A series of BOT projects have decreased revenue.

According to the report of the Ministry of Transport, out of 53 BOT projects managed by the Ministry, by October 2023, 4 projects had revenue exceeding the financial plan, 26 projects reached 70-100%, 19 projects reached 30-70% and 4 projects were below 30%.

Projects failed to meet financial targets due to economic growth not meeting forecasts, especially the impact of the Covid pandemic. For many years, projects were not allowed by state agencies to increase fees while according to the 3-year contract, fees were allowed to be increased once. Some projects suffered a decrease in revenue due to vehicles choosing other routes to avoid toll stations.

Four projects with revenue below 30% include: Construction of Thai Nguyen - Cho Moi road and upgrading of National Highway 3, only one of the two stations is allowed to collect tolls; National Highway 1 project, Cai Lay bypass section, Tien Giang province, has stopped collecting tolls for 5 years; Thai Ha bridge project has to share vehicles crossing the parallel road; National Highway 10 project, Dong Hung town bypass section, has to stop collecting tolls to move the station to Dong Hung town bypass (Thai Binh).

After the fee increase at the end of December 2023 combined with increased traffic near Tet Giap Thin 2024, the average revenue of projects in January increased by about 17% compared to December 2023.

Projects managed by localities also saw revenue decline compared to the forecast in the contract, typically the construction of Bach Dang bridge and Ha Long - Van Don expressway in Quang Ninh province; investment in construction of extended road 319 and intersection with Ho Chi Minh City - Long Thanh - Dau Giay expressway; Bac Giang - Lang Son expressway; upgrading National Highway 18 section Ha Long - Mong Duong (Quang Ninh province); BOT project on Thai Binh coastal road...

A series of projects have seen revenue declines, affecting businesses and credit institutions. Businesses are unable to cover the costs of operating and maintaining the roads, causing them to deteriorate quickly and unable to pay interest, so credit loans turn into bad debts, affecting bank operations.

The Ministry of Transport assessed that the above investment projects under the public-private partnership (PPP) method were all implemented before 2020 when the PPP Law had not yet been issued, the legal system was still inadequate, regulations on toll stations and fee policies were not strict, and there was no risk-sharing policy between the state and investment enterprises.

BOT projects to renovate and upgrade existing roads often collect tolls, making it difficult to ensure fairness for users. People living near toll stations only use a short distance, but still have to pay the same fee as vehicles using the entire length of the project.

Projects often have large total investments, lasting over 20 years, while planning for the period before 2020 does not have a long-term orientation and often changes targets and orientations for socio-economic development, so infrastructure investment often changes compared to the original planning.

To deal with the shortcomings, the Ministry of Transport proposed to the Government a solution to handle 8 BOT traffic projects facing major difficulties that are not the investors' fault. These include the Thai Ha Bridge BOT project across the Red River on the road connecting Thai Binh and Ha Nam provinces, where revenue has only reached 15-19% of the contract for 3 consecutive years, and the Viet Tri - Ba Vi Bridge project, where revenue has only reached about 30% for the past 3 years.

Previously, the government allowed the La Son - Tuy Loan expressway toll collection project to replace state support, but later the investor was not allowed to collect tolls. Two projects that were completed but were not allowed to collect tolls were the Binh Loi railway bridge, the Saigon River channel improvement, and the western beltway of Thanh Hoa city. The Ho Chi Minh road upgrade and expansion project through Dak Lak province saw a decrease in revenue of 36-43% compared to the contract because the locality invested in the Buon Ho town bypass.

For other projects, the Ministry of Transport proposes that the parties negotiate contract amendments (including additional state capital participation or other appropriate support solutions) to ensure financial feasibility. In case of additional state capital, the minimum support level must be sufficient to cover the costs of management, operation and maintenance of the project and payment of interest according to the credit contract. The additional state capital level must not exceed 70% of the total investment capital of the BOT project determined according to the settled or audited value.