Assessment of financial risks in the implementation of technical infrastructure investment projects under the Public–Private Partnership (PPP) model in the Hanoi capital region

Abstract

The demand for technical infrastructure investment in Vietnam has been steadily increasing, particularly in the Capital Region of Hanoi, where the public–private partnership (PPP) model is considered a key mechanism for mobilizing private sector resources. However, PPP projects also entail numerous complex financial risks that may affect their effectiveness and sustainability. This study aims to identify, categorize, and assess the impact levels of financial risks during the implementation of technical infrastructure PPP projects in this region. Drawing on a comprehensive literature review, expert consultations, and field surveys, the research identifies 29 financial risks grouped into six categories. Quantitative analysis was conducted using SPSS and the Relative Importance Index (RII). The results indicate that contractual and financial allocation risks exert the most significant impact, followed by capital and financial mobilization risks. Based on the findings, the study proposes several risk mitigation measures to enhance the effectiveness of PPP implementation in major urban areas such as Hanoi.