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Exploring the underlying relationship among risks in BOT transportation projects in developing countries: the case of Vietnam

Phuong Thi Le (UniSA STEM, Scarce Resources and Circular Economy (ScaRCE), University of South Australia, Adelaide, Australia and Department of Civil Engineering, The University of Danang - University of Technology and Education, Danang, Vietnam)
Nicholas Chileshe (UniSA STEM, Scarce Resources and Circular Economy (ScaRCE), University of South Australia, Adelaide, Australia)
Konstantinos Kirytopoulos (School of Mechanical Engineering, National Technical University of Athens, Zografos, Greece and UniSA STEM, Scarce Resources and Circular Economy (ScaRCE), University of South Australia, Adelaide, Australia)
Raufdeen Rameezdeen (UniSA STEM, Scarce Resources and Circular Economy (ScaRCE), University of South Australia, Adelaide, Australia)

Journal of Financial Management of Property and Construction

ISSN: 1366-4387

Article publication date: 16 November 2020

Issue publication date: 30 April 2021

239

Abstract

Purpose

Despite the fact that extensive studies on public-private partnerships have focused on risk identification and classification, research still lacks concentration on studying the latent structure of risks in build operate transfer (BOT) transportation projects, especially in developing countries. The research was carried out in Vietnam and this paper aims to explore the underlying relationships among risks in the context of BOT transportation projects.

Design/methodology/approach

A questionnaire survey was conducted to investigate the perception of stakeholders regarding the probability of occurrence and the severity of the impact of risks related to BOT transportation projects. Factor analysis was performed based on a total of 40 risks.

Findings

Seven risk groups were formed as a result of factor analysis, namely, “projects’ viability and political-regulatory risks”, “macroeconomic risks”, “projects’ feasibility study and market risks”, “financial risks”, “organization/coordination and force majeure risks”, “tolling, contractual, approvals risks” and “media and land expropriation risks”.

Originality/value

The research contributes to the current body of knowledge by providing deep insight into the structure of risks in BOT transportation projects in Vietnam through exploring the underlying relationships among risks, to form a latent risk structure from practical viewpoints. The findings are beneficial for involved stakeholders and policymakers to set up and propose suitable management strategies and related policies.

Keywords

Acknowledgements

The authors would like to thank the Australian Government’s financial support through “Australia Awards Scholarships” for the study towards the fulfilment of the Master by Research in Construction Management at the University of South Australia.

Citation

Le, P.T., Chileshe, N., Kirytopoulos, K. and Rameezdeen, R. (2021), "Exploring the underlying relationship among risks in BOT transportation projects in developing countries: the case of Vietnam", Journal of Financial Management of Property and Construction, Vol. 26 No. 1, pp. 103-125. https://doi.org/10.1108/JFMPC-12-2019-0091

Publisher

:

Emerald Publishing Limited

Copyright © 2020, Emerald Publishing Limited

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