This study was undertaken to identify the social and environmental costs and benefits of different uses and management of forest land in Ratanakiri province. Ratanakiri is a richly forested province in danger of deforestation due to various economic activities. The study took particular notice of the importance of non-timber forest products in assessing the value of the tropical forest areas in the study site. The study then compared the value of using the forest land for traditional purposes (such as the harvesting of non-timber forest products) with the value of using the forest for commercial timber extraction. Results showed that the benefits from traditional sustainable use of the forest exceed the benefits of commercial timber extraction in the study area by at least USD 200.00 per hectare (NPV over a 90-year period). This finding suggests that the area of high cultural value and environmental significance might best be managed by local communities.