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Evaluation of decision making policy on public private partnership transport projects in Vietnam.Evaluation of decision making policy on public private partnership transport projects in Vietnam.Evaluation of decision making policy on public private partnership transport projects in Vietnam.Evaluation of decision making policy on public private partnership transport projects in Vietnam.Evaluation of decision making policy on public private partnership transport projects in Vietnam.Evaluation of decision making policy on public private partnership transport projects in Vietnam.Evaluation of decision making policy on public private partnership transport projects in Vietnam.Evaluation of decision making policy on public private partnership transport projects in Vietnam.Evaluation of decision making policy on public private partnership transport projects in Vietnam.Evaluation of decision making policy on public private partnership transport projects in Vietnam.Evaluation of decision making policy on public private partnership transport projects in Vietnam.Evaluation of decision making policy on public private partnership transport projects in Vietnam.Evaluation of decision making policy on public private partnership transport projects in Vietnam.Evaluation of decision making policy on public private partnership transport projects in Vietnam.Evaluation of decision making policy on public private partnership transport projects in Vietnam.Evaluation of decision making policy on public private partnership transport projects in Vietnam.Evaluation of decision making policy on public private partnership transport projects in Vietnam.Evaluation of decision making policy on public private partnership transport projects in Vietnam.Evaluation of decision making policy on public private partnership transport projects in Vietnam.Evaluation of decision making policy on public private partnership transport projects in Vietnam.Evaluation of decision making policy on public private partnership transport projects in Vietnam.Evaluation of decision making policy on public private partnership transport projects in Vietnam.Evaluation of decision making policy on public private partnership transport projects in Vietnam.Evaluation of decision making policy on public private partnership transport projects in Vietnam.Evaluation of decision making policy on public private partnership transport projects in Vietnam.
MINISTRY OF EDUCATION AND TRAINING FOREIGN TRADE UNIVERSITY MASTER THESIS EVALUATION OF DECISION-MAKING POLICY ON PUBLIC - PRIVATE PARTNERSHIP TRANSPORT PROJECTS IN VIETNAM Specialization: International Trade Policy and Law NGUYEN THI MINH HIEU Hanoi - 2023 MINISTRY OF EDUCATION AND TRAINING FOREIGN TRADE UNIVERSITY MASTER THESIS EVALUATION OF DECISION-MAKING POLICY ON PUBLIC - PRIVATE PARTNERSHIP TRANSPORT PROJECTS IN VIETNAM Major: International Economics Specialization: International Trade Policy and Law Code: 8310106 Full name: Nguyen Thi Minh Hieu Supervisor: Dr Ly Hoang Phu Hanoi - 2023 i DECLARATION I hereby state that the work is that of the author solely except where due acknowledgement has been made The contents and results of this Thesis are completely honest The information, data and documents which are collected from various sources for analysis and evaluation have been fully cited in the main content and in the references list of this master thesis as well I make this statement in full knowledge of and understanding that, should it be found to be false, I will not receive a grade and may face disciplinary proceedings Nguyen Thi Minh Hieu July 2023 ii ACKNOWLEDGEMENTS The Master program in International Trade Policy and Law at the Foreign Trade University presents a remarkable opportunity for me to fulfill my aspirations to find effective tools for policy creation and evaluation I would like to express my deepest gratitude to Foreign Trade University, Faculty of Graduate Studies, teachers, and other specialists, who always supports during my study with their knowledge, encouragement and sharing My sincerest gratitude goes to my supervisor, Dr Ly Hoang Phu, for his intellectual advice and guidance over my thesis His knowledgeable advice is a compass for my journey throughout my dissertation This endeavor would not have been possible without inspiration, enthusiasm, and dedication from the lecturers of Assoc Prof Hoang Xuan Binh, Assoc Prof Nguyen Thi Tuong Anh, Dr Luong Thi Ngoc Oanh I have been enlightened with new horizons from knowledge from each session, which I have applied in this thesis iii TABLE OF CONTENT DECLARATION i ACKNOWLEDGEMENTS ii TABLE OF CONTENT iii LIST OF EQUATIONS vi LIST OF FIGURES vii LIST OF TABLES viii LIST OF ABBREVIATIONS ix ABSTRACT x INTRODUCTION 1 Rationales for the research Objective and scope of the study Research question Methodology Literature review Thesis structure CHAPTER Theoretical framework OF EVALUATION OF DECISIONMAKING POLICY ON PPP TRANSPORT PROJECT 1.1 Overview of Evaluation of Decision-making policy on PPP transport project 1.1.1 Key definitions and History of Evaluation of Decision-making policy on PPP transport project 1.1.2 Process of Evaluation of Decision-making policy on PPP transport project 11 1.1.3 Stakeholders of Evaluation of Decision-making policy on PPP transport project…………… 14 1.2 Criteria to Evaluate Decision-making policy on PPP transport project…… 16 1.2.1 Effectiveness criteria 17 1.2.2 Efficiency criteria 19 iv 1.3 Case studies of evaluating decision-making policy on PPP transport project in some countries 24 1.3.1 Evaluate policy on decision-making in Koudougou Bus Station in Burkina Faso………… 24 1.3.2 Evaluate policy on decision-making in Delhi-Gurgaon Toll Road Project in India……………… 25 CHAPTER ANALYSIS OF DECISION-MAKING POLICY ON PPP TRANSPORT PROJECT IN VIETNAM 27 2.1 Overview of Evaluation of Decision-making policy on PPP transport project in Vietnam 27 2.1.1 PPP Key Definitions and History of Evaluation of Decision-making policy on transport project in Vietnam 27 2.1.2 projects Process of Evaluation of Decision-making policy on PPP transport in Vietnam……………… 31 2.1.3 project Stakeholder of Evaluation of Decision-making policy on PPP transport in Vietnam…………… 33 2.2 Apply Evaluation Criteria to Decision-making Policy on PPP transport project in Vietnam 36 2.2.1 Effectiveness criteria 36 2.2.2 Efficiency criteria 43 2.3 Some case studies of Decision-making policy on PPP transport project in Vietnam 50 2.3.1 Evaluate policy on decision-making in Binh Loi PPP project .50 2.3.2 Evaluate policy on decision-making North-South expressway PPP project 52 2.3.3 Evaluate policy on decision-making Thai Nguyen - Cho Moi PPP project 52 2.4 Assessment of Decision-making policy on PPP transport project in Vietnam 54 v 2.4.1 Strengths of Decision-making policy on PPP transport project in Vietnam 54 2.4.2 Weaknesses of Decision-making policy on PPP transport project in Vietnam 57 CHAPTER RECOMMENDATIONS FOR DECISION-MAKING POLICY ON PPP TRANSPORT PROJECT IN VIETNAM 60 3.1 Document relating to orientation of Decision-making policy on PPP transport project in Vietnam 60 3.2 Recommendations to Policymakers 61 3.3 Solutions to other Stakeholders in Decision-making policy on PPP transport project……… 65 3.3.1 Recommendations to Decision-making Authority 65 3.3.2 Recommendations to Competent Authority 66 3.3.3 Recommendations to Project Assessment Board 71 3.3.4 Recommendations to Preparing Unit 73 CONCLUSION 76 LIST OF REFERENCES 77 LIST OF LEGAL DOCUMENTS 84 Appendix an example of legal basis of a PPP project 85 Appendix an example of a BOT project financial analysis 87 vi LIST OF EQUATIONS Equation 1.1 NPV by Discounted Cash Flow method 21 Equation 1.2 NPV by Adjusted Present Value method 22 Equation 1.3 IRR by algebraic method 23 Equation 1.4 BCR by Traditional method 23 Equation 1.5 BCR by Present value method 24 Equation 2.1 Economic NPV as regulated by Vietnam law 47 Equation 2.2 Economic IRR as regulated by Vietnam law 48 Equation 2.3 BCR as regulated by Vietnam law 48 Equation 2.4 Return on Equity as regulated by Vietnam law 49 Equation 2.5 Discount rate as regulated by Vietnam law 50 vii LIST OF FIGURES Figure 1.1 Criteria to evaluate policy on decision-making PPP transport project 16 Figure 2.1 Process of PPP project in Vietnam 31 Figure 2.2 Process of decision-making PPP transport project in Vietnam 32 viii LIST OF TABLES Table 2.1 Current legal framework on PPP transport project decision-making in Vietnam 37 Table 2.2 Bases for PPP transport project decision-making in Vietnam .39 Table 2.3 Benefits for users of North - South expressways compared to national highway 46 Table 3.1 Advantages and disadvantages of DCF and APV method in NPV calculation 68 Table 3.2 Advantages and disadvantages of Trial and Error or Iterative and Algebraic Approach method in IRR calculation 69 Table 3.3 Advantages and disadvantages of Traditional and Present Value method in BCR calculation 70