and even sold many types below the listed price.

Fireworks used to be a part of the traditional Tet holiday. Over time, unsafe types of firecrackers appeared on the market, causing this custom to be distorted. The production, sale and use of firecrackers during Tet were then banned. Since January 2021, the Government has allowed the use of fireworks in some special events and cultural and artistic activities.

However, fireworks are a conditional business product. Currently, only two enterprises under the Ministry of National Defense are licensed to trade this product through product showrooms and agents, namely Factory Z121 and the Defense Industry Economic and Technical Corporation (GAET Corporation).