This is a clip of the Yi Peng Lantern festival in Thailand. Its so magical and beautiful I think I've watched this movie 12 times already. Oh someday I will have to go (its held in Nov). Here's an in depth description about the origins of Loy Krathong (the festival) in case you would like to go someday too.
While researching these glowing delights, I found that today (or yesterday) is the end of the Chinese New Year, which is celebrated with a different kind of "Lantern Festival". Chinese New Year this year is Jan 26th.
"According to the Chinese tradition, at the very beginning of a new year, when there is a bright full moon hanging in the sky, there should be thousands of colorful lanterns hung out for people to appreciate. At this time, people will try to solve the puzzles on the lanterns and eat yuanxiao (glutinous rice ball) and get all their families united in the joyful atmosphere." source Read more about the Chinese origins and traditions on wikipedia.