An Economic Valuation of Forest Ecosystem Services: A Choice Modeling Application to the Mekong Delta Project in Vietnam

This study is the application of a choice experiment to assess Mekong Delta urban households' preferences and motivations for ecosystem conservation in the U Minh forest. The study applied a choice modeling approach to estimate the economic values of the proposed ecosystem conservation program in the U Minh forest by accessing urban consumer preferences and their willingness to pay for the project. Discrete choice experimental data was collected from 450 residents in the cities of the Vietnamese Mekong Delta. The multinomial logit model was employed to identify consumer's stated preferences for the environmental and sustainability attributes of the conservation project. The results showed that Mekong Delta urban residents paid much attention to the proposed project to protect and develop the U Minh forest. In addition, the results showed that higher education, income, and knowledge of the U Minh forest revealed a higher likelihood of selecting the project, while the older residents would select the status quo more than the younger ones. The study also proved that the effect of participation had a strong impact on the willingness to pay for the project. The findings could be useful for policymakers to take action to raise resident's awareness and willingness to pay for the U Minh forest project.