Risk management in lump sum contract with the participation of foreign contractor in Vietnamese industrial plant construction projects

Ngo, Tuan Anh (2014) Risk management in lump sum contract with the participation of foreign contractor in Vietnamese industrial plant construction projects. MSc dissertation, University of Portsmouth.

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    Abstract

    Purpose: This research aims at identifying the most important risks in Vietnamese industrial plant construction projects under lump sum contract with foreign contractors, evaluating the risk management practices carried out; finally providing recommendation for improving the risk management process for the client at a project level.
    Methodology: Questionnaire survey and telephone interview were conducted on the clients of six industrial plant construction projects in Vietnam. The questionnaire collects data for identifying the most important risks faced by Vietnamese clients under lump sum contract with foreign contractors. The most important risks identified by questionnaire survey create a framework for experts in the industry to be interview within about the adopted risk management practices.
    Outcome: The identification of the most important risks in lump sum contract between Vietnamese clients and foreign contractors in industrial plant construction projects: the rising of exchange rate, the escalation of inflation rate, the incompetence of client staff in foreign language and professional knowledge, and the inflexibility in changing design. The risk management practices adopted by clients are investigated and can be concluded that the clients bias against mitigating effects of risks and implementing contingency actions rather than preparing a comprehensive risk management plan from the outset of project to early identify risks and formulate effective approaches to monitor and manage risks throughout project life.
    Value: this study contributes to the improvement in managing risks in lump sum contract between Vietnamese clients and foreign contractors by pointing out the most important risks, the risks management practices in dealing with those risks and the recommendations to improve the clients’ risk management process model. The Vietnamese clients contracting foreign contractor using lump sum contract should take into account the outcomes of this study to ameliorate the efficiency of risk management process.

    Item Type: Dissertation
    Departments/Research Groups: Faculty of Technology > School of Civil Engineering and Surveying
    Depositing User: Beth Atkins
    Date Deposited: 16 Jan 2015 15:04
    Last Modified: 28 Jan 2015 12:47
    URI: http://eprints.port.ac.uk/id/eprint/16413

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