This study applied the InVEST (Integrated Valuation of Ecosystem Services and Trade-offs) tool to analyze the importance of ecosystem services and habitat quality in Pu Mat National Park, Vietnam and to assess the risks and trade-offs that may occur due to current and future development planning in the area. Based on our results, some solutions are proposed for central government, local authorities, Pù Mát National Park’s Management Board, and international organizations to balance the value of ecosystem services, conservation biodiversity, and socioeconomic development.