Research On Risk Management Of Schedule Delays To International Highway Projects In Vietnam

Highway construction is not only an important needed infrastructure of promoting national economic and social developments,but also a main symbol of transportation modernization.Recently,it is similar to developed nations which already have mature transportation network,Vietnamese and Asian developing countries have extremely focused on highway constructions and mainly based on international constraction contract.China’s construction companies also participate in this task.Although development on highway construction,Vietnam’s international highway projects simultaneously face issues of schedule delay.These lead to severe influences on developing highway network of nations and construction contracting enterprises.Therefore,the current thesis studies on management of schedule delay risk in Vietnam,where is one of the biggest market of China relating to international highway projects.The current research also probes on foundation of establishing identified criteria for risk factors leading to schedule delay,and verifies important impact factors using empirical study in order to analyze influential effect and path of relevant factors.As a result,the current thesis proposes targeted countermeasures in order to reduce risk management in Vietnam’s international highway construction contract.Main tasks and achievements of the current study consist of following four aspects:(1)From relevant internal risk interests of participants and environmental conditions,the current study has established identifying frame of schedule delay risks through referencing massive relevant previous researches.The current thesis,therefore,proposes a assessment system includes of 12 aspects,50 detailed indicators,therein,stakeholders risk factors includes:(i)owner’s managements;(ii)owner’s finance;(iii)contractor’s financial;(iv)contractor’s equipment and labors;(v)contractor’s organization,management and technical;(vi)selecting and management sub-contractor;(vii)supervisor’s ability;(viii)survey and design’s abilities.Meanwhile,external environmental factors include:(ix)relevant policies and regulations;(x)economic environment;(xi)social environment,and(xii)natural environment.The current study,therefore,provides a comprehensive and effective reference frame on identifying the influence factor of international contractor project construction schedule risk for Vietnam and other developing countries.(2)The current thesis exploratories factor analysis and regression analysis has identified 9 important risk factors influencing on schedule delay of construction projects,consisting of 29 crucial criteria through questionnaire gathering Vietnam international highway construction contract’s data.Identified main risk factors including 7 internal-participated factors and 2 external-environmental factors,i.e.,other factors except three factors: contractor’s equipment and labors,social and natural factors that mentioned in above.(3)The current study has established a concept model on risk propagated impact of risk factors influencing on highway construction contract.The current study also adopted structure equation model(SEM)analysis method to assess and verify hypotheses of obtained data and model.Otherwise,the current thesis also revealed that existing direct or indirect risk relations among project’s schedule delay risk factors.As a result,the current study identified 8 important risk factors that strongly affect schedule delay and influence on each other.According to the orders from strong to weak,impacts of risk factors on schedule delay respectively are:(i)owner’s fiscal ability,(ii)imperfect policies and regulations,(iii)owner’s project management ability,(iv)contractor’s fiscal ability,(v)survey and design’s unit’s abilities,(vi)selection and management of sub-contractor,(vii)economic environment change,and(viii)supervision unit’s ability.(4)Finally,by assessing obtained empirical results,combining with the developing status of Vietnam’s international highway project and national conditions,the current study aimed to different effects of risk factors in order to discuss on effect’s mechanism of these factors on schedule delay and propose relevant strategies for risk management.In addition,the current study also provided references for foreign contractors which want to participate in the expressway projects in Vietnam or other countries possessing similar condition,therefore,foreign construction enterprises could improve risk management’s ability of international project while participating in the Vietnam international contract project,and effectively avoid the loss caused by the delay in the project.