Abstract
This article analyses the evolution of sustainable community-based ecotourism (CBET) in the Cu De River Valley, Central Vietnam, through the analytical lens of the Community Capitals Framework (CCF). Building on earlier theoretical work (Restrepo Rico & Peterek, 2024) and five years of participatory, longitudinal research (2019–2024), the study examines how transformations in natural, cultural, human, social, financial and built capitals have shaped the transition from resource-dependent livelihoods to a diversified ecotourism economy in the Hoa Bac Commune. The findings show that sustainable development emerged not from isolated interventions but from the cumulative and interacting effects of conservation initiatives, cultural revitalisation, skills development, cooperative governance, decentralised infrastructure and income diversification. The article demonstrates that the CCF provides a robust structure for analysing multi--capital transformation processes, and it argues that its application to tourism contexts benefits from integrating considerations of governance dynamics and environmental thresholds. The conclusions offer insights for designing governance, capacity development and implementation frameworks that strengthen the resilience and long-term sustainability of community-based tourism initiatives in rural settings.