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[FONT="]Title page

[FONT="]Acknowledgement . i

[FONT="]Abstract ii

[FONT="]Table of content . iii

[FONT="]List of tables and figures vi

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[FONT="]CHAPTER 1 Introduction and Methodology 1

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[FONT="]1.1 Introduction 1

[FONT="]1.1.1 General background . 1

[FONT="]1.1.2 Objectives of the study . 1

[FONT="]1.2. Methodology . 2

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[FONT="]CHAPTER 2 Considerations Of Risk And Return In Project Financing[FONT="] . 6

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[FONT="]2.1. Project financing - Concept and definition . 6

[FONT="]2.1.1. Definition of project financing 6

[FONT="]2.1.2. Interested parties . 6

[FONT="]2.1.3. The process of project financing . 7

[FONT="]2.1.4. Sources of funds . 8

[FONT="]2.2. Different kinds of risk in project financing 9

[FONT="]2.3. Methods of dealing with risk . 10

[FONT="]2.3.1. Sensitivity analysis . 10

[FONT="]2.3.2 Scenario analysis (Probability analysis) . 11

[FONT="]2.3.3. Monte Carlo Simulation . 12

[FONT="]2.3.4. Utility theory . 12

[FONT="]2.3.5. Decision trees 13

[FONT="]2.3.6. Game theory 14

[FONT="]2.4. Analytical framework for analyzing risk & return in project financing 17

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[FONT="]CHAPTER 3 Main Traits Of Operating Environment Of Business In Vietnam[FONT="] 19

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[FONT="]3.1. Introduction . 19

[FONT="]3.2. Situational description of operating environment of business in Vietnam 19

[FONT="]3.2.1. Legal infrastructure and foreign investment status . 19

[FONT="]3.2.2. Banking system and financial institutions 27

[FONT="]3.2.3. Prospects of domestic Stock Exchange market 28

[FONT="]3.2.4. Macroeconomic stability 30

[FONT="]3.2.5. The availability and reliability of the information 31

[FONT="]3.3. Project financing in the Vietnamese context 32

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[FONT="]CHAPTER 4 Case Study 1: West Lake Regency - Service Apartment Project[FONT="] 33

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[FONT="]4.1. Introduction . 33

[FONT="]4.2. Public hotels, property business and the Tourism Industry in Hanoi 33

[FONT="]4.3. The project 34

[FONT="]4.3.1. Structure of the project 34

[FONT="]4.3.2. Funding structure . 34

[FONT="]4.3.3 Project description 37

[FONT="]4.4. Parties involved 39

[FONT="]4.5. Financing Analysis 40

[FONT="]4.5.1. Cost estimation 40

[FONT="]4.5.2. Financing plan 41

[FONT="]4.6. Project evaluation . 43

[FONT="]4.6.1. Service apartments development analysis . 43

[FONT="]4.6.2. Fees and Revenues . 44

[FONT="]4.6.3. Financial Analysis 45

[FONT="]4.6.4. Sensitivity Analysis 46

[FONT="]4.6.5. Economic Analysis 47

[FONT="]4.6.6. Project risks and expected returns (in relation to risk) 48

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[FONT="]CHAPTER 5 Case Study 2: Thuy Tien - Office Building Project[FONT="] . 51

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[FONT="]5.1 Introduction 51

[FONT="]5.2 Private hotels, service apartments and houses for rent in Hanoi 51

[FONT="]5.3. The project 52

[FONT="]5.3.1. Structure of the project 52

[FONT="]5.3.2. Funding structure . 53

[FONT="]5.3.3 Project description 55

[FONT="]5.4. Parties involved 55

[FONT="]5.5. Financing Analysis 57

[FONT="]5.5.1. Cost estimation 57

[FONT="]5.5.2. Financing plan 58

[FONT="]5.6. Project evaluation . 59

[FONT="]5.6.1. Office building development analysis 59

[FONT="]5.6.2. Fees and Revenues . 60

[FONT="]5.6.3. Financial Analysis 61

[FONT="]5.6.4. Sensitivity Analysis 62

[FONT="]5.6.5. Economic Analysis 63

[FONT="]5.6.6. Project risks and expected returns (in relation to risk) 64

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[FONT="]CHAPTER 6 Proposed Risk-Return Analysis Model In Project Financing In VN[FONT="]. 67

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[FONT="]6.1. Proposed risk-return analysis model 67

[FONT="]6.2. Suggested stage breakdown of project lifecycle . 70

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[FONT="]CHAPTER 7 Conclusions And Recommendations[FONT="] . 72

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[FONT="]7.1. Conclusions 72

[FONT="]7.2. Recommendations . 73

[FONT="]7.3. Suggestions for further study . 74

[FONT="]7.4. Limitations of the research . 74

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[FONT="]APPENDIX A . 75

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[FONT="]APPENDIX B . 95

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[FONT="]REFERENCES . 10