Thai Nguyen orchid farmers face heavy losses after market crash

Farmers in Trung Than village, Dong Hy district, Thai Nguyen province, are facing significant financial losses following the collapse of the mutant orchid (lan var) market. During a speculative fever between late 2020 and early 2021, prices for certain varieties reached unprecedented heights, with some transactions reportedly valued at 1 billion VND per centimeter.

Many local households, including approximately 130 out of 200 families in the village who rely on orchid cultivation, invested heavily in these high-value plants. Some farmers used decades of savings intended for housing to purchase varieties such as Phu Tho, Hien Oanh, and Hong Yen Thuy.

When the market crashed, many growers were unable to sell their stock. Local residents reported losses ranging from hundreds of millions to billions of VND. Consequently, many once-valuable orchid pots are now left neglected, hanging on fences with little to no buyer interest.