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Develop scientific arguments and propose solutions to improve the management of investment projects on infrastructure construction in the form of PPP in Vietnam.
1 INTRODUCTION 1. Rationale of the thesis Currently Vietnam has more than 200 projects implemented in the form of PPP, of which the total investment capital of the private sector is about 6.7 billion USD, of which BOT, BT and BOO models make up the majority Areas of involvement in private investment include transportation, energy, telecommunications, supply and drainage Most infrastructure construction projects carry out PPP investments in Vietnam mainly in the fields of transport, energy and some projects in other areas. Infrastructure construction projects in PPP form are mainly implemented under BOT, BT, BTO and BOO Most BOT, BT, BTO and BOO projects in Vietnam still mainly apply the form of contractor designation in the process of selecting investors, leading to a reduction in competition and transparency in the selection of houses. investment, potential risks, losses and waste. Meanwhile, the announcement of the project and the list of projects has not been implemented seriously and publicly The monitoring process in the implementation of PPP contracts is still loose, leading to the quality is often unsecured, subsidence, degradation but not timely overcome. The process of managing investment projects to build infrastructure in the form of PPP in Vietnam in recent years still faces many shortcomings from the decentralization of project management, socioeconomic efficiency and financial efficiency. for the parties involved in the implementation of PPP projects, the quality of the project, the progress and time of the project implementation, the project fund compared to the original Therefore, the PhD candidate has decided to select the thesis topic “Managing investment project on infrastructure construction in the form of Public Private Partnership in Vietnam” is a practical meaning in terms of theory and practice 2.Objective and mission of the thesis 2.1.Objective of the thesis Develop scientific arguments and propose solutions to improve the management of investment projects on infrastructure construction in the form of PPP in Vietnam 2.2. Mission of the thesis Gathering, systematizing the basic arguments on management of infrastructure construction investment projects in the form of PPP; Survey, analyze and evaluate the actual management of investment projects on infrastructure construction in the form of PPP in Vietnam; Proposing some solutions to perfect the management of infrastructure construction investment projects in the form of PPP in Vietnam 3. Object and scope of research 3.1. Object of the thesis The object of the thesis research is the theory and practice of managing infrastructure construction investment projects in the form of PPP 3.2. Scope of the thesis + As for spatial dimension:The topic has a research scope in state agencies participating in the management of infrastructure construction investment projects in the form of PPP and investor organizations, management, implementation and transport operating infrastructure investment projects in the form of PPP in Vietnam + As for time dimension: The project focuses on researching the status of management of infrastructure construction investment projects in the form of PPP in Vietnam in the period from 2010 to 2017 and proposing solutions to 2025 and orientation to 2030 +As for content: The thesis studies the theory of management of investment projects on infrastructure construction in the form of PPP in Vietnam under the perspective of state management, including 04 contents: Strategy, planning of PPP projects; Organization of PPP project management apparatus; Organizations implementing PPP projects; Check, supervise, process and adjust PPP projects. In addition, the project has also selected and analyzed a number of specific PPP projects in a number of infrastructure areas such as: Road traffic, thermal power and water supply 4. Achievements of the thesis In terms of theory: The thesis will gather, systematize, supplement and develop theoretical issues such as concepts, content and characteristics of investment projects on infrastructure construction in the form of PPP. ; manage investment projects to build infrastructure in the form of PPP; evaluation criteria and factors affecting the management of investment projects on infrastructure construction in the form of PPP In terms of practicality: Overview of the current situation of investment projects on infrastructure construction in the form of PPP in Vietnam and analysis of the situation of some projects in infrastructure sectors; analyze and evaluate the status of management of investment projects on infrastructure construction in the form of PPP in Vietnam; Thereby proposing recommendations and solutions to adjust and increase the effectiveness of management of investment projects to build infrastructure in the form of PPP in Vietnam in the coming time Chapter 1 OVERVIEW OF RESEARCH SITUATION AND RESEARCH METHOD 1.1. Overview of research situation 1.1.1. Research situation in the country related to the topic Domestic topics have studied and solved a number of issues related to PPP and state management for investment projects on infrastructure construction in the form of PPP in Vietnam These topics are important in providing secondary data and access theory for the research of the thesis 1.1.2. The situation of foreign research related to the thesis Overseas studies have generalized the concept, content, form and factors affecting PPP as well as experiences of some countries on infrastructure construction investment projects in the form of PPP. This is an important secondary source of resources to help build a theoretical framework for managing investment projects on infrastructure construction in the form of PPP in Vietnam, orienting the scientific approach to the thesis and providing the thesis a lot of useful information for the implementation of research on management of infrastructure construction investment projects in the form of PPP such as transport, energy and water supply projects in Vietnam under current conditions 1.1.3. Knowledge gap The topics have not yet considered the overall management of investment projects built in the form of PPP of many fields of infrastructure with different characteristics, so the management of investment projects of each type has different points. especially in the process of preparing, implementing projects and exploiting projects The topics have not been considered uniformly on the concept, content, evaluation criteria and factors affecting the management of infrastructure construction investment projects in the form of PPP. These are functions that should be supplemented and clarified both on the theoretical basis and the management of infrastructure construction investment projects in the form of PPP in Vietnam 1.2. Research Methods 1.2.1. Data collection methods Methods of primary data collection: The thesis uses survey form, collects information, evaluation opinions of related objects to assess the research areas of the thesis. In addition, the thesis also uses interview methods, through experts Methods of secondary data collection: The thesis gathers and collects secondary data through books, newspapers, specialized scientific journals, relevant dissertations, published data of Ministry of Planning and Investment, Ministry of Transport, Ministry of Construction, Ministry of Industry and Trade, People's Committees of provinces and cities under central authority and enterprises participating in PPP projects 1.2.2. Methods of general analysis The thesis synthesizes data based on primary and secondary data, thereby using descriptive statistics method, deductive method to base on quantitative analysis of data from which to capture characteristics of management of infrastructure construction investment projects in the form of PPP of Vietnam 1.2.3. Inheritance method The dissertation references and uses some results that have been studied before in management of infrastructure construction investment projects in the form of PPP to supplement the arguments and apply in the thesis. The thesis does not use this method to copy but use those results in a scientific and rational way to clarify the theoretical and practical basis of the thesis Chapter 2 THEORETICAL BASIS ON THE MANAGING INVESTMENT PROJECT ON INFRASTRUCTURE CONSTRUCTION IN THE FORM OF PUBLIC PRIVATE PARTNERSHIP 2.1 Overview of investment projects on infrastructure construction in the form of publicprivate partnership (PPP) 2.1.1. Investment project on infrastructure construction 2.1.1.1. Investment project on infrastructure construction According to the Vietnam Investment Law 2014, the investment project is a collection of proposals to remove medium and longterm capital to conduct investment activities in specific areas, within a specified period. An investment project to ensure feasibility must meet the following requirements: Scientific and systematic; Legal; Unity and practicality 2.1.1.2. Concepts, characteristics and classification of construction investment projects According to Clause 15, Article 3 of the Construction Law 2014: "Construction investment projects are a collection of proposals related to the use of capital to conduct construction activities for new construction and repair. repairing and renovating construction works in order to develop, maintain, improve the quality of works or products and services within a specified period and expenses. In the preparation phase of construction investment, the project is expressed through reports of prefeasibility studies and construction investment feasibility studies or economic and technical construction investment reports. build " According to the stages of construction investment projects The process of formation and implementation of an investment project has undergone stages: Prepare investment, prepare for implementation and implementation of the project 2.1.2. Investment projects for infrastructure construction in the form of PPP 2.1.2.1. Concept of PPP form and infrastructure construction investment project in PPP form It is understandable that the publicprivate infrastructure investment project is a set of proposals for cooperation between the public and private sectors to abandon medium and longterm capital to carry out early activities. In specific areas, within defined time periods in which resources, risks, responsibilities and benefits are shared between the two parties to achieve a common goal 2.1.2.2. Characteristics of infrastructure construction investment projects in the form of PPP Applicable to longterm projects (most of which last 2030 years), so it is most suitable for the field of infrastructure and environment; Create more investments for infrastructure construction; Helping stakeholders to share, allocate and manage risks in the project implementation process better and more effectively; Cost savings 2.1.2.3. The role of PPP investment in infrastructure development Investment projects on infrastructure construction in the form of PPP have the following roles: Diversifying investments in infrastructure and investment in the form of PPP will create more growth, development and stability for businesses. of the private sector; PPP will help to distribute and manage risks more effectively; PPP will help infrastructure construction projects save more costs 2.1.2.4. Forms of investment projects to build infrastructure in the form of PPP There are forms of PPP including: Construction Business Transfer (BOT) contract; Construction Transfer Business Contract (BTO); Construction Transfer (BT) contract; Construction Ownership Business Contract (BOO); Construction Contract Transfer Rent Service (BTL); Construction Contract Service Lease Transfer (BLT) and Business Management (O&M) Contract 2.2. Managing investment projects on infrastructure construction in the form of PPP 2.2.1. Identify the concept of managing investment projects to build infrastructure in the form of PPP 2.2.1.1. Concept of management of infrastructure construction investment projects Management of infrastructure construction investment projects is the process from project formulation, project appraisal, coordination of resources to build and operate projects and inspect and supervise the process of formation, development and end of the project to ensure that the infrastructure construction project is completed on time, within the approved budget, to meet the technical and quality requirements of products and services, by methods the best conditions allow 2.2.1.2. Concept of managing infrastructure construction investment projects in the form of PPP It can be understood that the management of infrastructure construction investment projects in the form of PPP is the process from the formulation of strategy, planning, organizational apparatus, PPP project formulation, PPP project appraisal, coordination of resources. to build and operate PPP projects and inspect and supervise the process of formation and development of PPP projects to ensure benefits for investors as well as ensure that PPP projects are completed on time and within approved budget range, meeting the technical and quality requirements of products and services, by the best methods and conditions allowed 2.2.2 Objectives, principles, requirements and criteria for evaluating the management of investment projects to build infrastructure in the form of PPP 2.2.2.1. The objective of managing investment projects to build infrastructure in the form of PPP The objective of managing infrastructure construction investment projects in the form of PPP includes: the supreme purpose that project management activities aim at, overall goals and specific objectives 2.2.2.2. Principles for management of infrastructure construction investment projects in the form of PPP Project implementation management must be consistent with the type of capital used for construction investment and infrastructure construction investment projects under PPP must be strictly managed, comprehensive, in accordance with the order to ensure the item investment targets, quality, implementation schedule, cost savings and project impacts on landscape, environment, community safety, defense, security and effectiveness of PPP projects Managing investment projects of PPP projects must ensure clear benefits and delineation for investors 2.2.2.3. Basic requirements for management of infrastructure construction investment projects in the form of PPP Basic requirements for building process for managing infrastructure construction investment projects in the form of PPP; Requirements on institutional implementation of PPP; Assurance requirements for commercial, financial and economic activities for PPP projects and requirements for consultations with parties involved in PPP project management 2.2.3. Content of the management of infrastructure construction investment projects in the form of PPP 2.2.3.1 Develop strategies and planning of infrastructure construction investment projects in the form of PPP Strategies and planning of investment projects for infrastructure construction in the form of PPP are the process of arranging and managing the works to accomplish the objectives of the PPP project. Investment in infrastructure construction in the form of PPP is an important function of competent state agencies. From an economic perspective, it is the process of orienting the way to develop and set up short and longterm plans to implement PPP projects 2.2.3.2. Organize the project management apparatus for infrastructure construction in the form of PPP investment The organization of managing investment projects on infrastructure construction in the form of PPP under the view of state management is the determination of the role and position of the government, thereby assigning powers of each level and process. The level of project management depends on the amount of capital, the size of each project will be managed and managed by which level Depending on the characteristics of each project, countries have different hierarchies 2.2.3.3. Managing the implementation of infrastructure construction investment projects in the form of PPP For infrastructure construction investment projects in the form of PPP is the process of implementing policies to put policies into practice The process of organizing the implementation of infrastructure investment projects under PPP includes preparation, implementation, supervision and management of infrastructure construction investment projects under PPP 2.2.3.4 Check, evaluate, handle violations and adjust the process of implementing management of infrastructure construction investment projects in the form of PPP Checking, evaluating, handling violations and adjusting the process of managing the construction of infrastructure projects in the form of PPP investment are the activities that the project management agency performs to promptly detect and handle , adjusting the actual construction of infrastructure projects in the form of PPP investment which is facing difficulties Detailed assessment of infrastructure construction projects in the form of PPP investment is usually undertaken by specialized ministries 2.2.4. Criteria of evaluation of the management of infrastructure construction investment projects in PPP form 2.2.4.1. Criteria for validity Effectiveness of management of investment projects for infrastructure construction in the form of PPP investment must meet specific requirements on investment capital, number of PPP projects, situation, implementation level and implementation time. PPP projects based on the objectives identified by the PPP project stakeholders 2.2.4.2. Criteria for efficiency a) Socioeconomic efficiency indicators of PPP projects are shown in 3 basic indicators: Economic net present value (ENPV Economic Net Present Value); Benefit Cost Ratio (BCR) and Economic Internal Rate of Return (EIRR Ecomomic Internal Rate of Return) b) Financial performance criteria: Total cost throughout the project life cycle; Total revenue and other input parameters: loan interest, loan period; inflation rate; exchange rate; depreciation rate and other parameters 6 2.2.4.3. Criteria for feasibility The feasibility of the infrastructure construction investment project under PPP is often considered under the legal aspects and policy support; about technology; about the market's interest 2.2.4.4. Criteria of conformity To consider the appropriateness of PPP projects based on the following criteria: Conformity with the planning, sector and regional development plans and local socioeconomic development plans; The ability to generate revenue to return capital to investors, prioritizing the project to generate revenue from business activities and the relevance of the information on having investors' interest 2.2.4.5. Criteria for sustainability Sustainability in infrastructure construction investment management in the form of PPP investment is shown by the distribution of benefits between the parties involved in PPP projects, capacity and level of PPP implementation. In addition, the sustainability of infrastructure construction investment projects in the form of PPP is based on the environmental impact targets 2.3 Factors affecting to the management of infrastructure construction projects in the form of PPP investment For each specific research context will significantly affect the success of each PPP project, so to assess the factors affecting the management of infrastructure construction investment projects in the form of PPP can be viewed consider subjective factors and objective factors 2.3.1. Subjective factors Policies of the Government and ministries and the capacity of managers of infrastructure investment projects according to PPP 2.3.2. Objective factors The level of socioeconomic development of the country: The change in each stage of development of the state, leading to the development of all sectors Qualifications and capacity of private partners when participating in publicprivate partnerships: are expressed in terms of finance, technology, management capacity, 2.4. Experience in managing infrastructure construction investment projects in PPP form of some countries and lessons learned for Vietnam 2.4.1. Experience of Canada The form of publicprivate partnerships is carried out mainly in the model of DBFMO, DBFM in which the most common form is DBFMO The legal system in Canada ensures that publicprivate partnership projects have transparent, public information, a healthy competitive environment for investors to implement contracts and build good projects 2.4.2. Experience of China The financial structure of the transport infrastructure project in the form of publicprivate partnerships of China is regulated to include three sources of capital: 30% budget capital, 60% loan capital and 10% private capital. Of the 30% of the budget, 10% comes from the central government, 20% from the local government where the project is implemented, the loan is borrowed from the stateowned private investor 2.4.3. Experience of Malaysia In Malaysia there are no direct laws or regulations on the form of publicprivate partnerships. Instead, the Government builds a legal system to initiate an overall program of attracting private resources in the sector. the infrastructure. As a standard framework for project contracts with the goal of rebalancing the balance between the parties, the Project Development Exclusive Certificate to ensure the benefit of the private investor when proposing and implementing PPP project, 2.4.4. Lessons learned for Vietnam Completing the system of mechanisms and policies to create a legal basis for the mobilization of private capital In most countries, a specialized PPP management unit is set up to supervise the construction of contracts and the process of organizing bidding Strengthening publicity, transparency, competition in building bidding process Chapter 3 ANALYSIS AND EVALUATION OFTHE REAL SITUATION OF THE MANAGING INVESTMENT PROJECT ON INFRASTRUCTURE CONSTRUCTION IN THE FORM OF PUBLIC PRIVATE PARTNERSHIPIN VIETNAM 3.1. Overview of the current status of infrastructure construction investment projects in the form of PPP in Vietnam in the period of 2011 2017 3.1.1. Overview of PPP forms in Vietnam According to the Ministry of Planning and Investment since 1997, ministries and localities have signed and implemented PPP contracts with a total of more than 200 projects, headed by the Ministry of Transport with 80 projects, Next is the projects on clean water, waste water treatment, thermal power, solid waste and hospital and telecommunications projects Of which BOT, BOO and BT models account for a major proportion According to the Ministry of Finance, the investment demand of Vietnam in the coming time is quite large, in the period 20162020 is about 480 billion USD. In which, investment in 11 power plant projects in BOT form, with a capacity of 13,200 MW, investment capital of about 40 billion USD; about 1,380 km of expressways with about 11 billion USD; projects on environment, health and education about USD 29 billion; Investment sector has been expanded and PPP model in Vietnam has become more and more diversified 3.1.2. Overview of projects prioritized investment in infrastructure construction in the form of PPP in Vietnam Since 1997, Vietnam has had more than 200 infrastructure construction investment projects in the form of PPP. However, according to the Ministry of Planning and Investment, there are still 69 projects that need to be prioritized for construction and exploitation. Including 42 transportation projects, 6 water supply projects, 5 wastewater treatment projects, 3 solid waste projects and 2 hospital projects The total required investment capital for these 69 priority projects is about VND 334 trillion, of which toll roads and bridges account for about 74% of the total investment capital. Investment capital for the remaining sectors such as water supply, wastewater treatment, solid waste and hospital, is worth VND 26 trillion (7.8% of the total investment capital), and This field has only 16 projects 3.2. Current situation of managing some investment projects on infrastructure construction in PPP form in Vietnam 3.2.1. Current situation of managing some investment projects on construction of transport infrastructure 3.2.1.1. Overview of the current situation of investment projects to build transport infrastructure projects in the form of PPP Among 80 projects, the Ministry of Transport implemented 71 projects with a total investment of VND 202,556 billion, of which 20 projects have been completed and put into operation with a total investment of VND 23,799 billion with total The length is 569 km, 51 projects are in the investment implementation phase with total investment of VND 178,757 billion with a total length of about 1700 km 3.2.1.2. Current situation of the process of managing investment projects to build transport infrastructure in the form of PPP in Vietnam Current transport PPP projects of Vietnam follow three phases: Project preparation, investor selection and contract signing, implementation of PPP project contract. Like the project management structure in the transport sector in general, the management of transport infrastructure projects according to PPP is divided into 2 levels at the central and local levels 3.2.1.3. Current situation of managing some investment projects to build transport infrastructure in the form of PPP a) Current status of management of Phu My Bridge construction investment project Phu My Bridge project is invested in the form of construction business transfer (BOT) contract between Ho Chi Minh City People's Committee and Phu My Bridge BOT Joint Stock Company (PMC). This is a cable stayed bridge across the Saigon River, 4 lanes, 2.4 km long connecting District 2 and District 7 of Ho Chi Minh City. The project was proposed by the HCM City People's Committee in February 2002. Experiencing many procedures and procedures such as making prefeasibility study reports, submitting to the Government and line ministries for consideration and selection of investors, developers and Appraising the feasibility study report, Phu My Bridge BOT Contract was officially signed in February 2005. According to initial estimates, Phu My Bridge BOT Project has a total investment of VND 1,807 billion, excluding valueadded tax (VAT) and interest during construction. The investor will finance 30% of ecommerce with equity and the rest with bank loans Regarding the preparation of a research report on the feasibility of the project: + Total investment: Ecommerce of the project is 1,806.52 billion VND (including the costs paid in foreign currency is 71277 million USD and the costs payable in the local currency is 698.17 billion VND). The cost of major construction investment is VND 1395.15 billion, accounting for 77.2%. Compensation for site clearance is VND 100 billion + Expected fee level: To payback, PMC will be charged at 10,000 VND / 4seat car 30,000 VND / container truck in the period 20092011, increased to 14,00075,000 VND in the period 20122016 and VND 15,000100,000 from 2017 to 2034 + Time for implementing BOT contract: 26 years Regarding the actual cost of the Phu My Bridge BOT investment project: The total investment of the project actually arises to VND 2,840 billion (including loan interest, which was originally entered during construction) About actual vehicle traffic: at Phu My Bridge toll booth showing that the maximum capacity of the station is 18 lanes. The number of lanes can be operated immediately at 14 lanes. In fact, daily activities only have 2 motor lanes and 6 lanes of cars Evaluate the effectiveness of Phu My Bridge BOT project management BOT contract for PMC has the right to collect fees for 26 years on the basis of the total revenue from fee collection (VND 10,149 billion) just enough to return the owner's equity, repaying the principal and interest, and offsetting the cost of operation and payment Corporate income tax, and investor profits Table 3.4: Results of feasibility analysis and debt repayment capacity of the project Capital Structure Target (VND billion) Capital Rate expenditures (%) (%) Equity 541,66 29,98 7,25 Loans 1.264,86 70,02 10,00 100,00 9,18 Total Investment 1.806,52 Average DSCR (2009 2034) IRR NPV (%) (VND billion) 8,91 91,98 9,93 149,90 1,37; DSCR > 1 (in all years) Source: Author synthesized and calculated According to the above table, it can be seen that the Phu My Bridge BOT contract, this project has a positive financial NPV, a financial IRR greater than the cost of capital, a debt security ratio (DSCR) of 26 years on average of 1.37 and no year when DSCR is less than 1 b) Status of management of investment projects on construction of highspeed motorways in Hanoi Hai Phong The Hanoi Hai Phong highway project has a total construction length of 105.8 km, with 6 lanes and a design speed of 120 km / hour Regarding preparation of feasibility study reports of the project: + Total investment: Approved in 2008, the total investment of the project is VND 24,566 billion and compensation and clearance costs of VND 2,500 billion + Capital mobilization: 51% from Vietnam Development Bank, 5% from Vietnam Bank for Foreign Trade, 10% from Vietnam Construction and ImportExport Corporation, 10% from Saigon Investment Joint Stock Company and from other foreign loans. Estimated vehicle traffic: design capacity of 70,000 vehicles / day and night. Project time: 35 years In terms of actual costs and revenues: In fact during the construction process, the total investment amounted to VND 45,487 billion, an increase of about VND 21,000 billion, an increase of nearly 86% compared to the initial investment. With total toll revenue of the whole project reaching VND 2,091 billion, on average, the daily turnover of this unit is about VND 5.7 billion / day Regarding the actual traffic volume: in 2017, the exploitation flow reaches 25,00030,000 turns / day and night, only nearly 40% of the expected capacity. Meanwhile, Highway 5 is always in overload Evaluate the effectiveness of highspeed project management in Hanoi Hai Phong Although investors identified nearly 29 years of new capital recovery project. However, according to Vidifi's calculations, the IRR of the Project for 35 years ranges from 9.41% to 9.78% and the NPV value is from VND 5,356 billion to VND 6,945 billion. depending on whether or not to consider the currency depreciation against the foreign currency 4% during the exploitation period c) Current situation of management of investment project for construction of highspeed motorway of Dau Giay Phan Thiet (DPEP): This is part of the NorthSouth Highway located in the southern region of Vietnam. In 2013, DPEP is planned to be the first highspeed project implemented in the form of PPP in which the Ministry of Transport will contribute a part to the construction as a public investment while investors are expected to hope to invest in construction of the remaining sections, operation and toll collection for both sections. Dau Giay Phan Thiet project has a positive impact on the national economic development 3.2.2. Current situation of managing some investment projects of building thermoelectricity in the form of PPP in Vietnam 3.2.2.1. Overview of the current situation of investment projects on construction of thermal power infrastructure Although the number of investment projects in PPP energy sector in Vietnam is not too much, the actual size and investment amount for each project is very large. For example, the BOT project of Son My 1 Thermal Power Plant Binh Thuan (investor is IPRGDF SUE Europe, Sojit Group Japan and Pacific, with a total investment of 2.2 billion USD) . Since 2010, electricity is the only industry in the national energy system with PPP projects. The power sector has 19 thermoelectric projects invested under PPP, all of which are implemented under BOT form. The Ministry of Industry and Trade is the agency assigned by the Government to manage and monitor these 19 projects. Currently, thermal power projects exploited under the BOT form are expected to have a total capacity of about 24,000MW when put into operation 3.2.2.2. Current situation of management process of investment projects to build thermoelectricity in the form of 10 PPP in Vietnam Basically, the thermopower project management process according to PPP is like the process of transport infrastructure. However, for the construction of thermal power infrastructure, it is based on Article 6 of Circular 23/2015 / TTBCT on the Regulation on order and procedures for investment in thermal power plant project in the form of PPP contract of the Ministry of Public love 3.2.2.3. Current situation of managing some investment projects of building thermoelectricity in the form of PPP in Vietnam a) For management of Phu My 2 thermal power investment project The project includes a 715 MW combined cycle gas fired power plant, which will be built, owned and operated on a BOT basis by an established limited liability company in Vietnam it is Mekong Energy Company Limited (MECO). The factory will be built in the area of Phu My Power Generation Center (PMPGC) operated by EVN and located in Phu My Industrial Complex in Ba Ria Vung Tau near Ho Chi Minh City. The project will be implemented under the BOT contract for 20 years Private investors include: MECO Company of EDF International Group (equity contribution ratio: 56.25%), Japanese Sumitomo company (owned capital: 28.125%); and 15.625% of Japan's Tokyo Electric Power Company (TEPCO) Regarding power capacity: In 2010, the total capacity is about 17,000 MW. Regarding the expected electricity price: In the period, the electricity price will increase from 5.1 cents/kWh to about 7 cents/kWh Current situation of managing Phu My BOT construction investment project 2: The process of preparing feasibility study report of the project, the expected IRR and NPV index is the IRR of the project is 24% and NPV is 667 million USD b) Management of investment project of BOO construction of Yen The thermoelectricity The Yen The Thermal Power Project was established to realize investment opportunities of EIC Energy & Industrial Development Joint Stock Company and meet Vietnam's increasing electricity demand. The project includes a coalfired thermal power plant with a capacity of 50MW, an average annual electricity output of 292.5 million kWh. The project has a total investment of 60,991,000 USD, of which loan is 48,902,000 USD, the average financial power price in the project life cycle is 5 cents / kWh In view of the investor NPV (EIP) = 13,157,376 USD, IRR = 15.3%, B / C = 1.09, the payback period is 12 years. However, in the past years, the risks in current conditions such as inflation, fuel price abolishment, etc., for the project to not suffer losses, the EIC's selling price must be 7 cents / kWh or more. Even so, the project has contributed practically to national energy security, poverty reduction and economic development in the North East region 3.2.3. Current situation of managing some investment projects to build water supply systems in Vietnam 3.2.3.1. Overview of the current situation of investment projects on construction of water supply systems Ministry of Construction as a specialized management only focuses on building and issuing policies. The equitization policy of stateowned companies has been enacted and this policy will affect a wide range of public service providers, including water supply companies. Accordingly, stateowned companies will be converted into limited liability companies or joint stock companies This policy was launched in 2002 and is still being implemented. As of December 2014, there were 23 water supply companies established, in which the provincial People's Committee kept most of these companies' shares 3.2.3.2. Actual situation of investment project management process to build water supply system in the form of PPP The process of managing PPP projects for clean water systems is based on Decree 15/2015 and is similar to the process for transport infrastructure The only difference is that for clean water, it is the Ministry of 10 11 Construction or the Department of Construction to implement PPP projects in the provinces Typically, a largescale urban water supply project such as the construction of a large capacity water supply station will be proposed by the Department of Construction. In some cases, the Department of Planning and Investment or relevant agencies of the PPC may also propose water supply projects to serve industrial parks or expand urban areas and these agencies. will assume roles as a state management agency for the project they propose 3.2.3.3. Current situation of managing some investment projects to build water supply system in the form of PPP a) Current status of management of investment projects on construction of clean water systems in the form of PPP Regarding prices: According to a survey of the World Bank (2006), although there is a general policy that water prices will approach the correct calculation method, enough to attract investment. There is a big gap between the estimated selling price of water calculated by the correct and adequate calculation method. Regarding investment capital: To encourage the use of capital sources for investment in building urban clean water supply systems The top three obstacles selected by respondents on PPP in the water sector in Vietnam include: (i) The price of water expected to be sold to consumers is too high; (ii) the current selling price is too low to offset the cost; and (iii) due to lack of experience in PPP project management b) The status of management of investment projects to build rural water supply systems in the form of PPP Water supply projects in rural areas receive much support from the Government when compared to water supply projects in urban areas. In addition to the Decrees such as for the above mentioned urban water supply projects, Government subsidies for rural water supply projects are specifically guided in the Prime Minister's Decision 131/2009 / QDTTg. Government and Joint Circular No. 37/2014 / TTLTBNNPTNTBTCBKHĐT of BNN & MARD, BTC and MPI. Therefore, private enterprises can easily access Government support when implementing water supply projects in rural areas Support for rural water supply projects including land rental, corporate income tax, investment capital and clean water consumption price. Normally, water supply enterprises will be exempted from renting land during the project life cycle. In addition, these enterprises only pay a part of the corporate income tax and the exemption rate is calculated based on the current regulations of the law. Regarding investment capital subsidies, rural water projects can receive financial support from the state budget and can call for external funding 3.3. Current status of management of infrastructure investment projects in PPP form in Vietnam 3.3.1. Current situation of subjects, principles and methods of management of infrastructure construction investment projects in the form of PPP of Vietnam 3.3.1.1. The reality of the subject of management of infrastructure construction investment projects in the form of PPP The Government of Vietnam has regulated ministries and ministries (Ministry of Planning and Investment, Ministry of Transport, Ministry of Construction, Ministry of Industry and Trade ) and local governments of provinces to coordinate and support the set, timely for the implementation of PPP projects For private investors: Private investors participate in managing PPP projects based on Vietnamese regulations on financial capacity and organization of PPP projects Box 3.1: Evaluation of PPP investment enterprises Most experts believe that enterprises investing in infrastructure in Vietnam today are usually contractors. Therefore, the experience capacity of organizations and individuals participating in the management of the project implementation process is still limited, slow to handle arising situations, affecting the progress and efficiency of the project from the project Source: Author synthesized from expert interviews For the community: Participation and sharing of people and communities in checking and 12 supervising the implementation of construction projects and supervision of investors in the framework of the cooperative project. Investment will make the project implementation process more effective 3.3.1.2 Current status of implementing principles of management of infrastructure construction investment projects in the form of PPP of Vietnam Firstly, construction investment projects must be managed according to investment plans and guidelines, meeting the requirements prescribed in Article 51 of the Construction Law in 2014 and in accordance with the provisions of the law. related laws Secondly, in the process of project management, it is necessary to clearly define the responsibilities and powers of each State management agency, investment deciders, investors and realrelated organizations and individuals. Current activities, construction investment of the project 3.3.1.3 Current situation of requirements for management of infrastructure construction investment projects in the form of PPP of Vietnam Current status of requirements for building a process for infrastructure construction projects in the form of PPP: After identifying PPP projects according to specific sectors, the government will carry out PPP projects : Making and appraising prefeasibility study reports, deciding investment policies and announcing projects; Prepare, appraise and approve feasibility study reports; Organization of selecting investors; Negotiating, signing project contracts and establishing project enterprises (if any); project implementation; settlement and transfer of works to investors to exploit infrastructure construction projects in the form of PPP Current status of institutional requirements for infrastructure construction project management in the form of PPP: According to Decree 15/2015 and 63/2018/NDCP of the Government and has been revised to the ministries, branches and committees. Provinciallevel People's Committees are competent state agencies to conclude and perform the rights and obligations prescribed in contracts for projects that fall under their functions, tasks and powers or projects with the Prime Minister assigned to act as a competent state agency 3.3.2 Current status of implementation of management contents of infrastructure construction investment projects in the form of PPP in Vietnam 3.3.2.1. Current situation of planning infrastructure investment projects in the form of PPP Status of strategy, planning of infrastructure construction investment projects under PPP The complete construction of the nation's longterm overall strategy and master plan on infrastructure development has overcome a step of spontaneity, dispersion, fragmentation and enhanced traffic infrastructure in terms of quantity and quality. quantity. However, the implementation of the strategy and planning of PPP projects is quite limited, strategies and planning of infrastructure areas in our country have not been built synchronously and there is a lack of forecasting; organizing the implementation of strategies and planning is still slow and spreading; management and protection of transport infrastructure still has many shortcomings Current situation of policy formulation for infrastructure construction projects in the form of PPP investment of Vietnam For the construction of policies for infrastructure construction projects under PPP over the past 10 years, the Government has paid attention, in issuing, changing and supplementing policies on PPPs to suit economic development conditions. social economic. There are two important decrees promulgated and enforced by the State in recent years. Decree 124/2011/NDCP in 2011 was supplemented and replaced by Decree 15/2015/NDCP in 2015 and now is Decree 63/2018/NDCP, in the near future can be 12 13 supplemented, changed by other policies, maybe the Law on PPP investment form Current status of financial policies for infrastructure construction projects in the form of PPP investment: According to the current regulations, investors need to ensure owners' equity when implementing the project from about 1520%, the capital to be mobilized from banks and credit institutions is estimated at about 80 85% of the total project investment + Regarding tax incentives: For domestic enterprises, infrastructure construction projects under the form of PPP investment will be entitled to corporate income tax incentives in accordance with regulations on corporate income tax under Decree 15 / 2015 / NDCP. As for foreign investors, the regulation on preferential tax exemption and reduction in accordance with the Law on Investment 2014 on tax rates applicable to foreign contractors + The state of guarantee of the State for investors implementing infrastructure construction projects in the form of PPP: In Decree 15/2015 / NDCP, the government confirms the guarantee for real investors. Currently the project will be guaranteed on material supply, ensuring foreign currency balance and property ownership + Project financing structure: According to Decree No. 15/2015/NDCP, the capital contribution of private investors mobilized by themselves, not less than 15% of the total investment capital contributed by investors project (for capital up to VND 1,500 billion) and not less than 10% (for capital over VND 1,500 billion) The correlation between the economic development situation of Vietnam and the attraction of capital for infrastructure construction projects in the form of PPP investment can be clearly seen. On average, each year, Vietnam has more than US $ 1.01 billion invested in infrastructure construction projects in the form of PPP investment Capital for implementation of PPP projects mainly focused on the transport sector with about 69.4%, energy sector about 17%, telecommunications sector about 11.3% and clean water sector about 1.8%. However, if compared with the potential and development requirements of infrastructure construction in Vietnam, these sectors still have a lot of potential for exploitation. Therefore, Vietnam needs to further promote infrastructure construction projects in the form of PPP investment in the coming time Status of land development plan for infrastructure construction projects in the form of PPP investment Firstly, according to land policies for infrastructure construction projects in the form of PPP in Vietnam, it is possible to rely on the Land Laws, especially focusing on the provisions of Article 34 and Article 56. on procedures for land acquisition, clearance, compensation, relocation However, this fact is still a very pressing issue in the process of compensation and site clearance in Vietnam in the years. by Status of environmental regulations for infrastructure construction projects in the form of PPP investment According to the regulations of Vietnam's natural resources and environmental policies and the latest Decree No. 63/2018 / NDCP, Decree No. 15/2015/NDCP or guiding circulars of the Ministry of Natural Resources and Environment School or Ministry of Construction, Ministry of Transport, Ministry of Industry and Trade, Decisions of provincial People's Committees stipulate for PPP projects with capital of more than VND 200 billion, there must always be funding solutions to environmental treatment when implementing and implementing PPP projects Through the survey of enterprises on the assessment of the strategy and planning of PPP projects "Creating favorable conditions for investors in selecting and participating in PPP projects" with the average score 3.12. This is the point although not low but it is not a good score. This reflects that enterprises have 14 not really agreed with this judgment 3.3.2.2. Current situation of organizational structure and human resources for managing infrastructure construction projects in the form of PPP investment of Vietnam The Government of Vietnam regulates the state management apparatus for PPP projects including the National Assembly, the Prime Minister, the PPP Steering Committee, the Ministry of Planning and Investment (Bidding Administration, Foreign Investment Department, General Department National economy, Foreign Economic Relations Department, Investment Supervision and Appraisal Department, Urban and Infrastructure Department, Ministry of Transport (PPP Project Management Board, Planning Department Investment, Department of Finance, Department of Construction Management and Transport Project Quality, Department of Transport Infrastructure, Legal Department, General Department of Roads), Ministry of Industry and Trade (Thermal Power Projects), Ministry Finance, Ministry of Justice, Ministry of Natural Resources and Environment, State Bank, State Audit, local authorities at all levels Some localities have established a number of implementation teams PPP projects, especially in big cities. However, in general, many localities have not yet established groups to implement infrastructure construction projects in the form of PPP The results through surveying the status of the organization of PPP project management through a number of judgments of enterprises participating in PPP project management as stated "Ensure the number of human resources to complete the PPP project ”with an average score of 2.79. This is a relatively low score and reflects that most businesses disagree with the above statement. This indicates that ensuring the number of human resources to complete PPP projects, especially during the construction process, is not really stable and often fluctuates 3.3.2.3. Current status of implementing management of infrastructure construction projects in the form of PPP investment of Vietnam Regarding preparation of feasibility study report of PPP project: According to Article 12 of Decree No 108/2009 / NDCP and inherited in Decree No 24/2011 / NDCP, state agencies The competent authority must organize a feasibility study report to take it as a basis for the preparation of bidding documents and negotiation of project contracts with investors. However, many opinions suggest that the state agency organizes a feasibility study report for all projects which is rigid, inconsistent with the ability to allocate state budget to set up the project. and not taking advantage of the resources and experience of investors In fact, the organization of the feasibility study report for all projects under the List is very expensive and not feasible. Therefore, many localities were very confused in identifying projects to prepare feasibility study reports because there was no order of priority projects in the Project List Organization of contractor selection The selection of contractors will be conducted in two ways: bidding or direct appointment of competent authorities. For the bid, after the proposed project is approved, the competent authority will organize the bidding documents and conduct a public bidding. Bidding documents include the contents of bid evaluation, bidding procedures, project documents and approved prefeasibility study reports, expected state participation and mechanisms investment guarantee. Meanwhile, for direct contractor designation, the decree allows the government to directly appoint a contractor but there are no specific rules or conditions for this selection. This leads to problems such as taking advantage of personal relationships or using money to "run the project" Organization of capital contribution The ratio of capital contribution of private investors in a PPP project in the infrastructure sector in 14 15 Vietnam is usually 30 70, meaning that the minimum equity investment of the investor is 30% of the capital. the private sector participates in the project and is mobilized (without government guarantee) and a maximum of 70% of the private sector's capital is involved in the project. State participation (including state capital, Government guarantees and investment incentives) do not exceed 30% of the total investment of the project Regulating the ratio of capital in Vietnam is relatively rigid, the investor's equity is at least 30% of the private sector's capital involved and the mobilization is at least 21% of the total capital of the project. In many cases, the project has a lot of big risks, it is relatively difficult to require investors to accept their own capital of 21% 3.3.2.4 Current situation of checking, evaluating, processing and adjusting the management of infrastructure construction projects in the form of PPP investment In the period of 20102017, Vietnam has issued many policies to inspect, check and handle violations in PPP projects in many areas of infrastructure. From the period of 2010 2015, although there were documents on inspection and examination of PPP projects, the process of inspection by management agencies has not really been carried out Many projects under PPP have brought Vietnam many successes in infrastructure investment. But there are still shortcomings in BOT projects such as Cai Lay, Hanoi Expressway Hai Phong, Tam Nong, Ben Thuy Especially the coordination between the State and private investors on their work The dissemination and propagation of PPP to the people has not been really focused. LayHop 3.4 Evaluate management of infrastructure construction investment projects in PPP form in Vietnam 3.4.1. The successes Firstly, the process of managing investment projects on infrastructure construction in the form of PPP of Vietnam is relatively consistent with the strategy and planning of infrastructure construction investment projects in the form of PPP by 2020 and orientation. set by 2030 of the state Secondly, the organization of the management structure of infrastructure construction investment projects in the form of PPP is gradually stabilized, completed and more suitable for each project of each ministry and department Thirdly, the implementation process of many infrastructure construction investment projects in the form of basic PPP has ensured the schedule, quality and time 3.4.2. Limitations and causes 3.4.2.1. The drawbacks Firstly, the quality of strategic work, planning of infrastructure investment projects in PPP form is not high, there is no planning for projects of each specific infrastructure sector Secondly, the organization of the project management apparatus for construction of infrastructure in the form of PPP has many problems, especially the organization of project management Thirdly, the process of organizing the implementation of infrastructure construction investment projects in the form of PPP still faces many levels of inadequacy. The implementation of the method of appointing contractors and investors in the form of BT, PPP, and BOT is quite popular in the past time and has revealed limitations, which may lead to negative arising, group benefits and cooperation moving to business investment environment, and social benefits Fourthly, inspection, inspection and supervision activities have not fully played the role and influence of functions in improving the effectiveness of management of infrastructure construction investment projects in the form of PPP 3.4.2.2. The cause of restrictions 16 Firstly, the process of selecting investors is not suitable for the fields of socialization; because there are no specific criteria and regulations for selecting investors in the form of socialization and investment association; It is not clear to the land areas proposed by investors to be used in accordance with the Decision on investment policy, it is necessary to determine whether the land is subject to bidding or not Secondly, in the situation of state budget capital for investment in developing infrastructure and public services systems, it is increasingly limited, while Vietnam has a high level of public debt. Meanwhile, Vietnamese private investors are small, limited in capacity and resources Third, Project and financial risks of PPP projects that private enterprises need to consider: Political risks; Process or development risks; Fourth, institutions, policies and guidelines on publicprivate partnerships are incomplete, lacking in attractiveness for private investors and there is no consensus on awareness, how to correctly understand the forms of publicprivate partnerships of stakeholders (State and private) Chapter 4 SOLUTIONS FOR THE COMPLETION OF THEMANAGING INVESTMENT PROJECT ON INFRASTRUCTURE CONSTRUCTION IN THE FORM OF PUBLIC PRIVATE PARTNERSHIP IN VIETNAM 4.1. Domestic and international context affects the management of infrastructure construction investment projects in the form of PPP of Vietnam 4.1.1. Domestic context Vietnam's public debt is still high, according to the Ministry of Finance's report in 2017, Vietnam's public debt is still above 61.3% of GDP, very close to the risk threshold of 65% of GDP According to the Global Hub Hub (Gi Hub), Vietnam's population, especially the urban population will increase rapidly from 2016 to 2040 will increase from 34% to 50% The banking system and financial institutions still have many concerns for infrastructure construction investment projects in the form of PPP investment In addition to the phenomenon of budget overspending, imbalance, trade balance, cumbersome state apparatus, growing bulky, wasteful and corrupt evils to make the ICOR very high, making the psychology of domestic and foreign private investors really potential, often afraid to invest in infrastructure construction in the form of PPP Vietnam does not yet have a system of laws on investment in the form of PPP 4.1.2. International context Currently, the world economy is still in the recovery process after the crisis period, so the trend of infrastructure construction investment in the form of PPP is getting wider and more widely accepted and applied by many countries. In the past 5 years, ODA loans committed by donors to Vietnam are tending to decline, this will be a challenge for Vietnam in developing the infrastructure system Globalization and regional economic integration and the increasingly deepening world of Vietnam 4.2. Viewpoints and orientations to improve the management of infrastructure construction projects in the form of publicprivate investment cooperation in Vietnam 4.2.1. Viewpoints to complete the management of infrastructure construction projects in the form of PPP investment First, continue to improve the legal framework for PPP 16 17 Secondly, ensuring publicity and transparency of PPP projects Thirdly, the mechanism of risk sharing in project implementation needs to be clearer and more specific 4.2.2. Orientation on project management of infrastructure construction in the form of PPP in Vietnam PPP and investment in the form of publicprivate partnership in infrastructure must be attached to the overall socioeconomic development strategy of the country, the socioeconomic development strategy of each locality. and planning and plans of relevant ministries and branches The State establishes a specialized PPP support agency to focus on quickly, effectively and effectively the administrative procedures and incentives for infrastructure investment and PPP projects Select hightech infrastructure construction enterprises to call for private participation through publicprivate partnerships. In the immediate future, aiming at a potential market such as Ho Chi Minh City, Hanoi, Hai Phong, Da Nang, Binh Duong, Dong Nai, Bac Ninh, Then there will be a summary for PPP implementation and distribution. investment in infrastructure construction in the form of PPP in other localities 4.3. Solutions for completion of managing investment project on infrastructure construction in the form of Public Private Partnership in Vietnam 4.3.1. Perfecting strategies and planning of infrastructure construction projects in the form of PPP Firstly, the planning of project management of infrastructure construction in the form of PPP investment is in accordance with the current institutional, planning and legal conditions of Vietnam Secondly, the planning of management of infrastructure construction projects in the form of PPP investment must ensure the efficiency and suitability for each specific infrastructure area Third, the private sector participating in infrastructure development investment must comply with the agreed principles and standards of environmentally and socially responsible business activities 4.3.2. Complete the management system of infrastructure construction investment projects in the form of PPP Enhancing the capacity of the management team of publicprivate partnerships in infrastructure construction: Recruiting experts and training staff with qualifications and experience in the field of PPP and having experience in projects in general and projects PPP in particular to effectively manage this work Develop a mechanism to manage PPP projects. The project of PPP in infrastructure construction is similar to PPP projects in other areas which are subject to the common legal framework Specifying in more detail the contractor designation in PPP implementation: The appointment of contractors should only be applied when there is an urgent need to use in the infrastructure system and the competent authority to conduct prequalification bid but only one contractor participates or there is a clear difference in a small group of participating contractors 4.3.3. Complete the organization of managing infrastructure construction investment projects in the form of PPP Improving technical and technological capacity to complete PPP project: PPP project is a project implemented for the purpose of socioeconomic development Solutions for the project implementation phase: Control of investors' conditions in the project implementation phase is mainly to control compliance with commitments in terms of technical capacity and exam technology. public works or project implementation Solutions to the stage of project settlement: The competent state agency agrees with investors to select an independent auditing organization to audit the value of the investment capital for construction of the project 4.3.4. Complete supervision and evaluation of PPP projects 18 Firstly, the Regulation on strict control mechanism on the content of the project contract must specify the proposed contents in the tender as well as the contents required for investors in the bidding documents and ensure the consistency of these contents Secondly, continue to research and improve the law on investment in the form of BOT contract in the overall improvement of the law on investment in the form of PPP with the orientation of research and construction, submit to the National Assembly for promulgation of the Law. create a high legal basis, unified and synchronous for this form of investment 4.4. Some recommendations 4.4.1. For private investors + The construction design is implemented after the basic design: the rights and responsibilities of the parties in the formulation, evaluation and approval of construction design; formulation, appraisal and approval of adjusted construction designs + Private investors need to really focus on improving financial capacity and management capacity, supervising construction projects to ensure project quality, progress and time of project management. PPP + Private investors should be aware and properly implement the Bidding Law on PPP projects fairly, openly and competitively 4.4.2. For other parties involved In policies and regulations on PPP investment, it is necessary to clarify the rights, responsibilities and scope of supervision of the Community Monitoring Board in the project stages, especially the investment implementation phase. Moreover, the State should promulgate more specific roles and responsibilities of Ministry of Industry and Trade, Ministry of Industry and Trade and People's Committees of cities and provinces in transparency and publicity of the quality and fee of construction works. built in the form of PPP on mass media CONCLUSION In the process of socioeconomic development of Vietnam, infrastructure construction investment projects in the form of PPP play a very important role, contributing to taking advantage, advanced capabilities and technologies of participating parties. family. With specific characteristics of infrastructure construction investment projects in the form of PPP differs from forms of investment from the state budget or ODA investment Effective project management of investment projects will contribute to enhance investment cooperation, operation, benefit / risk sharing for stakeholders as well as contribute to improving quality, progress and safetyfull labor, environmental protection under contracts between the state and investors In terms of theory, the thesis has clarified the concept and content of management of infrastructure construction investment projects in the form of PPP; develop evaluation criteria for management and management of infrastructure construction investment projects in the form of PPP; factors affecting the management of infrastructure construction investment projects in the form of PPP; At the same time, study the experience of some developed and developing countries on the management of infrastructure construction investment projects in the form of PPP from which to draw lessons for Vietnam In terms of practice, the dissertation analyzes in depth the situation of investment projects on infrastructure construction in the form of PPP of Vietnam and the status of management of infrastructure construction investment projects in the form of PPP of some projects such as transportation projects, energy projects and water supply projects. The thesis also analyzed the status of management of infrastructure construction investment projects in the form of PPP of Vietnam in recent years. Since then, the thesis has 18 19 pointed out the results, limitations and causes of the situation as a practical basis for proposing solutions The main research results of the thesis: Based on an overview of previous studies related to the topic, the thesis systematized and proposed concepts, contents and criteria for evaluating and managing infrastructure investment projects in the form publicprivate cooperation The thesis has studied the experience of managing investment projects to build infrastructure in the form of PPP of Canada, China, Malaysia and draw 05 lessons of valuable reference for Vietnam Through the project management analysis of some infrastructure investment projects in the form of PPP in different fields, combined with the survey results of stakeholders in the process of managing and implementing investment projects. Infrastructure in the form of PPP, the thesis has partly clarified the situation of infrastructure investment projects in the form of PPP, the status of project management, conclusions about successes, limitations and related causes in infrastructure investment project management in the form of PPP Some views and solutions to improve and increase the efficiency of managing infrastructure investment projects in the form of PPP have been proposed by the author to relevant agencies. These suggestions have practical implications Based on the analysis of the domestic and foreign context, the thesis builds viewpoints and orientations to manage investment projects on infrastructure construction in the form of PPP in Vietnam more effectively, from which the author deals export some solutions to manage investment projects on infrastructure construction in the form of PPP of Vietnam, such as: completing the strategy and planning of infrastructure construction in the form of PPP; Completing the management system of infrastructure construction investment projects in the form of PPP; Completing the organization of managing infrastructure construction investment projects in the form of PPP; Complete supervision of infrastructure construction investment in PPP form ... ANALYSIS AND EVALUATION OFTHE REAL SITUATION OF THE MANAGING INVESTMENT PROJECT ON INFRASTRUCTURE CONSTRUCTION IN THE FORM OF PUBLIC PRIVATE PARTNERSHIPIN VIETNAM 3.1. Overview of the current status of infrastructure construction investment projects in the form of ... infrastructure construction investment projects in the form of PPP Checking, evaluating, handling violations and adjusting the process of managing the construction of infrastructure projects in the form of PPP investment are the activities that the project management agency ... 2.2.2.1. The objective of managing investment projects to build infrastructure in the form of PPP The objective of managing infrastructure construction investment projects in the form of PPP includes: