Can Tho citizens’ willingness to pay for OCOP standardized water-hyacinth handicraft products

Abstract

The study employed the Contingent Valuation Method (CVM) and the theory of consumer behavior to estimate the value or the willingness to pay for OCOP - standardized water-hyacinth handicrafts. Survey results of 101 consumers in Can Tho City show that 69.3% of respondents are willing to pay a higher price premium for the products. The results from the CVM method show that the consumers are willing to pay a premium of 23.2% for the OCOP standardized products as compared to the products of the same type. In addition, the results from the Probit model show that there are five factors affecting the consumers’ willingness to pay for OCOP-standardized water-hyacinth handicrafts, namely price, age, income, family size, awareness of OCOP, and environmental consciousness.