Monday , January 30 2023

Firework prices triple at unauthorized dealers


Fireworks are being sold for double to triple their original prices by unauthorized dealers, but demand remains high as Tet, Vietnam’s biggest holiday, approaches.

A dealer in Hanoi’s Cau Giay District sold a mini fireworks package at VND880,000 ($38) over the weekend, 2.6 times higher then the original price charged by Z121, a producer that is operated by the Ministry of Defence.

Another dealer in Ha Dong District sold the same package for an even higher price of VND900,000.

But he said that the price was actually 25-30% lower than what he sold at the same time last year.

Fireworks are strictly controlled by the Vietnamese government and only two companies under the Ministry of Defence, Z121 and GAET, are allowed to sell them to customers.

Z121 has stores in 52 localities, and GAET has two outlets, one in Hanoi and another in the northern province of Ninh Binh.

Selling fireworks anywhere else, including online, is a violation of the law, according to the Vietnam Competition and Consumer Authority.

However, buyers can still buy fireworks through many online dealers.

“I paid VND1.2 million for a box last year, but now they are selling it at VND900,000,” said Huy in Ha Dong.

Dealers say that sales are slower than last year.

“By this time last year I was out of stock, but this year my inventory is still full,” said Hanh, a dealer in Hanoi’s Cau Gray District. “I’m starting to lower prices this week to recoup my investment.”

Last year, Z121 sold over four million fireworks products, up 10-times from 2021, when the government allowed mini fireworks to be sold to the public again after years of banning their sale due to safety concerns.

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