Legal risks in public construction investment project management in Vietnam: Identification, classification, and impacts on public investment efficiency

Public construction investment projects funded by the state budget in Vietnam face various risks, among which legal risks directly and extensively affect project schedules, costs, and investment efficiency. This study identifies, classifies, and analyzes legal risks throughout the project lifecycle, particularly in the operations of provincial specialized project management units. Based on document synthesis and practical analysis, the findings show that legal risks arise during project preparation, contractor selection, contract performance, acceptance, payment, and final settlement. The absence of a systematic legal risk governance mechanism contributes significantly to delays, cost overruns, disputes, and reduced public investment efficiency. The paper proposes an integrated governance model emphasizing early risk identification, dedicated risk-management functions, warning indicators, inter-agency coordination, and lifecycle-based control to improve public construction project management in Vietnam.