Chapter II
PRELIMINARY ESTIMATE OF TOTAL INVESTMENT, TOTAL INVESTMENT
Article 3. Components of the preliminarily estimated total investment, total investment
1. Contents of preliminarily estimated total investment, total construction investment prescribed in Clauses 2 and 4 of Article 4 of the Government’s Decree No. 68/2019/ND-CP dated August 14, 2019 regarding the management of construction investment costs (hereinafter referred to as Decree No. 68/2019/ND-CP), including construction, equipment, project management, construction investment consultancy and other costs shall be subject to the following specific regulations:
a) Construction and equipment costs shall be composed of those costs subject to regulations laid down in clause 2 and 3 of Article 8 in this Circular.
b) Project management costs, including those prescribed in clause 2 of Article 21 in the Decree No. 68/2019/ND-CP, shall be expenses necessary for tasks of implementation of project management tasks from the project preparation phase to the project completion and operation stage, specifically including:
- Construction survey superintendence;
- Selection of architectural design or selection of architectural design plan for the construction project;
- Compensation, support and resettlement carried out on the part of the project owner/investor;
- Evaluation of feasibility study report or investment, and construction economic – technical feasibility report;
- Preparation, assessment, review and approval of engineering design, construction design drawing and construction cost estimate;
- Selection of contractors undertaking construction tasks;
- Management of construction quality, volume, quantity, progress, expense and contract;
- Management of construction communication system; acquisition and provision of data and information serving the investment and construction management task to meet needs of competent state authorities;
- Assurance of construction safety and environmental sanitation;
- Formulation or revision of construction norms;
- Calculation of construction costs and price indices for construction works;
- Inspection of quality of building materials, components, products and installed equipment;
- On-demand quality inspection of construction parts, work items, entire construction work and specialized tests;
- Investment and construction cost control;
- Conversion of construction investment capital after completion, pre-acceptance test, commissioning, hand-over and operation of construction project;
- Acceptance testing, commissioning, payment and final settlement of project contract; payment and settlement of construction investment capital;
- Conduct and implementation of superintendence and evaluation of construction project;
- Project acceptance testing, commissioning and transfer;
- Protect groundbreaking or opening ceremony (if any), communication and advertising for construction project;
- Determination and updating of construction contract costs;
- Managerial tasks assigned to competent state authorities (if any);
- Other project management tasks.
c) Construction investment consultancy expenses include the costs prescribed in clause 2 of Article 23 in the Decree No. 68/2019/ND-CP which are necessary for carrying out construction investment consultancy activities at different stages in the order of construction investment, such as the project preparation stage, project implementation and construction completion for commissioning and operation of construction projects. These expenses are paid for the following specific works:
- Planning, conducting and superintending construction surveys.
- Preparing pre-feasibility study report on construction investment (if any), report on recommendation of investment policies (if any), feasibility study report on construction investment or economic-technical report on construction investment;
- Reviewing basic design and technological design of the project;
- Reviewing compensation, support and resettlement plan;
- Holding an examination for a qualified architectural designer of the construction project;
- Providing construction design;
- Reviewing total construction investment, construction design and construction cost estimate;
- Making and appraising the request for expression of interest, request for prequalification, bid invitation, request for proposal, and evaluation of expression of interest, prequalification application, bid package and proposal for the purpose of selecting construction contractors;
- Reviewing results of selection of construction contractors;
- Superintending construction and equipment installation;
- Setting up and reviewing construction norms, construction costs and price indices;
- Assessing transport safety;
- Applying building information management system (BIM) (if any);
- Providing project management consultancy (in case of hiring of consultants);
- Conducting specialized construction tests;
- Ensuring quality assurance for building materials, components, products and installed equipment to meet the project owner/investor’s needs (if any);
- Inspecting the quality of construction parts, work items and entire project (if any);
- Superintending and evaluating construction and investment projects (in case of hiring of consultants);
- Preparing the environmental impact assessment report in accordance with laws on environmental protection;
- Converting construction investment capital after completion, pre-acceptance test, commissioning, hand-over and operation of construction project;
- Performing other consulting works.
Particularly for construction survey costs, including direct costs, indirect costs, pre-assessed taxable income and value-added tax are determined and managed as construction costs specified in the construction estimate.
d) Other expenses, including expenses necessary for execution of construction investment projects, shall be determined according to regulations of competent state authorities by using economic-technical norms or estimate of costs according to the regimes or policies for execution of project-related tasks, comprising the followings:
- Demining of bombs and explosives;
- (Compulsory) insurance for works during construction time;
- International quality register and surveying of works deformation (if any);
- Audit, verification and approval for finalization of investment capital;
- Inspection of acceptance testing or commissioning during the construction and completion acceptance of work items and works of competent regulatory authorities (in case independent professionals are hired to collaborate in performing these tasks);
- Technical and scientific researches pertaining to the projects; initial working capital for the construction investment projects for the purpose of business and loan interest during the construction; the costs for trial running with and without load according to the technological process before the transfer and handover (after value of products recovered is taken away);
- Natural resources taxes, fees and charges in accordance with regulations in force;
- Others (if any).
2. In case where any project is subject to the requirement for preparation of the economic-engineering report on construction investment feasibility, details of total investment in construction works shall be subject to the provisions laid down in clause 3 of Article 4 in the Decree No.68/2019/ND-CP.
3. For any project using the official development assistance capital (shortly called ODA), in addition to the costs calculated in the preliminary estimate of total investment, this total investment shall be supplemented with other necessary cost items provided that it matches the particularity and characteristics of the construction investment project using this capital in accordance with the regulations of relevant laws.
Article 4. Approach to preliminary estimate of total investment
1. Preliminary estimated total investment shall be calculated under clause 1 of Article 5 in the Decree No. 68/2019/ND-CP. In case there is no sufficient conditions for determination of the operational size, scale, capacity or service capability according to the preliminary design plan of the project, or these criteria have been determined despite none of available data on investment costs per unit, the preliminary estimate of total construction investment shall be made in reference to data about costs of projects similar in type and grade of works, operational size, capacity or service capability which are already completed or under construction, and shall be adjusted or supplemented with other necessary costs which are then converted to be relevant to the time of preliminary estimation of total investment, construction site, characteristics and nature of the project.
2. For any project implemented in the form of turnkey contracts, construction costs and equipment expenses defined in the preliminary estimate of total construction investment shall be calculated according to the approach to determining costs based on construction work quantity mainly measured according to the preliminary design in combination with the approach to determining costs by using investment costs per unit or cost data of similar project, and in compliance with correct and adequate costing rules for estimation of costs for the turnkey bid package.
3. Review and approval of the preliminary estimate of total investment shall be regulated as follows:
a) Review and approval of the preliminary estimate of total investment in projects using state budget capital and non-budgetary state capital shall be subject to regulations of laws on public investment and investment legislation.
b) Review and approval of the preliminary estimate of total investment in PPP projects shall be subject to laws on PPP.
4. Costs of turnkey bid packages shall be estimated under the provisions of clause 2 of Article 11 herein. Investment decision makers shall have authority to review and approve estimates of costs of turnkey bid packages.
5. Details about approaches to the preliminary estimate of total investment shall follow instructions given in the section 1 of Appendix No. 1 hereto.
Article 5. Approach to determination of total investment
1. Total investment shall be determined on the basis of the contents of feasibility study reports on construction investment, including basic designs, explanatory notes on basic designs, applicable standards and regulations, technological and engineering solutions and equipment; solutions to building architectural objects and main structures of construction works; solutions to construction work and major materials, construction conditions; project execution plans and other necessary requirements in accordance with the contents of feasibility study reports for investment and construction.
2. Total investment shall be calculated according to one of the approaches specified under clause 2 of Article 5 in the Decree No. 68/2019/ND-CP, specifically including:
a) Total investment is determined on the basis of construction work quantities calculated according to the basic design, project execution plan, guided construction measures, practical project execution conditions, other necessary requirements of specific projects, and set of norms, bills of lading, related regimes and policies.
b) Total investment is determined by using data on costs of similar construction works.
c) Total investment is determined according to investment costs per unit.
d) Total investment is determined by combining all of the approaches referred to in a, b and c of this clause.
3. Approaches prescribed in point b and c of clause 2 of this Article shall only be used for common construction works.
4. If there is none of regulations or bases for calculation of calculation of several cost items included as components of construction, equipment, project management costs, construction investment consultancy expenses, and other project expenses, at the time of determination of total investment, they may be added or estimated to become entries of total construction investment.
5. With respect to projects implemented in the form of an engineering-procurement-construction agreement (abbreviated as EPC); an engineering-construction agreement (abbreviated as EC); an engineering-procurement agreement (abbreviated as EP), construction and equipment expenses included in the total construction investment must be determined according to the approach specified at point a of clause 2 of this Article, which is adopted as the main one, together with other approaches.
6. Details of approaches to determination of total construction investment shall follow instructions given in the section 2 of Appendix No. 1 hereto.
Article 6. Subject matters of and authority over review and approval of total investment
1. Subject matters of total construction investment shall be subject to clause 1 of Article 6 in the Decree No. 68/2019/ND-CP.
2. Authority over review of total construction investment shall be subject to clause 3 and 4 of Article 6 in the Decree No. 68/2019/ND-CP. Particularly for projects that only require economic-technical reports on use of non-budgetary state capital, authority over the review shall be subject to clause 5 of Article 1 in the Government’s Decree No. 42/2017/ND-CP dated April 5, 2017, amending and supplementing a number of articles of the Government’s Decree No. 59/2015/ND-CP dated June 18, 2015 on management of investment and construction projects.
3. Authority over approval of total construction investment shall be subject to clause 7 of Article 6 in the Decree No. 68/2019/ND-CP.
4. Sample reports on results of review and appraisal of total construction investment shall follow instructions given in Appendix No. 10 hereto.
Article 7. Adjustment of the preliminary estimate of total investment and total investment
1. Adjustment of the preliminary estimate of total construction investment shall be subject to regulations laid down in laws on public investment, laws on investment and laws on PPP.
2. Adjustment of total investment already approved shall be subject to clause 7 of Article 7 in the Decree No. 68/2019/ND-CP.
3. Sample reports on results of review and appraisal of the preliminary estimate of total construction investment and total construction investment shall be revised according to instructions given in Appendix No. 10 hereto.
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