Estimated the Willingness to Pay Levels for the Adoption of the Internet of Things-IoTs Technology: An Empirical Study in Swiftlet Farming in Binh Thuan Province, Vietnam

Abstract

Imported into Vietnam since 2005, domestic swiftlet farming has been being received, noticed, and invested by various stakeholders and multi-local government levels. Entering the digital era, digital technologies are amending the farming of swiftlet and the application of the Internet of Things-IoT technology along with Artificial Intelligence-AI is expanding rapidly. IoTs and Artificial Intelligent positively support farmers in order to collect, synthesize and analyze statistics of data, to be able to self-control, adjust the behavior of the farming activities based on precisely dosed indicators to limit the potential risks due to the enemies of the swiftlet or the bad guys stealing bird's nest. This study investigated 120 producers in Phan Thiet, Ham Thuan Bac, and Bac Binh where the highest population of swiftlet activity in Binh Thuan province, Vietnam. The study applies the Willingness to Pay method in combining with the Linear Regression Model (LRS) to estimate the level of the Willingness to Pay (WTP) and its determinants for the adoption of the Internet of Things (IoTs) technology. The findings indicated that producers agreed to pay 380 million VND (nearly 30% of total investment in equipment and technology) but the level of the WTP showed a large variation: 55 million of lowest group and while more than 1200 million of the highest one. The LRS model with 12 explanatory variables allowed to explain 51% of the factors' influence on the WTP. The findings indicated that should be taken into account the multi-aspects of solutions from producers, enterprises and local government achieve sustainable development in swiftlet farming.