ESTIMATING THE WILLINGNESS TO PAY OF HAU GIANG PROVINCE CONSUMERS FOR SAFE RICE PRODUCT

Abstract

This paper estimated the willingness to pay (WTP) of consumers in Hau Giang province for the proposed safe rice by the double-bounded dichotomous choice contingent valuation method (DBDC CVM). The results showed that the respondents were willing to pay for safe rice about 21,500 VND/kg, 65% higher than the price of conventional rice (13,000 VND/kg). The study also showed that the respondents who were female, the older they were, the larger the family members, the more knowledge about safe products, or the higher their income, the more likely they were to pay for the proposed safe rice.