The Lunar New Year (Tet) kumquat market this year is projected to see significant price fluctuations. In Tu Lien Ward (Tay Ho District, Hanoi), known for its kumquat gardens, wholesale buyers dominate. Prices for standard kumquat trees range from 500,000 to 600,000 VND per tree, while premium bonsai kumquat trees can cost up to 25-30 million VND each.

Early demand and rising prices

Reports from VietNamNet indicate that kumquat farms in Tu Lien Ward have been busy with wholesale buyers scouting prices and purchasing in bulk.

Mr. Hung, a trader from Tu Son, Bac Ninh, stated: “Every year, I visit early to understand market trends. This year, wholesale prices for standard trees are at least 20% higher than last year.”

Mr. Hung hopes to buy around 150 trees priced between 300,000 and 400,000 VND each, though transportation costs from Hanoi add to his expenses.

Mr. Hoang, another trader from Bac Tu Liem (Hanoi), recalled that last year, prices for standard kumquat trees ranged from 300,000 to 1 million VND, while larger, more ornate bonsai kumquat trees were priced between 2 and 10 million VND.

“However, this year, nearly half of the market has been heavily impacted by recent storms. Prices are bound to rise,” he noted.

Gardeners brace for higher costs

Mr. Ha, a kumquat farmer in Tu Lien, predicted that prices could increase by 15-20% this year due to storm damage reducing the overall supply and increasing maintenance costs.

“My garden has around 400 standard kumquat trees, and fortunately, we weren’t significantly affected by the storm. Still, prices between 300,000 and 400,000 VND per tree are virtually nonexistent. I’m selling wholesale at 550,000 to 650,000 VND per tree. Since early December, I’ve sold 200 trees, mainly to buyers from nearby provinces,” he explained.

Another garden owner, Ms. Huong Ha, reported that her stock is nearly sold out. Wholesale prices range from 700,000 to 800,000 VND per tree, excluding transport costs.

“Transporting trees to areas like My Dinh can raise the price to 1 million VND per tree. Bonsai kumquat trees, which are more delicate and riskier to maintain, can cost 25-30 million VND each,” she added.

Market trends and challenges

Farmers expect a surge in demand by early December of the lunar calendar when prices could climb further.

However, some gardens, especially those near the river, suffered severe storm damage, leaving many plots vacant despite Tet being just over a month away.

Mr. Quang, a local resident, explained: “Some garden owners suffered heavy losses, losing hundreds of millions of VND and leaving their plots empty. Others have pivoted to growing flowers, which require less initial investment and can help them recover some of their losses.”

$1 = VND25,000

Tien Anh