Cost-Benefit Analysis and Model Preference of Public Transportation in Can Tho City, Vietnam

Bus rapid transit (BRT) systems are cost-effective and efficient transport systems in high-density urban centers. Given the high level of traffic congestion and air pollution in Vietnam, the introduction of BRT is significant due to the ever-growing number of motor vehicles in the country. In this study, we look at the economic viability of BRT in the city of Can Tho. The study adds to the literature on a developing country's content by calculating the costs and benefits of BRT. A feature of the study is the calculation of the benefits by estimating motorists' willingness to pay for the shift from motor vehicles to BRT. The results show that the benefits of reducing accident risk, reducing pollution emissions, and avoiding other adverse effects are adequate to offset the costs. Due to its adaptability, BRT is an excellent candidate for consideration in a wide variety of other conventional vehicles. When the local government lacks the financial resources necessary to execute BRT, the choice to invest in BRT may be anchored on the public's willingness to pay. Therefore, if government implementation seems unfeasible, private partners may engage in its development. This research contributes to the growing literature on implementing BRT projects and the WTP approach by examining the project's benefits and costs and addressing potential needs.