Author(s)

Ho Ngoc Cuong, Nguyen Van Song^*, Vu Ngoc Huyen

Faculty of Economics and Rural Development (FERD), Vietnam National University of Agriculture (VNUA), Trauquy, Gialam, Hanoi, Vietnam.

This study conducted to examine the total economic value (TEV) of Kimhy Reserve by using a combination of Stated Preference approach and Market-based approach such as market price method, replacement cost, avoidable cost. The results indicated that Kimhy Reserve has use value and non-use value. The TEV of Kimhy Reserve for adjacent community was about 3.3 billion VND per year, equivalent to USD 364.83 per household. The economic value generated from direct use value accounted for about 67%. The result also pointed out that the indirect use value was about 23%. It was clear seen that almost livelihood of the adjacent community was relative to Kimky Reserve. Given the high level of illegal natural resource extraction and wildlife trade, the livelihood of community around is affected seriously. The results of study recommend that the economic and environmental value of Kimhy Reserve should be recognized by local community. The policies should be implemented better to protect Kimhy Reserve.

Kimhy Reserve, Economic Value, Backan, Vietnam

Cuong, H. , Van Song, N. and Huyen, V. (2020) The Economic Value of Kimhy Reserve in Backan, Vietnam. Modern Economy, 11, 522-532. doi: 10.4236/me.2020.112038.