Introduction
Vietnam introduced the concept of Build-Operate-Transfer
("BOT") investment projects when it amended its Foreign
Investment Law in 1992. Simply stated, in a BOT project, the
investors assume the cost and risk to construct an infrastructure
project, to operate and manage it for a predetermined period of
time, and then to transfer the investment (without compensation) to
the government when the term expires. This investment form remained
dormant and useless for nearly 15 years when the concept was
finally fleshed out by the Law on Investment adopted in 2005, and
by its implementing Decree 1081. The BOT investment form
was further elaborated in the Law on Public-Private Partnership
("PPP") adopted by the National Assembly in
20202.
