Applied research on public private partnerships in construction investment management for urban transportation

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p MINISTRY OF EDUCATION MINISTRY OF CONSTRUCTION AND TRAINING HANOI ARCHITECTUAL UNIVERSITY NGO THE VINH APPLIED RESEARCH ON PUBLIC PRIVATE PARTNERSHIP IN CONSTRUCTION INVESTMENT MANAGEMENT OF URBAN TRANSPORTATION FIELD OF URBAN MANAGEMENT AND BUILDING CODE 62.58.01.06 ABSTRACT OF DOCTORAL THESIS Hanoi - 2015 m m The doctoral thesis is completed at Hanoi Architectural University Academic Supervisors: Assoc. Prof. Dr. Nguyen To Lang Dr. Nguyen Thi Binh Minh Reviewer 1: Assoc. Prof. Nguyen Hong Tien Reviewer 2: Assoc. Prof. Nguyen The Chinh Reviewer 3: Dr. Pham Van Bo Doctoral thesis will be defended at the examination Committee in the Hanoi Architectural University A t ..... d a te ......m onth.... year 2015 The thesis could be found at: - National Library of Vietnam - Library of Hanoi Architectural University 1 INTRODUCTION 1. The necessity of dissertation The demand for constructing urban transport infrastructure serving economic development in Hanoi capital is very large while state resources are quite limited. Thus cooperation with private partners in the form of public private partnership (PPP) is the common trend that many countries in the world have applied. Besides, the management of construction investment in traditional form still exist many shortcomings, not only lack of funds but also human resources, management skills, technology and budgets for maintain and operating are limited. Hanoi is the capital of Vietnam which needs a large investment in development modern urban transport system. However, capital investment from the State budget, ODA ... only meet about 50% of the demand. Thus attracting capital from the private sector is one of the effective solutions to get city’s tasks. Therefore, the dissertation “Applied research on public private partnerships in construction investment management for urban transportation” is necessary and makes sense in theory and practice. 2. The purpose of research Based on the theoretical and practical basis, the dissertation studies the application of the PPP form in construction investment management for urban transportation to attracting and efficiently using of investment resources from private partners, improving quality uban transportation project in the Hanoi capital in accordance with development in the future. 3. Object and Scope of dissertation a. Objects: public private partnerships in management of construction investment. 2 b. Scope: the application of the PPP form in management of construction investment for urban transport in Hanoi capital that is suitable with development of the overall planning of the Capital 2030 and vision to 2050. - Dessertation research has focused pedestrian bridge (one of the six types of building urban transport: roads, railways, bridges, tunnels, waterways and airports) in order to clarify the feasibility study and research content. 4. Research methodology: The dessertation used 6 research methods: 1) statistical method; 2) Method of surveys and interviews; 3) The general analysis method; 4) SWOT method; 5) Method of comparison and contrast; and 6) inherited method. 5. Research content: public private partnerships in in management of construction investment. 6. Contributions in academic and theoretical issues Supplementary methodology in applying PPPs in management of investment construction of urban transport in order to rationally exploit and optimize the role of stakeholders, contribute to enhancing the efficiency of investment . Contents of research associated with the current urgent needs to attract investment resources, improve the quality and efficiency of construction investment in Hanoi capital. Research results are useful references for managers, investors, advisors and teaching materials for educational institutions. 7. The new contribution of the dessertation + By researching on characteristics of the cooperation between the Public and Private Partners, the dissertation has systematized and clarified the general concepts including main contents of public private partnerships (PPP). + Base on research experiences (success and failure) in applying the PPP in management of construction investment in the urban 3 transportation over the world, especially countries, whose social and economic conditions are similar to Vietnam; the dissertation has analyzed the causes of the successful PPP applications. + Moreover, by conducting researches, surveys, and assessment in applying the PPP in management of construction investment for urban transportation of Hanoi capital’s conditions, this research proposes specific practical recommendations to remedy shortcomings in terms of the application. + Furthermore, solutions have been proposed by the dissertation on applying the public private partnership in management of construction investment for urban transportation based on the scientific basis associated with the actual condition of Hanoi capital. The dissertation has proposed detailed solutions and application synchronization for PPP application. + In addition, this dissertation has solved problems in attracting and efficiently using of investment resources of private investors in management of construction investment in urban transportation. Thereby improving the quality of management of construction investment in urban transportation of Hanoi capital that has harmonized the interest between the Public, Private Partner and social community. 8. Concepts, term s of public private partnerships The desseration has analysed 14 different concepts of public private partnership from educational institutions, scholars in the world. Thereby the dessertation propose a new concept of PPP in management of investment construction for urban transport is a form which state agencies and the private investors are undertaking construction investment projects or provision of social services through commitments, constraint by a project contract. In particular 4 the parties are considered partners, have an equal role, and contribution the advantages/its strengths to fulfill common objectives with the highest efficiency. 9. Dissertation structure The dessertation consists of three major research chapters, and section Introduction, Conclusion, Recommendations and Annexes research. CHAPTER 1: OVERVIEW OF PUBLIC PRIVATE PARTNERSHIP IN MANAGEMENT OF CONSTRUCTION INVESTMENT 1.1. Introduction of public private partnerships 1.1.1. The origin o f public private partnerships In 63 BC, the Caesar Augustus, a emperor of the Roman Empire has partnered with Salassi tribe manage Saint Bernhard Pass route PPP [67]. The first term "PPP" appeared in the United States since the 1950s in the field of education [75, 80]. Then "PPP" is gradually popularity in many countries in the field o f urban infrastructure. 1.1.2. The difference between traditional investment and PPP The basic difference between traditional investment form and PPPs is the transfer responsibility of to implement a part or all of work from the state to private partner, while the State still holds ownership right, ensuring quality, Figure 1.2: The difference between traditional investment and PPP 5 efficient performance in building and services (Fingure 1.2). 1.2. The situation of applying PPP in the world The dessertation has studied the application of the PPP form in 8 countries: USA, Canada, UK, Netherlands, China, India, Malaysia, and South Africa. The dessertation has analyzed and evaluated the state management systems, legal documents, PPP’s field, ... In each country, dessertation has research successful and failure reasons in application of PPPs and comparison with conditions of Hanoi capital, Vietnam. 1.3. The situations of H anoi’s management in investment construction for urban transport 1.3.1. Overview o f Hanoi: Dessertation has introduced the geographic location, characteristics and situation of economic development - social, situation and investment needs in infrastructure construction of urban transport in Hanoi capital. 1.3.2. Situation o f management in construction investment 1.3.2.1, construction investment form In Hanoi, there were 61 projects with the participation of private investors under the form BOT, BT. These projects have been implemented with a total investment approximately 155,806 billion VND, of which 32 were selected investors (51,318 billion, using 6641 hectare of land for the project implementation other capital reimbursement); 29 projects were approved investment guidelines and ongoing selecting investors (104 488 billion) [1]. In the 61 projects listed above, there are 9 projects in urban roads, the majority of them implemented under BT with the "land for infrastructure changing", only 01 projects under BOT. However, projects were implemented under BOT, BTO and BT which is not the PPP project by not accurately reflect the nature of cooperation between the State and the Private [18]. 6 1.3.2.2, Capital o f the construction in urban transport In recent years, Hanoi has focused on the use of different sources of capital to invest in the construction of urban transportation projects, such as ODA, city budget ... In the period 2008 ^ 2013, the city has invested 41,677 billion for urban transport sector, accounting for 36% of total investment in developing and 11.5% of total city budget expenditure [14]. Expecting 2015 ^ 2030 period, investment demand of construction in city transportation is expected to be 918,224 billion, of which areas roads will be 442,171 billion (48.1%), Railways will be 433,580 billion (47.2%) [4], [5]. Meanwhile, key reasons of 41 projects in Hanoi was delayed due to lack of funds proposed. The total capital needs for these projects in 2011-2015 period approximately 164,000 billion, but in 2012, the center government and Hanoi has supported 2,000 billion, representing approximately 2% of the demand for capital construction investment [87]. This shows that the pressure on capital construction in Hanoi very large, while the government has been applying policies to reducing public investments. 1.3.2.3. Regarding management o f investment construction o f urban transport Management of investment construction of urban transport in Hanoi is decentralized by size, characteristics and nature of projects, the state funds managed by entities (MOT, Hanoi’s Government, People's Committee of Districts, ...). Projects is divided into two phases: the construction and operation management. Content management of construction investment is stipulated in Decree No. 12/2009/ND-CP on management of construction investment projects. Content management and operation stipulated in Decree No. 130/2013/ND-CP on supplying public services. For example, when the projects (urban road construction) is finished contruction phase, 7 the investors would hand over the project to the Department of Transport has responbility on road and bridge parts; Department of Construction has responbility on drainage, tree; Hanoi’s Power Corporation will manage streetlights, lighting... One shortcomings in management of construction investment for urban transport is decentralization and division to seperate part/work that leads to poor investment performance, lack of uniformity in the capital, manpower and management apparatus. 1.3.3 Assessment o f conditions’s application PPPs 1.3.3.1. Investigate, examine reality Dessertation establish questionnaire form including 20 questions relating to the application of PPP and conduct investigations, interviews directly with 120 subjects, divided into 04 groups: (i) state management agencies , (ii) investors (unit represents state investment in construction projects, provide public services), (iii) private investors (private enterprise) and (iv) Other subjects. 1.3.3.2. The survey, fieldwork - Quality of respondents: 86.9% respondents have professional jobs related directly to a PPP with the level of interest to 89% PPPs. - The environment application of PPP in Hanoi capital is evaluated according 5 contenst: + The legal framework: there were legal documents on the PPP (since September 2014), that caused psychological apprehension in applying PPP, 82.6% thought that it should be have a Decree on PPP, 17.4% of respondents (including 80% of respondents are private partners) has opinion that it should be have separate Law on PPP. In 14th February 2015 the Government has approved Decree No. 15/2015/ND-CP on investment in the public private partnerships form, but this policy also has been existing some shortcomings. 8 + State management apparatus: Hanoi has not specialized agency of PPP (since March 2013). The capital has established PPP Committee (operational as part-time organization), but the survey shows that 87% of respondents do not know or know very little about this PPP Committee, only 13% of respondents has information about the PPP Steering Committee. + In terms of investor capacity: evaluation on two criteria manpower and finances: 92% of companies surveyed do not have inadequate staffs, experts who have knowledge and experience in applying PPP projects. About financial capacity: 83% of companies surveyed are now medium-sized and small. These businesses operate primarily based on loans from bank or trade institutions. + Awareness for PPPs: results of the survey show that the majority of respondents understood "not right" about PPP, they said that this is a form of "socialization" or "privatization". There is 83.69% respondents said that BOT, BT and BTO is not PPP. Even in some legal documents of government has same mistake on PPP (eg Decree No. 37/2015/ND-CP of Government, Circular No.10/2013/ TT-BXD of the Ministry of Construction, Decision No.9/2012/QD-UBND of Hanoi People's Committee, Document No.135/QD-MPI of Hanoi Department of Planning and Investment, ...). + On the time of applying PPP: there is 29% of respondents said that PPP can be apply at this time; 59% suggested that only can be applied in the future in conditons of complete additional state legislation, guidelines on PPP; 12% suggested that it is difficult to applying PPP in practice because of balance costs and benefits between investors and the state. Besides, 60% of private enterprises are not willing to participate in the implementation of PPP projects, 9 they said that they are interested and will only participate in PPP form in the near future. 1.4. The scientific researches in public-private partnerships Dessertation has analysied on 16 studies from an indigenous and foreign authors related to applying PPP in the field of urban transport. These studies contribute to the theoretical and practical basis for the proposed solutions about PPPs in management of construction investment for urban transport which matching the conditions of the Hanoi, Vietnam. 1.5. Problems exist to study - Systemize and clarify the concept of PPPs; - To study theoretical and practical basis for applying PPP form in management of construction investment for urban transport; - Research, analyze and evaluate public-private partnership models consistent with the investment objectives, construction management in urban transportation projects associated with the conditions of economic - society in Hanoi. CHAPTER 2: SCIENTIFIC BASIS OF THE APPLYING PPP IN MANAGEMENT OF CONSTRUCTION INVESTMENT FORRURBAN TRANSPORT 2.1. Theoretical foundations on PPP 2.1.1. Features o f PPP Features of PPP are parties (State and Private) work together in project to providing public services to serve people (beneficiaries) with the aim of achieving the highest investment effectiveness (Figure 2.1). PPPs assign Picture 2.1 : Features o f PPP 10 appropriate responsibilities and obligations of the partners involved in the project must be implemented base on capacity and resources at their disposal. The involvement and support of the state to help improve more efficiency of the project that will not increasing investment spending is a key factor to compare PPP with other forms of investment. PPPs has four main characteristics [36]: (i) the relationship between partners is equality, (ii) the contribution of resources, (iii) risk sharing, and (iv) contract PPPs. PPPs have the advantage: Speeding up project implementation, progress raise capital; Improving the efficiency of investments; Risk Management; Improving the quality of service; Capacity management of public services; PPPs have drawbacks: increased costs of investment preparation; Investment Benefits difficult to determine; Difficulties in contract negotiations; Environmental risk investment [34, 36, 50, 71]. 2.1.2. The form s o f cooperation in public-private partnership Some scholars in the world, as Idelovitch (1995), Faulkner (1997) has classified the cooperation between public and Private partners in PPPs under 4 forms: Form of service; Forms of management and operation; Concession Form; and franchise form [26]. 2.1.3. PPP contract Contract PPPs ensure the long-term cooperation relationship in which the responsibilities and obligations of the parties shall be determined in proportion to the contributions, shared resources project. Within the PPP’s project, contract has high legitimacy to bind the parties, especially the private partner on the right and the duty to fulfill the commitments to the state [51]. 2.1.4. The management apparatus in charge o f PPP Many countries have successfully used PPPs established by the agencies in charge of PPP. The agency helps guide the procedures, consultation, monitoring the implementation process or having the authority to approve, license for PPP projects. According to their 11 functions, PPP agencies have different roles in the project implementation process. 2.1.5.Risk Management Some scholars in the world have research related risk management in PPP, such as Nguyen T.B.M (2002), ADB (2003). PPP projects often have 6 main risk categories: business risks; legal risks/contracts; political risk; technical risks; environmental risks; risks are not accepted by the community [57]. To minimize the negative impact on PPP projects, partners conduct process of risk management in PPP under 5 basic steps, namely: Identifying risks; Assessment and Risk Analysis; Allocation of risk; Mitigate and overcome risks and Monitoring, adjusting risk [76]. 2.2. Common issues on management of construction investment for urban transport 2.2.1. Features o f management o f construction investment Management of construction investment of urban traffic management entities (state agency authorized) can make to guest (MOET project) or among entities related to each objective to ensure effective implementation of the project in terms of constraints on resources invested. These relationships are reviewed on the following aspects: the scale and nature of construction investment (static traffic, mobile traffic); purpose (outbound traffic and inbound traffic); funds for construction investment or type of works (roads, waterways, railways, ..). 2.2.2. Management o f investment construction fo r urban transport PPPs include many models of cooperation between public and private partners depending on the purpose and content of cooperation. PPP model represents the characteristics of co-operation between the partners, whereby one part or the whole of the work is transferred to private partners which is conducted with the support from public partners [24]. Table 2.1 represents 5 characteristics of the PPP model. 12 Table 2.1 : characteristics o f the PPP model Model Characteristic^ DB. BT TOT OM, OUM BTL. BLT BOO, BOOT BOT. BTC Franchise in Operation and Management Service Operation and Management 1-2 3-5 5-10 10-30 20-50 Ownership Public Public Public Public Public/ Private Finance Public Public Public/ Private Private Private Financial Risk Public Public Private Public/ Private Private Operation and Management Public/ Private Private Private Private Private Transfer Time (years) Franchise in Concession Operation With various PPP models but own property, work still belongs to the State. Depending on the goals of state agencies, such as attracting investment, management experience, cutie select PPP in the construction management accordingly. For investment managers build urban transport projects 4 PPP model is usually applied, as: 2.2.2.I. Service Model: Picture 2.4. Service Model - Source [26], [46] 2.2.2.2. Operational Management 13 Picture 2.5. Operational Management Model - Source [26], [46] 2.2.2.3. Commission Management Picture 2.6. Commission Management Model - Source [26], [46] 2.2.3.4. Franchise Management Picture 2.7. Franchise Model - Source [26], [46] 2.3. The legal basis of the application form PPP The application of PPPs in management of construction investmen for urban transport is subjected by the regulation of legal documents as: Construction Law, Investment Law, Procurement Law, Land Law, 14 Decree 15/2015/ND-CP 30/2015/ND-CP on investment in guiding the PPPs implementation and of the Decree Law on Procurement of selected investors,... and other related documents. 2.4. International experience on applying PPP Dessertation has analysed specific examples of 8 countries in the world in the application of PPPs in urban transport. These cases were analyzed according to group problem: selecting PPPs; agency responsible for PPP; PPP contract negotiations; investment management construction of urban traffic; management and upgrading urban transport building; The legal framework; Risk sharing between the State and the Private. From the experience of PPPs, the desseration draws lessons learned in the application of PPPs in management of construction investment for urban transport in Hanoi capital. 2.5. Orientation on PPP applying in Hanoi The application of PPPs is determined by capital government which specified in the program of social-economic development, strategic development, overall planning on socio-economic development of the city of Hanoi in 2020, orientation to 2030 (Decision 1081/2011/QD-TTg dated 7thJun,2011), decision No 1259/ 2011/QD-TTg dated 26th July 2011, document No.81/2011/KHUBND dated 11 Jun 2011, ... Hanoi has established PPP Steering Committee (operating concurrently), despite remaining shortcomings, but this is the first step to help the city in the study and promote the applying PPP in practice. 15 CHAPTER 3: PROPOSED APPLICATION ON PPP FORMS IN MANAGEMENT OF CONSTRUCTION INVESTMENT FOR URBAN TRANSPORT IN HANOI 3.1. The viewpoints, the principle of PPP application 3.1.1. Viewpoints o f PPP’s application - PPP ’s applications must: attracting investment resources from private partners to building and enhancing effective management of investment construction for urban traffic; Consistent with economic social conditions of Hanoi in every period of development till 2050; Minimize the use of state capital which contributing to reduce public debt; The partners have an equal role, contribute and share resources to implement the project; The application is done in conditions of an open investment environment, transparency. - Application of PPP projects in urban transport projects, initially to study for the project are small, simple. 3.1.2. Principle o f PPP application The PPP application is done under 5 principles: 1) PPP project must be economically effective financial, economic and social; 2) The partners involved in the project are responsible for and benefits of implementing PPP projects; 3) The division of the risk to the public is capable of the best risk management, minimize the negative impact of the project; 4) There is no mechanism o f "begging-giving", the partners have an equal relationship jointly implement the project; and 5) ensure competitive factors, transparency during the implementation of PPP projects as possible. 3.2. Conditions of PPP application - PPP application in management of construction investment for urban transport projects must be consistent with the planning, development planning, economic-social development of the capital. 16 - PPP must have economic efficiency, the ability to attract and receive funding and management experience from private partners, the PPPs must meet the needs of users. - PPP project has to have minimum capital of 20 billion (except for application of the O & M). 3.3. M anagement of construction investment for urban traffic 3.3.1. Selection o f public-private partnership model The collaboration between the public and private sector in the management of construction investment for urban is expressed through many different models. The selection of the PPP model must be suitable with investment objectives of management for construction of urban transportation projects in each phase of the project. Figure 3.1. Selection model public private partnership 3.3.2. Review selected model public-private partnership 3.3.2.1. Application object model public-private partnership Based on assessment of the environmental investment of PPP application (Section 1.3.3) and Viewpoint, principle of applying PPPs (Section 3.1), the dessertation has analyzed the application of the PPP model by type urban transport building (bridge) in accordance with characteristics of Hanoi capital shown in Table 3.1. 17 Table 3.1: PPP model in construction investment management N 0 Urban transportation building 1 Bridge (river, channel) Applying P P P ’s model Service Operation* Management Franchise (Management) Conce ssion Franchise (owner) y 2 Rail bridge 3 Pedestrial bridge 4 Vehicle bridge The dessertation has analyzed the project investment construction on 18 bridges for pedestrians under project infrastructure development of urban transport in Hanoi (the first phase) for researching. 3.3.2.2. The economic and financial indicators The dessertation analyzed, evaluated on the basis of comparing the economic indicators and financial efficiency (Net present value (NPV), internal rate of return (IRR), ... PPP models of Franchise in accordance with the socio-economic conditions, the development orientation of Hanoi (Figure 3.2) Figure 3.2: Management o f construction investment Franchise model is selected base on the cooperation between public partner (Department of Transportation) and private investor in PPP projects. 18 3.3.2.3. The economic and financial indicators The analytical results indicate that the project comply with Options N 0 Indicators Traditional form Private investment PPP 1 Fund (billion VND) 165,195 175,657 169,352 a b 165,195 - 49,559 - 165,195 115,636 24,779 140,416 34,690 State’s budget Private’s budget PPPshave Owned - better Loan - c Interest 10,462 80,945 4,157 34,824 outcomes 2 NPV (million VND) 161,099 - 34,699 compared to 3 IRR (%) 5,11 6,07 6,72 4 r(% ) 0,00 8,50 4,90 13,01 - 29,47 form traditional 5 Time of (Year) capital refund, investment (Table 3.2). The dessertation uses the comparison method (value for money) to assess the efficiency of economic and financial aspects (Table 3.3) by studying the sensitivity analysis to changes in the quantities calculated (change capital contribution ratio, price, incentives, change script service operators). Urban transportation project has common No 1 Indicators Implementers Option Option 1 Option 2 Option 3 Public partners Private partners Public private partnerships issues which are low 2 Policies Public Public Public 3 Design, construction Public Private Private financial 4 Finance Public Private Public. Private 5 Operation, Management Public Private Private 6 Building owner Public Public Public 7 Quality management Public Public Public 8 Design, construction Risk Public Private Private 9 Operation, Management’s management Public Private Private - Private Public, Private and economic indicators, long payback period that needed the support from public partners to improve 10 Profit’s risk investment efficiency. It is showed that PPP options has more advantage than the others. The project is feasible on legal, economic efficiency finance.
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