Integrating Contingent Valuation and Zonal Travel Cost Methods to Estimate the Total Economic Value of Cultural Heritage: Evidence from Duong Lam Ancient Village, Vietnam

ABSTRACT : This study estimates the total economic value (TEV) of Duong Lam Ancient Village in Vietnam by integrating the contingent valuation method (CVM) and the zonal travel cost method (ZTCM). Unlike previous studies that typically apply a single valuation approach, this research combines both use and non-use values to provide a more comprehensive assessment of cultural heritage value. Primary data were collected from 198 households and 240 tourists between May and September 2025. The results indicate that the average willingness to pay (WTP) for heritage conservation is approximately 120,800 VND per household per month, while the estimated consumer surplus from tourism activities reaches 18.815 billion VND annually. Therefore, the total economic value of the ancient village is estimated at nearly 20.989 billion VND per year. These findings highlight the significant economic benefits of heritage preservation and provide empirical evidence for designing sustainable tourism and conservation policies in developing countries. This study makes a contribution to the literature by demonstrating the applicability of an integrated valuation framework in a village-scale heritage context.