ABSTRACT
The chapter seeks to identify risk factors which affect oil and gas construction projects in Vietnam and derive risk responses. A questionnaire survey was conducted with the involvement of project executives of Petro Vietnam and statistical analysis was carried out to identify the major project risks. Subsequently, mitigating measures were derived using informal interviews with various levels of management at Petro Vietnam. Findings reveal that the bureaucratic government system and long project approval procedures, poor design, incompetence of project team, inadequate tendering practices, and late internal approval processes from the owner were major risks. The executives suggested various strategies to mitigate the identified risks. Reforming the government system, effective partnership with foreign collaborators, training project executives, implementing contractor evaluation using multiple criteria decision-making technique, and enhancing authorities of project people were suggested as viable approaches. The findings have several practical implications. The improvement measures as derived in this study would improve chances of project success in the oil and gas industry in Vietnam. Besides, as risk factors vary considerably across industry and countries, the study has provided insights into what constitutes effective risk management practices for successful projects implementation in the oil and gas industry in Vietnam.
