An old trick to "lure in" naive customers.
Recently, some groups on Facebook have posted and shared images of the sale of rare orchids at high prices, reaching tens or even hundreds of millions of VND per centimeter. However, in commenting on these images on social media, many people frankly stated that it is just a "showcase" trick used by some nurseries to "lure" unsuspecting buyers one last time.
Mr. Quyet Duc Nam, a resident of Hoang Xa commune, Thanh Thuy district ( Phu Tho province), shared that during the orchid craze in previous years, many people here invested in buying and selling orchids. Afterwards, some people "struck it rich," but many others suffered losses and fell into debt.
"Previously, I had some friends who mortgaged their house deeds to invest in mutated orchids, but then the deal fell through and they couldn't sell at a loss in time, ending up in debt. Therefore, when I heard about the recent news of buying and selling mutated orchids at high prices, I felt worried that the aforementioned negative consequences would repeat themselves," Mr. Nam shared.
For Mr. Le Huu Hoang, a resident of Van Xuan commune, Tam Nong district, he is one of the few people who "struck it rich" with mutated orchids because he invested at the beginning of the "craze" and stopped at the right time. However, in light of recent reports of orchid transactions reaching tens or hundreds of millions of VND per centimeter, Mr. Hoang affirms that he will stay out of the game.
"After the orchid craze around 2021, witnessing many people lose money and fall into debt, I realized how lucky I was to stop at the right time. Now, collecting orchids is about fulfilling a passion, trading at market prices, and inflating prices like before. If you inflate prices like you did before, it will only be a minority, and no one will believe it," Mr. Hoang commented.
All of them are currently below 10 million VND/cm².
Speaking with a reporter from Lao Dong Newspaper, Mr. Tran Duy Quy, Chairman of the Vietnam Orchid Production and Business Association, said that according to surveys, all types of mutated orchids currently on the market are priced at no more than 10 million VND/cm. The Association has also issued a directive requiring growers not to inflate the prices of mutated orchids.
According to Mr. Quy, mutated orchids in particular, and Vietnamese orchids in general, have many beautiful and rare varieties, and the potential for developing orchid cultivation is enormous. However, for that development to be sustainable, it is necessary to prevent price gouging and fraudulent practices in the buying and selling of these flowers.
"We also warn orchid buyers to do thorough research and buy potted orchids with a clear origin and a commitment to consumers. It seems that collectors of rare orchids are now self-regulating, because scams and deceptive practices will not yield any results; people only pay the price once," Mr. Quy shared.
Furthermore, the government and relevant authorities are also working hard to raise awareness and warn people to be vigilant against information and images of transactions involving rare orchids that show signs of price manipulation on social media recently.
Most recently, at the end of February 2024, the People's Committee of Thanh Thuy District, Phu Tho Province, issued document No. 220 to departments and units under the district; the District Police; and the People's Committees of communes and towns regarding the need to be vigilant against the phenomenon of price gouging of mutated orchids on the market.
The document states that, in order to promptly prevent the negative impacts of the above phenomenon, the District People's Committee requests departments and units; and the People's Committees of communes and towns to strengthen propaganda, dissemination, and warnings to the people to be vigilant against the above phenomenon, and to prevent malicious individuals from exploiting the influence of social media to entice, lure, deceive, and seize money and property from the people as has happened before; at the same time, it assigns the District Police to strengthen monitoring of the activities of groups and associations on social media, especially accounts spreading false information; promptly prevent and handle violations according to the law; and ensure the stability of security and order in the area.
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