This research analyzed the recreational value of Si Phan Don elicited from foreign visitors using TCM. It also assessed stakeholders’ perception of water quality and tourism in the study area and applied trade-off analysis in the case of tourism and environmental quality. A total of 271 foreign tourists from 34 countries, 90 local residents, and 60 local businesses were interviewed. Results of the travel cost study indicate that the recreational value of Si Phan Don is estimated between USD 4.1 million and USD 4.6 million, which means that tourism at the site would be profitable. Most local residents and businesses support tourism in their area as it can create job opportunities and increase their income.