Thạc Sĩ Risk and return analyses in project financing: Selected cases in vietnam

​ TABLE OF CONTENT​ ​ ​ Title page
Acknowledgement . i
Abstract ii
Table of content . iii
List of tables and figures vi


CHAPTER 1 Introduction and Methodology 1

1.1 Introduction 1
1.1.1 General background . 1
1.1.2 Objectives of the study . 1
1.2. Methodology . 2

CHAPTER 2 Considerations Of Risk And Return In Project Financing . 6

2.1. Project financing - Concept and definition . 6
2.1.1. Definition of project financing 6
2.1.2. Interested parties . 6
2.1.3. The process of project financing . 7
2.1.4. Sources of funds . 8
2.2. Different kinds of risk in project financing 9
2.3. Methods of dealing with risk . 10
2.3.1. Sensitivity analysis . 10
2.3.2 Scenario analysis (Probability analysis) . 11
2.3.3. Monte Carlo Simulation . 12
2.3.4. Utility theory . 12
2.3.5. Decision trees 13
2.3.6. Game theory 14
2.4. Analytical framework for analyzing risk & return in project financing 17

CHAPTER 3 Main Traits Of Operating Environment Of Business In Vietnam 19

3.1. Introduction . 19
3.2. Situational description of operating environment of business in Vietnam 19
3.2.1. Legal infrastructure and foreign investment status . 19
3.2.2. Banking system and financial institutions 27
3.2.3. Prospects of domestic Stock Exchange market 28
3.2.4. Macroeconomic stability 30
3.2.5. The availability and reliability of the information 31
3.3. Project financing in the Vietnamese context 32

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CHAPTER 4 Case Study 1: West Lake Regency - Service Apartment Project 33

4.1. Introduction . 33
4.2. Public hotels, property business and the Tourism Industry in Hanoi 33
4.3. The project 34
4.3.1. Structure of the project 34
4.3.2. Funding structure . 34
4.3.3 Project description 37
4.4. Parties involved 39
4.5. Financing Analysis 40
4.5.1. Cost estimation 40
4.5.2. Financing plan 41
4.6. Project evaluation . 43
4.6.1. Service apartments development analysis . 43
4.6.2. Fees and Revenues . 44
4.6.3. Financial Analysis 45
4.6.4. Sensitivity Analysis 46
4.6.5. Economic Analysis 47
4.6.6. Project risks and expected returns (in relation to risk) 48

CHAPTER 5 Case Study 2: Thuy Tien - Office Building Project . 51

5.1 Introduction 51
5.2 Private hotels, service apartments and houses for rent in Hanoi 51
5.3. The project 52
5.3.1. Structure of the project 52
5.3.2. Funding structure . 53
5.3.3 Project description 55
5.4. Parties involved 55
5.5. Financing Analysis 57
5.5.1. Cost estimation 57
5.5.2. Financing plan 58
5.6. Project evaluation . 59
5.6.1. Office building development analysis 59
5.6.2. Fees and Revenues . 60
5.6.3. Financial Analysis 61
5.6.4. Sensitivity Analysis 62
5.6.5. Economic Analysis 63
5.6.6. Project risks and expected returns (in relation to risk) 64

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CHAPTER 6 Proposed Risk-Return Analysis Model In Project Financing In VN. 67

6.1. Proposed risk-return analysis model 67
6.2. Suggested stage breakdown of project lifecycle . 70

CHAPTER 7 Conclusions And Recommendations . 72

7.1. Conclusions 72
7.2. Recommendations . 73
7.3. Suggestions for further study . 74
7.4. Limitations of the research . 74


APPENDIX A . 75

APPENDIX B . 95

REFERENCES . 102