Papers by Masamitsu Onishi
Doboku gakkai ronbunshu, 2022
Journal of Japan Society of Civil Engineers, Ser. D3 (Infrastructure Planning and Management)
The increasing demand for transportation and the ineffectiveness in financing infrastructure proj... more The increasing demand for transportation and the ineffectiveness in financing infrastructure projects contribute to various challenges for Vietnam in the recent decades. Financial investment in infrastructure projects is usually so large that the state budget cannot cover all of it. In order to encounter this challenge, Vietnam has called for the participation of other economic sectors, especially the private sector. Consequently, the government has been cooperating with the private sector in the form of public-private partnership (PPP). The development of PPP projects faces a variety of critical risks; therefore, it is challenging for the government to attract private investors. This paper investigates the problems affecting the performance of PPP transportation projects in Vietnam. We gathered general information and organizational structures of the PPP projects as well as compiled the problems experienced in previous PPP projects through in-depth interviews with PPP experts in Vietnam. Interestingly, there are a large number of critical problems affecting the feasibility stage of PPP projects, including inadequate feasibility studies, changes in the laws and regulations, government intervention, lack of transparency in bidding, unfair process of selection in the private sector, and conflicting or imperfect contracts. In addition, the only one significant success factor in the PPP projects was incentives provided by the government. The results of this study can assist in implementing PPP transportation projects in Vietnam so that the nation can establish public policies that attract both domestic and foreign private investors.
ASEAN Engineering Journal, 2017
The rapidly increasing demand and the inefficacy of financing transportation infrastructure proje... more The rapidly increasing demand and the inefficacy of financing transportation infrastructure project investments have contributed to various challenges for Vietnam in recent decades. Since the country’s budget is inadequate for investing in all necessary infrastructure projects, the Vietnam government has been inviting other economic sectors, especially the private sector, to participate in infrastructure development. The cooperation between the government agencies and the private entities, called PublicPrivate Partnership (PPP), must encounter various challenges leading to difficulties in attracting private investors. A main reason is that private investors must deal with critical risks concerning PPP investment environment. It is a challenging task for the government to optimally manage such risks to enhance the attractiveness of PPP projects for private investors. This paper examines the critical risk factors that influence the private sector’s investment decisions on PPP transpor...
Doboku Gakkai Ronbunshuu D, 2007
Journal of Japan Society of Civil Engineers, Ser. D3 (Infrastructure Planning and Management), 2021
Journal of Japan Society of Civil Engineers, Ser. D3 (Infrastructure Planning and Management), 2020
Winch, Graham M.; Onishi, Masamitsu; Schmidt, Sandra.February, 2012.Taking stock of PPP and PFI a... more Winch, Graham M.; Onishi, Masamitsu; Schmidt, Sandra.February, 2012.Taking stock of PPP and PFI around the world,Reports,The Association of Chartered Certified Accountants,,Summary of Research Report/126,128
ASEAN Engineering Journal
This paper identifies the concern factors of private investors associated with Public-Private Par... more This paper identifies the concern factors of private investors associated with Public-Private Partnership (PPP) transportation projects in Vietnam. The concern factors are incorporated into four main groups: (1) company profile; (2) finance; (3) opportunities; and (4) risk perceptions. The paper examines the different perceptions by the public and private sectors about these concern factors adopted by experienced professionals related to PPP transportation projects. Based on a questionnaire survey in Vietnam, the most concern factors of private investors are their own capacity, demand issues, legal and political risks, long-term income, and financial sources issues of the PPP project. Moreover, five factors that represent the significant differences between the private and public sectors including political risks, enhancement of company’s strength in its industry, construction risks, demand issues, and financial viability of the company are also discovered. Addressing the different ...
Engineering Journal, Dec 29, 2017
Large transportation projects such as highways are expensive, complex, and dynamic in nature. Acq... more Large transportation projects such as highways are expensive, complex, and dynamic in nature. Acquiring large investment capitals for these projects is always a major challenge for every nation. To solve this problem, Vietnamese government has called for the participation of private entities in the form of publicprivate partnership (PPP). Attracting private investors is a vital and challenging step for implementing PPP transportation projects in Vietnam. This paper examines the similarities and differences of risk perceptions of the public and private sectors for the investment of PPP transportation projects in Vietnam. Questionnaire surveys are used to collect data for assessing the likelihoods of occurrence and impacts of risk factors from 123 experienced professionals from both public and private entities. We found that the two most critical risk factors (CRFs) are land acquisition and compensation, and delay in project approvals and permits. The results from an independent sample t-test indicate the different risk perceptions of the public and private sectors for eight CRFs: (1) corruption, (2) change of project scope, (3) lack of transparency in bidding, (4) inflation, (5) payment issues, (6) inadequate feasibility study, (7) inappropriate allocation of responsibility and risk, and (8) fluctuation of interest rate. These eight CRFs are categorized into three major groups: the tendering process, commercial problems, and payment issues. These results can be used for establishing appropriate public policies to promote private investments in PPP transportation projects. Meanwhile, private investors would also have a better understanding of PPP transportation project development in Vietnam.
International Journal on Advanced Science, Engineering and Information Technology
Infrastructure projects require a great amount of capital investment resulting from their tremend... more Infrastructure projects require a great amount of capital investment resulting from their tremendous size, complexity, and risk. Due to the limitation of public finances, the private sector is invited to participate in infrastructure project development. The private sector can entirely or partially invest in an infrastructure project in the form of a public-private partnership (PPP) scheme, which has been an attractive option for several developing countries, including Vietnam. Unfortunately, despite the PPP scheme will improve project efficiencies and attract capital investments of private investors, the success of PPP implementation is not guaranteed. This paper investigates the critical success factors (CSFs) of PPP infrastructure projects in Vietnam. Relevant data were collected through in-depth interviews with six PPP experts and questionnaire surveys with 150 interviewees and then analyzed by the word cloud technique and the one-way analysis of variance (ANOVA) test. The CSFs were ranked based on the viewpoints of the public sector, the private sector, and the PPP consultants. The outcomes show that there was no significant difference in the perceptions of all three parties concerning the success factors for PPP infrastructure projects in Vietnam. The top five critical success factors are (1) timely land acquisition and appropriate compensation, (2) financial capacity of the private sector, (3) effective project management, (4) favorable and complete legal framework and regulations, and (5) financial feasibility and attraction. Recognizing the CSFs is indispensable to ensure the success of PPP infrastructure project implementation.
Concept and Application of Shariah for the Construction Industry
Journal of Japan Society of Civil Engineers, Ser. F6 (Safety Problem)
Journal of Japan Society of Civil Engineers, Ser. D3 (Infrastructure Planning and Management)
Journal of Japan Society of Civil Engineers, Ser. D3 (Infrastructure Planning and Management)
Transportation projects require an enormous amount of capital investment resulting from their tre... more Transportation projects require an enormous amount of capital investment resulting from their tremendous size, complexity, and risk. Due to the limitation of public finances, the private sector is invited to participate in transportation project development. The private sector can entirely or partially invest in transportation projects in the form of Public-Private Partnership (PPP) scheme, which has been an attractive option for several developing countries, including Vietnam. There are many factors affecting the success of PPP projects. The accurate prediction of traffic volume is considered one of the key success factors of PPP transportation projects. However, only few research works investigated how to predict traffic volume over a long period of time. Moreover, conventional traffic volume forecasting methods are usually based on deterministic models which predict a single value of traffic volume but do not consider risk and uncertainty. This knowledge gap makes it difficult for concessionaires to estimate PPP transportation project revenues accurately. The objective of this paper is to develop a probabilistic traffic volume prediction model. First, traffic volumes were estimated following the Geometric Brownian Motion (GBM) process. Monte Carlo technique is then applied to simulate different scenarios. The results show that this stochastic approach can systematically analyze variations in the traffic volume and yield more reliable estimates for PPP projects.
IEEE Transactions on Engineering Management
Mathematical Problems in Engineering
Sustainable operation of public-private partnership (PPP) infrastructure projects that are charac... more Sustainable operation of public-private partnership (PPP) infrastructure projects that are characterized by considerable external benefits is of vital importance. However, a liquidity shock might trigger an inefficient liquidation of a project by the special purpose vehicle (SPV) and the bank, whose objectives are to maximize the profits generated by the project. This study argues that performance guarantee and subsidy policies implemented by the government play a role in encouraging socially efficient decision-making by the SPV and the bank to ensure the continuation of socially valuable projects. The results show that both government subsidy and performance guarantee policies are effective in avoiding the inefficient liquidation of PPP infrastructure projects when the external benefits are large and certain. However, a performance guarantee policy might lead to inefficient continuation when the external benefits of a project are uncertain. Finally, we discuss the possibility that ...
Journal of Air Transport Management
Transportation Research Part A: Policy and Practice
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Papers by Masamitsu Onishi