ECONOMIC VALUATION OF TOURISM FOR TYPICAL ECOSYSTEMS IN PHU QUOC

Abstract

Phu Quoc is a large island being located in the Southwest Sea, with a particularly important role in terms of national economy, politics, defense and security. With favorable climate conditions, diverse terrain and rich biological resources, tourism has become one of the main orientations of development for Phu Quoc island. This study estimated the economic value of nature-based tourism of Phu Quoc to assess its potential economic benefits from ecotourism. Zonal travel cost method is utilized, with data being collected from Phu Quoc District People’s Committee and from 400 surveys conducted at various locations selected by random sampling method. The results evaluated the ecotourism value to be around 5,707,853 million VND; whilst economic value of tourists from sightseeing and entertainment activities reached 988,900 million VND/year; the units providing tourism and entertainment services for tourists enjoy the value from tourist’s spending of 4,718,953 million VND/ year. In general, Phu Quoc can fully take advantage its potential tourism values and maximize economic revenues if there is policy focusing on its infrastructure development, leisure activity diversity, and natural conservation. The results of this study have great implications for the policymakers to manage, plan, develop orientations and propose solutions for sustainable development of ecotourism of Phu Quoc island.