Evaluating Economic Benefits in Preserving and Restoring Mangrove Forests in Thinai Lagoon, Binhdinh Province by Using Contingent Valuation Method

This paper uses the contingent valuation method (CVM) to estimate the willingness to pay (WTP) of local households for preserving and restoring the mangroves in Thinai Lagoon, Binhdinh Province. The results show that the local people are willing to pay 146,667 VND per household per year to preserve and restore the mangroves. The regression analysis results show that the WTP decreases as bids and household sizes increase; the WTP increases as income increases, which is consistant with economic theories. The results of simple cost benefit analysis imply that the presevation and restoration of mangroves in Thinai Lagoon is economically feasible. This valuation results can be used in communication for better understanding about the economic benefits of preserving and restoring the mangroves.