This study examines residents’ perceptions of the costs and benefits of urban tourism in Bui Vien Walking Street, Ho Chi Minh City, using Social Exchange Theory (SET) as the main analytical framework. A mixed-methods design was employed, combining a quantitative survey of 180 residents from core and buffer residential areas with 11 in-depth interviews to contextualize and interpret the survey findings. The findings show that residents clearly recognize the economic benefits of tourism, particularly the expansion of services and commerce, employment opportunities, and increased household income. However, these benefits are accompanied by notable costs, including rising living expenses, price fluctuations, noise, light pollution, and latent social problems. Residents’ perceptions of tourism impacts are not homogeneous but vary significantly by age, income, educational attainment, residential area, and distance from the walking street. Younger residents, those with higher education, and those living closer to the tourism core tend to be more sensitive to both the opportunities and pressures generated by tourism development. The study contributes empirical evidence to the application of SET in urban tourism contexts and suggests the need for tourism policies that better balance economic development, residents’ quality of life, and the adaptive capacity of local communities.