Tạp chí của Viện Kinh tế xây dựng
Costs and Payments for Construction Contract Performance of the Contractor
High capital requirements and extended implementation timelines are among the defining aspects of construction investment projects, often placing substantial strain on both project developers and construction contractors. One of the main reasons for the discontinuation of numerous projects or the interruption of ongoing construction contracts is insufficient financial capacity.Rather than being simple accounting entries, the costs and payments incurred during contract execution constitute essential variables that govern a contractor’s operational sustainability and long-term success. For contractors, understanding the critical link between cost and payment is essential to managing cash flow effectively, optimizing profitability, and ensuring the successful delivery of contractual obligations. Nevertheless, maintaining a positive and stable cash flow (i.e., inflows minus outflows) throughout the contract implementation period is highly dependent on advance payments. This paper explores and clarifies the nature of costs and payments in the execution of construction contracts, with a focus on their interrelationship and the effect of advance payments on the contractor’s cash flow. These insights provide a solid foundation for stakeholders to negotiate and establish an advance payment mechanism that complies with current regulations while facilitating investment capital flow. For contractors in particular, the ability to leverage advance payments as a financial lifeline is vital to sustaining liquidity and avoiding capital shortages during ongoing contract execution.
Research Discussion & Professional Introduction
Copyright (c) 2025 ournal of Construction Economics
Waste in the Construction of Industrial Facilities in Northern Provinces: Contributing Factors and Solutions
In recent years, the rapid expansion of industrial factory construction projects has significantly increased construction demand, placing considerable pressure on contractors and making effective construction management a critical factor in enhancing the competitiveness of enterprises. However, the construction process still exhibits various forms of waste, which generate negative impacts on project cost, schedule, and quality. Therefore, identifying the underlying causes of waste is essential for proposing solutions that contribute to improving construction management performance. This study employs the Relative Importance Index (RII) method to analyze the factors contributing to waste in the construction of industrial factories in several northern provinces of Vietnam. The findings reveal six primary factors leading to waste: inappropriate or frequently altered designs; poor material management; construction errors and rework; inaccurate specifications or quantities in material orders; imprecise cost estimation; and ineffective construction supervision. These factors provide an important foundation for proposing solutions to control, limit, and minimize waste during the construction of industrial factories.
Quy trình triển khai dự án đầu tư xây dựng theo mô hình PPP: Đánh giá từ thực tiễn
The article focuses on analyzing the practical implementation of investment projects in construction under the public–private partnership (PPP) model in Vietnam during the 2021–2023 period. The study employs secondary data from the Ministry of Planning and Investment, CIEM, VCCI, and reports from several localities. The findings indicate that, although the legal framework has been gradually improved, the organization and execution of projects still face numerous shortcomings. Prominent issues include delays in project preparation and implementation, uneven technical capacity across localities, a low rate of successful project bidding, limited access to credit financing, and ineffective contract monitoring mechanisms. In addition, certain localities have adopted proactive approaches, such as establishing dedicated task forces, thereby shortening preparation time and creating more favorable conditions for investors. The study contributes empirical evidence to the assessment of the effectiveness of PPP application in the Vietnamese context.
Evaluation of the Current Status of Data Collection and Processing from Actual Construction Works and Proposals for Comprehensive Solutions to Enhance the Quality of Construction Cost Norm Determination
Construction cost norms (hereinafter “norms”) are a fundamental instrument for managing construction investment costs. However, current norms face substantial challenges regarding timeliness and accuracy due to the rapid advancement of construction technologies, new materials, and modern equipment, which increase productivity and shorten construction schedules. Their quality and relevance are further constrained by the absence of standardized procedures for collecting and processing actual construction data. This paper reviews existing practices in field surveys, data collection, and data processing undertaken by selected organizations. Based on identified gaps and challenges, it proposes a comprehensive methodology encompassing survey principles, template design, recording protocols, and data processing procedures to enhance the accuracy, reliability, and efficiency of norm determination.
Recommendations for the Improvement of Current Legal Regulations on Construction Contracts
The Law on Construction 2014 and the Law amending and supplementing a number of articles of the Law on Construction 2020 regulate construction investment activities using different sources of capital. The current Government Decrees on construction contracts only govern contracts funded by state capital, while the Law on Construction and its implementing Decrees apply to all sources of capital. Moreover, the Decree on construction contracts, which has been in effect for the past 10 years, has not undergone comprehensive, timely, and consistent revisions in line with other Decrees and with the practical needs of development. The provisions of the law on bidding regarding the use of state capital are also not consistent and unified with construction law concerning the content and general conditions of construction contracts. It is therefore urgent to fundamentally amend the provisions of the Decree on construction contracts to promptly meet the practical development needs of the construction sector. In particular, attention must be paid to the scope of regulation, consistency with other provisions of construction law, applicability to all sources of capital, alignment with changes in practice, and other issues related to construction contracts.
Current Situation and Direction for Perfecting the Provisions on Construction Labor Grading under the Construction Cost Norms System in Conformity with the Labor Market
The current construction norm system plays an important role as a key tool for determining and managing investment costs of public investment projects, thereby contributing to improving the efficiency of capital use. At the same time, the norm system also serves as a reference in determining and managing costs of projects using non-public investment capital and other sources of funding. Based on the review and evaluation of the application of norms, it has been found that the system still reveals a number of shortcomings, such as: certain unit cost allowances do not adequately cover the expenses required for implementation; the cost norms do not fully reflect commonly used construction technologies and methods; the norms fail to account for changes in executed quantities; some norms do not clearly specify the conditions for application; and the classification of worker skill grades in the norms remains problematic. Among these shortcomings, the inadequacy in regulating worker skill grades within the norms is one of the major issues that needs to be addressed, as skill grades are closely linked to project costs. This paper examines and assesses the current regulations and practices on worker skill grades in the construction norm system and proposes directions for improving the skill grade framework in line with the labor market.
Integrated Model of Critical Path Method (CPM), Earliest Due Date (EDD), Critical Ratio (CR) and Resource Constraints in Construction Schedule Management
Within the construction sector, effective schedule management is fundamental to ensuring timely delivery, budget adherence, and compliance with quality requirements. Nevertheless, construction projects frequently encounter interdependent tasks, resource limitations, and stringent deadlines, which increase scheduling complexity and often result in delays and cost overruns. Established approaches such as the Critical Path Method (CPM) determine sequences of critical tasks influencing the completion date under the assumption of unlimited resources, yet fail to address urgent deadlines, varying task urgency, and resource constraints that frequently arise during execution. The Earliest Due Date (EDD) rule schedules tasks with the closest deadlines first, whereas the Critical Ratio (CR) method prioritizes tasks by urgency. However, applying these techniques in isolation remains insufficient for resolving the multifaceted challenges of real-world construction. The formulation of an integrated framework combining CPM, EDD, CR, and resource-constraint considerations is therefore both essential and of high practical relevance. Such a framework would enable schedule managers to identify critical task sequences, optimize resource allocation, prioritize activities at risk of delay, and narrow the gap between theoretical models and practical requirements in construction schedule management.
Application of BIM in Construction Design towards the Circular Economy Model: Challenges and Opportunities in Vietnam
In the context of the construction industry consuming vast amounts of resources and generating significant waste, the application of BIM in conjunction with circular economy principles becomes essential, not only to enhance project efficiency but also to contribute to the realization of national sustainable development goals. This study focuses on developing a framework for applying BIM in building design under the principles of the circular economy in Vietnam. The findings indicate that BIM has the potential to become a core tool in managing information throughout the project lifecycle, enabling resource optimization, waste minimization, and the promotion of material reuse. Based on an analysis of international experiences and the local context, the study identifies key opportunities such as the initial establishment of a legal framework, the increasing involvement of educational institutions, and the global trend towards sustainable development. However, the implementation of BIM in Vietnam still faces considerable challenges, including high technological investment costs, a shortage of skilled professionals, underdeveloped data infrastructure, and a lack of policy coherence.
Identifying Factors Influencing Apartment Real Estate Prices in Hanoi
During the period of urbanization and economic development, the demand for housing in major cities like Hanoi has increased significantly. Apartments have become a popular type of housing, well-suited to the modern lifestyles of a large segment of the population. In recent years, apartment prices in Hanoi have risen rapidly. Within the scope of this study, the authors gathered insights from 23 experts working in various real estate sectors, including brokerage, real estate market analysis, real estate investment and development, and property valuation to identify the factors influencing apartment prices in Hanoi. In the absence of considerations regarding changes in housing supply and demand, the researchers proposed 16 potential factors and collected expert opinions on each. Out of these, 14 factors were identified as having a large and very large impact on apartment real estate prices, includes: the apartment’s position-distance from the city center; the availability and quality of surrounding amenities and completion of apartment real estate; the legal framework and ownership terms of the property; and the reputation of the investor.
The Necessity of Developing a Procedure for Analyzing and Evaluating the Effectiveness of Road Transport Infrastructure Investment Projects Implemented under BOT Contracts in Vietnam
The investment form of “Build-Operate-Transfer” (BOT) is a way to attract private investment in road construction projects. Currently in Vietnam, in the transportation sector, to assess the investment efficiency of road construction projects during the pre-feasibility and feasibility study phases in BOT contracts projects, there is a lack of standards and procedures that fully specify the content, requirements, and tasks for analyzing and evaluating the investment efficiency of construction projects. The article analyzes the advantages and disadvantages of the current situation regarding the assessment of the effectiveness of road construction projects in BOT contract in Vietnam. It proposes a process for evaluating the effectiveness of investment in BOT contract of road construction projects in Vietnam, contributing to enhancing efficiency and attracting investment in BOT contract of road construction projects. This ensures a balance of interests among the State, investors, and the public when implementing in BOT projects, allowing for reasonable negotiations among the parties involved, so in that BOT investment projects can sign contracts promptly
Solutions for managing apartment real estate prices
In recent years, urban housing prices in Vietnam have increased abnormally, particularly in major cities such as Hanoi and Ho Chi Minh City, with average price growth of approximately 33% over two to three consecutive years. The average price of primary apartment units has reached around VND 80 million per square meter, while high-end apartments are commonly priced between VND 100–150 million per square meter, levels that have effectively become prevailing market prices. Such rapid price escalation raises critical questions regarding the distribution of benefits and responsibilities among developers, property owners, the State, and society, as well as potential risks associated with housing market stability. Numerous scholars and real estate experts have conducted in-depth studies analyzing real estate prices and the various factors influencing them. However, the production cost of real estate—an essential component of market prices—and the relationship between real estate production costs and market prices remain insufficiently examined and require further systematic investigation. This paper aims to systematize theoretical and practical perspectives on real estate prices, real estate production costs, and real estate market prices, and to clarify the interrelationships among these price categories. Based on this analysis, the study proposes appropriate management solutions for apartment real estate prices. The research is conducted under idealized conditions, deliberately excluding the influence of other factors that typically affect real estate values, such as economic laws, public policies, legal and institutional frameworks, monetary and fiscal policies, financial and capital costs, selling expenses, risk costs, as well as intrinsic characteristics of real estate including utility, location, and scarcity.
A study on the integration of Building Information Modeling (BIM) and Environmental, Social, and Governance (ESG) criteria in green building construction in Vietnam
In the context of Vietnam’s rapid urbanization and its commitment to achieving net-zero emissions by 2050, the development of green buildings has become an essential requirement to realize the national green growth strategy. This study focuses on clarifying the potential and urgency of integrating Building Information Modeling (BIM) with Environmental, Social, and Governance (ESG) criteria to promote green building development in Vietnam. By synthesizing international studies and analyzing the domestic implementation context, the paper demonstrates that BIM supports optimal design, emission reduction, energy saving, and effective lifecycle management of buildings, while ESG provides a foundation for ensuring sustainability, social responsibility, and governance transparency. However, the application of BIM and ESG in Vietnam remains fragmented and poorly integrated due to limitations in technical capacity, financial resources, and skilled human resources. Therefore, this study proposes an integrated BIM–ESG framework to standardize environmental, social, and governance criteria at each stage of construction projects, contributing to improving the efficiency, transparency, and sustainability of future green buildings.
Improving the procedural framework for PPP project implementation in Vietnam: a practice-based reform approach
During the period 2021–2023, although the Law on Public–Private Partnership (PPP) of 2020 and Decree No. 35/2021/ND-CP established an initial legal framework, PPP project implementation in Vietnam continued to face significant challenges. Only a limited number of projects were approved and successfully tendered due to the lack of detailed technical guidance, limited appraisal capacity, and unclear risk-sharing and guarantee mechanisms. In addition, inter-agency coordination remained fragmented, and transparent monitoring and supervision tools were insufficient. This study proposes improvements to technical guidelines tailored to different types of PPP contracts, enhancement of local human resource capacity, and the application of digital solutions for monitoring and cross-evaluation. Furthermore, it emphasizes the need to stabilize medium-term financial planning, develop contingency funds, and apply quantitative risk assessment tools. These solutions aim to standardize, enhance transparency, and improve the effectiveness of PPP implementation processes, thereby increasing the capacity to mobilize private resources and promoting sustainable infrastructure development in line with the new orientations set out in Law No. 90/2025/QH15 and Decree No. 71/2025/ND-CP.
A study proposing guidelines for the application of Building Information Modeling (BIM) to support appraisal and construction permitting in Vietnam
In the context of strong digital transformation in the construction industry, the application of Building Information Modeling (BIM) in the appraisal of Feasibility Study Reports, construction designs after basic design, and building permits is becoming an urgent requirement. In Vietnam, Decree No. 175/2024/ND-CP has specified requirements for BIM application. However, practice shows that the current appraisal process still relies mainly on traditional 2D documents, not fully exploiting the potential data from BIM models. This article analyzes the theoretical basis, international experience, and current status in Vietnam, thereby proposing technical guidelines and BIM model checking processes to improve the quality, efficiency, and transparency of state management in construction.
Factors affecting home purchase decisions in residential housing projects: a case study of Duc Hoa district, former Long An province
Identifying the factors affecting home purchase decisions plays a critical role for real estate developers, as it enables them to understand buyers’ actual needs and to provide products that better meet market demand. This study focuses on identifying the factors affecting home purchase decisions in residential housing projects in the former Long An province. The research was conducted among respondents aged from 25 to over 50 who are currently residing in the former Long An province and surrounding areas. A total of 236 valid questionnaires were collected, and the factors affecting home purchase decisions were analyzed and ranked using the relative importance index (RII). The results indicate that “future value of the house” is the highest-ranked factor (RII = 0,942). This is followed by “reputation of the contractor and developer” (RII = 0,917), “reasonable selling price relative to the house location,” and “developer’s project development experience” (both with RII = 0,915), indicating that buyers place strong emphasis on credibility, transparency, and project implementation capacity. The factor “flexible payment schemes” (RII = 0,908) is also considered important in the context of economic volatility and limited access to credit. Based on these findings, the study recommends that developers orient their project development strategies toward modernity, sustainability, and flexibility, enhance information transparency, and build reputable brands to better respond to market expectations.
Factors affecting the likelihood of winning bids for industrial factory construction packages: the case of FBT Vietnam joint stock company
In recent years, the demand for industrial factory construction has increased significantly, attracting a growing number of investors to this sector. The majority of investment capital for projects of this type consists of foreign direct investment (FDI) inflows into Viet Nam. Consequently, industrial factory construction activities have expanded rapidly in response to market demand. However, contractors in general, and FBT Viet Nam joint stock company in particular, continue to face certain challenges in winning construction bids for industrial factory projects, as the criteria for selecting contractors in this sector exhibit specific characteristics and differences. This paper examines the current situation of bidding activities and identifies the factors affecting the likelihood of winning bids by FBT Viet Nam joint stock company. [1] By applying the relative importance index (RII) method, the results indicate six principal factors affecting the likelihood of winning bids, ranked as follows: (1) the level of trust of investors in the enterprise; (2) the enterprise’s capacity and experience in industrial factory construction; (3) bid price; (4) the enterprise’s bidding strategy; (5) the impact of competitors in the bidding process; and (6) transparency in the bidding process.
Refining regulations on cost norms and unit prices for expressway maintenance in Vietnam
This paper focuses on refining regulations on cost norms and unit prices for expressway maintenance in Vietnam in the context of the rapid development of the national expressway network. Maintenance plays a critical role in ensuring the quality, safety, and service life of expressway infrastructure. However, the current system of cost norms and unit prices applied to maintenance activities still presents several limitations and has not fully met practical requirements. In particular, there is a lack of cost norms for specialized maintenance tasks related to intelligent transportation systems (ITS), traffic operation centers, and electronic toll collection (ETC) systems. In addition, existing regulations on prices of construction materials, labor, machinery, and equipment used in maintenance works are not fully consistent with market conditions or recent updates in technical standards. To address these issues, the paper proposes several solutions aimed at refining regulations on cost norms and unit prices in order to improve the effectiveness of expressway maintenance cost management in Vietnam.
Improving cost norms for urban and rural planning activities in compliance with the Law on Urban and Rural Planning
Trong bối cảnh phát triển kinh tế - xã hội nhanh chóng và yêu cầu nâng cao chất lượng không gian sống, công tác quy hoạch đô thị và nông thôn đóng vai trò nền tảng trong việc định hướng phát triển kinh tế - xã hội bền vững, đồng bộ và hiệu quả. Sự thành công của công tác quản lý phát triển đô thị phụ thuộc vào chất lượng hồ sơ quy hoạch đô thị và nông thôn, trong đó chi phí lập đồ án quy hoạch là một trong những yếu tố quan trọng. Thực tiễn triển khai tại 34 tỉnh, thành phố (trước đây là 63 tỉnh, thành phố) cho thấy một số bất cập trong việc lập và quản lý chi phí quy hoạch, từ khâu dự trù kinh phí, lựa chọn đơn vị tư vấn và quản lý nghiệp vụ công tác quy hoạch đô thị và nông thôn. Luật Quy hoạch đô thị và nông thôn (Luật số 47/2024/QH15) có hiệu lực từ ngày 01/07/2025 và các Nghị định, Thông tư hướng dẫn được ban hành đã góp phần làm rõ nội hàm của hồ sơ quy hoạch đô thị và nông thôn, cùng với đó là nhiệm vụ xác định chi phí cho hoạt động quy hoạch đô thị và nông thôn cần được rà soát, điều chỉnh phù hợp với các quy định mới. Bài viết tóm tắt đề tài nghiên cứu khoa học cấp cơ sở về định mức chi phí cho hoạt động quy hoạch đô thị và nông thôn phù hợp với các yêu cầu, nhiệm vụ của Luật Quy hoạch đô thị và nông thôn làm cơ sở để xây dựng và ban hành Thông tư về định mức, phương pháp lập và quản lý chi phí cho hoạt động quy hoạch đô thị và nông thôn.
Project management in the context of the Fifth Industrial Revolution
In the transition from the Fourth Industrial Revolution (Industry 4.0) to the Fifth Industrial Revolution (Industry 5.0), a knowledge buffer is emerging between digital technologies and psychological/soft skills in the field of project management. It is necessary to consider a range of soft skills—such as social, innovative, emotional, and behavioral skills—in order to adapt effectively to the rapid technological changes in project management under the context of Industry 5.0. In parallel, the development of professional identity and personal values is regarded as an essential requirement in the era of digital technologies integrated with Artificial Intelligence (AI), which forms the foundation of Industry 5.0. The transition from traditional project management processes and methods (Traditional Project Management – TPM) to human-centered digital project management (Digital Project Management – DPM) is characterized by a high level of innovation, creativity, and social interaction in project activities. This transition reflects a vision that emphasizes personal values and professional identity in the future of project management practice [1,2]. Along with these fundamental changes, innovative training programs are required to enhance both digital competencies and soft skills in a mutually compatible manner, thereby enabling project managers to achieve success in project execution and leadership.
Research and Propose Solutions to Enhance the Application Efficiency of Prefabrication (Prefab) and Design for Manufacturing and Assembly (DfMA) in Construction Investment in Vietnam
In the context of rapid urbanization, increasing pressure on schedule and cost, and commitments to reduce greenhouse gas emissions (Net Zero 2050), Prefab (Prefabrication) and DfMA (Design for Manufacturing and Assembly) have become key solutions for the construction industry. This paper clarifies the concepts and principles of Prefab and DfMA, and analyzes their impacts on project management, public and private investment, design, construction, procurement and contracts, capital and life cycle costs, quality, schedule, safety, fire protection, and the environment. Based on representative case studies (Singapore, the United States, New Zealand, and Vietnam), a SWOT analysis and proposes policy, technical, and market solutions to promote effective application of Prefab/DfMA. The conclusion affirms that although initial investment costs may be higher, when life cycle costs and non-monetary benefits (safety, environment, schedule) are taken into account, Prefab/DfMA is the optimal choice for projects with high requirements in terms of quality, schedule, and safety.
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The Role of Land Databases in the Real Estate Business Activities of Enterprises (In the Context of Digital Transformation in Vietnam)
In the context of national digital transformation, data has been identified as a critical strategic resource, among which the land database plays a foundational role in state governance and the development of the real estate market. For real estate enterprises, land data constitutes a key input that directly influences investment decisions, business performance, and risk management capacity. This paper analyzes the role of the land database in real estate business activities, clarifies its theoretical foundations and practical experiences, and evaluates the current status of land data utilization in Vietnam, particularly in major cities. Based on this assessment, the study identifies existing limitations and their underlying causes, and proposes several solutions to enhance the effectiveness of land databases in the digital transformation process of real estate enterprises, thereby contributing to the development of a transparent and sustainable real estate market.
Building Information Modeling (BIM) in Cost Management: A Life-Cycle Approach During Construction Phases of Building Projects
The paper focuses on analyzing the role of Building Information Modeling (BIM) in construction project cost management throughout the entire execution cycle, encompassing the stages of technical design, contractor selection, construction, commissioning, and final settlement. BIM is regarded as an integrated data platform that enables accurate quantity take-off, detection of technical clashes, monitoring of actual progress, control of cost variations, and enhancement of transparency in payment processes. By synthesizing and analyzing domestic and international literature, the study clarifies the potential and limitations of BIM adoption in Vietnam, particularly the lack of data standardization, uneven implementation capacity, and insufficient connectivity among specialized departments. Based on these findings, the paper proposes strategic solutions to improve the effectiveness of BIM in cost control, emphasizing the importance of organizational coordination, supportive policies, and capacity enhancement to ensure seamless implementation from design to project handover.
Assessment of Land Management and Land Use for Urban Spatial Development in Hanoi
This article assesses the current state of land use management for urban spatial development in Hanoi during the period 2019–2024, based on data from the two most recent land inventory cycles of the capital. The study focuses on analyzing changes in the structure of major land-use groups, with particular attention to non-agricultural land use. The results indicate that although Hanoi’s total natural land area has remained unchanged, its land-use structure has shifted markedly toward an increase in non-agricultural land in response to the growing demand for urban development, infrastructure, and services. However, this process has also revealed several shortcomings and limitations that need to be addressed. Based on the assessment of current conditions and in close alignment with strategic planning decisions for the Capital, the paper proposes a set of solutions aimed at improving urban spatial structure, enhancing the effectiveness of land use management, and promoting sustainable urban spatial development in Hanoi in the future.
Construction Contract Management: An Approach to Combating Waste and Misconduct
Construction contract management within the framework of construction law plays an important role in mitigating risks, ensuring the effective implementation of projects, and providing a legal basis for dispute resolution. In the context of increasingly complex construction projects, there is a growing need for robust and effective contract management strategies to control financial, technical, and legal risks. In practice, many projects experience cost overruns, delays, or contractual disputes primarily due to limitations in contract management. Therefore, from the perspective of preventing waste and negative practices, the proactive and continuous application of contract management measures serves as an essential risk management tool.
Application of BIM in Railway Infrastructure Construction Investment Projects
The article presents the necessity and prominent benefits of applying Building Information Modeling (BIM) in railway infrastructure investment projects. This is an inevitable trend in the context of transportation infrastructure modernization, especially as BIM has demonstrated outstanding effectiveness in improving the quality of design, construction, and operational management. The paper also analyzes the experience of BIM implementation in several developed countries, thereby identifying practical difficulties and challenges in applying it to the railway sector. Based on the assessment of the current status of BIM adoption in Vietnam, the article conducts a SWOT analysis to clarify strengths, weaknesses, opportunities, and threats. Finally, the article propose several specific solutions and recommendations to promote the effective application of BIM, in line with Vietnam’s technical conditions, legal framework, and available resources.
Standardizing the Audit Process and Methodology for Construction Investment Projects: A Case Study of ASCO Audit and Valuation Firm
Auditing the construction investment projects requires strict compliance with auditing standards and legal regulations. Meanwhile, voluminous documentation, project complexity, and constrained timelines compel independent audit firms to adopt rigorous and systematic audit processes and methodologies. This case study at ASCO, based on audit-process analysis and interviews with key personnel, shows that the firm has established a standardized process through systematic coding of audit phases, tasks, time budgets, and working-paper templates. ASCO also implements a risk-based approach that supports review procedures and facilitates audit file digitalization. Nevertheless, the current process may be overly burdensome for small-scale projects; detailed substantive testing remains resource-intensive; and certain internal guidelines are not fully consistent. Accordingly, the paper proposes improvement directions for independent audit firms more broadly: (i) standardizing required deliverables and quality control gates; (ii) modularizing the audit process and audit programs by project size–risk profile and type of works; (iii) designing audit strategies grounded in risk and materiality, with standardized sampling and scope-expansion rules; (iv) harmonizing working-paper templates and review mechanisms to reduce inter-team variation and strengthen training capacity; and (v) accelerating digitalization and the adoption of technology and AI along a support–standardization–control roadmap without replacing professional judgment.
The Social Housing Development Model in Singapore (HDB Programme): An Analysis of Lessons Learned and the Potential for Application in Vietnam
This article examines Singapore’s social housing development model under the Housing and Development Board (HDB) programme, with the aim of distilling relevant lessons and assessing its potential applicability to Vietnam. The study employs qualitative analysis and comparative policy review, complemented by expert consultation. The findings indicate that Vietnam currently features four social housing development models, in which the concentrated project-based model—particularly that financed through non-budgetary sources—plays a dominant role; however, it remains fragmented across individual projects and exhibits weaknesses in coordination and post-investment governance. By contrast, the HDB represents a state-led model with end-to-end stewardship, spanning integrated planning through to post-occupancy management. On this basis, the article proposes a hybrid approach oriented toward a “state-enabling–enterprise-delivering” model, focusing on: (i) proactive coordination of serviced land linked to social infrastructure and public transport; (ii) establishment of long-term financing mechanisms for social housing; and (iii) strengthening allocation oversight and resale restrictions to ensure equitable access and long-term sustainability.
A Framework for Asset Information Model (AIM) in Urban Railway Operations Management in Vietnam
Urban rail transit is a technically complex infrastructure type that integrates multiple engineering disciplines and has an operational lifespan of several decades. A critical challenge during the operational phase is information discontinuity at the construction-to-operations handover – characterised by as-built BIM models with high geometric accuracy but lacking over 80% of the non-geometric data essential for asset management. This paper proposes an Asset Information Model (AIM) Framework for urban railway operations management in Vietnam. Based on a synthesis of international best practices from three benchmark projects (Rail Baltica – Europe, Xiamen Metro – China, Maha Metro – India) and a capability gap analysis at Metro Line 1 (Ben Thanh – Suoi Tien) across four pillars (Policy, People, Process, Technology), the study proposes an AIM framework comprising three core components: (1) a three-layer data structure (geometric, non-geometric, documentation); (2) an asset identification and coding system compliant with Uniclass 2015 and ISO 19650; and (3) a three-phase digital transformation roadmap from data standardisation to system integration. The findings provide a concrete technical foundation directly applicable to the Vietnamese context, establishing groundwork for subsequent validation studies and extension to new Metro lines.
Copyright (c) 2026 Journal of Construction Economics