The purpose of this study is to measure the cost-benefit of a road construction project in Vietnam through international development cooperation, which includes private grants and Official Development Assistance(ODA). In developing countries, it is difficult and costly to use data on markets, the CVM(Contingent Valuation Method) to measure the WTP(Willingness-to-Pay) as the benefits of road construction are used. A total of 232 villagers in 16 villages of Lao Cai Province in Northern Vietnam have been surveyed. It is found that the Benefit-Cost Ratio(B/C) in all 3 models are found to be well over 1.0, ranging from 2.8 to 3.64 with the discount rate of 0.06. These BC ratios imply the road construction project in Lao Cai can be justified. Also, it is found that the shortened travel time is the most relevant factor for WTP among direct benefits and the enhanced academic achievement of the children is the most relevant factor among indirect benefits, due to easier and faster access to schools, which in turn increase the school attendance rate. The result of this study can be used to justify other similar projects in Vietnam, even though the benefits may have to be reassessed in other countries.

ABSTRACT
 I. 서 론
  1. 연구의 배경 및 목적
  2. 선행연구 검토
 II. 연구방법
  1. 조사 지역
  3. 지불의사 분석
 III. 연구 결과
  1. 응답자의 사회경제적 특성
  2. 편익 분석 결과
  3. 지불의사 추정결과
 IV. 결 론
 References

• 이아연(충북대학교 농업경제학과) | Lee Ah-Youn (Department of Agricultural Economics, Chungbuk National University)
• 공기서(충북대학교 농업경제학과) | Kong Ki-Seo (Department of Agricultural Economics, Chungbuk National University)
• 송양훈(충북대학교 농업경제학과) | Song Yang-Hoon (Department of Agricultural Economics, Chungbuk National University) Corresponding author
• 윤성수(충북대학교 지역건설공학과) | Yoon Seong-Soo (Department of Agricultural&Rural Engineering, Chungbuk National University)