According to the original uploader Myo Ag Kyaw, the incident occurred on November 25th in the city of Taunggyi during the Tazaungdaing festival in Burma. The balloon was lifting a frame containing the fireworks but could not lift them high enough and instead crashed into the crowd and exploded. This is a long distance angle that shows how spectacular the explosions looked from afar.

NOTES: Explosions start at the 2:20 mark.

For two closer angles, please see Aussie's original post of the incident: http://www.liveleak.com/view?i=6b8_1354699100