A research of diversifying financial resources for transport infrastructure development of Hanoi

istly, the evaluation criteria of the factor: “due to the lack of a model and mechanism to ensure the

diversification of financial resources for transport infrastructure development of Hanoi city" is assessed by

surveyed people with an average score of 3.13 points. According to the opinion of surveyed people, the lack of

a model and mechanism to ensure the diversification of financial resources for transport infrastructure

development of Hanoi city is a cause of limitations that need to be addressed.

- Secondly, “Hanoi city has not determined the priority order to objectives and tasks assigned to each

investment project of transport infrastructure development” factor is rated at 3.07 points. 60 surveyed

people (about 37%) agree or absolutely agree and 47 people (about 29%) hesitate. Thus, this is considered

as a cause of limitations in diversifying financial resources.

- Thirdly, “due to the lack of clear regulations on the method of cost account to compensate for projects

invested by the city” factor is scored at 3.05 points. 60 surveyed people (about 37%) agree or absolutely

agree and 51 people (about 31.5%) hesitate. Thus, this is considered as a cause of limitations in diversifying

financial resources.

- Fourthly, “the monitoring and evaluation are mainly based on reports of investment projects on

financial resources. There is not a proper mechanism of evaluation” factor is assessed with an average

score of 3.28 points. 77 surveyed people (about 41.5%) agree or absolutely agree and 48 people (about

29.6%) hesitate. Thus, this is considered as a cause of limitations in diversifying financial resources.

- “The observation has not been focused on financial indicators” factor is rated at 3.09 points. 63 surveyed

people (about 39.9%) agree or absolutely agree and 51 surveyed people (about 31.5%) hesitate. Thus, according

to the assessment of surveyed people, this is considered as a cause of limitations in diversifying financial

resources

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sample show that Cronbach's Alpha coefficient calculated for 5 observed variables of Q2_F2 factor, which is “limitations in the diversification of financial resources for transport development”, is 0.890 (Table 13), greater than 0.7. Therefore, it can be concluded that the scale is well-used to measure Q2_F2 factor. The variable correlation coefficient – the sum of observed variables is greater than 0.4, ensuring the convergence of the scale. Cronbach's Alpha values calculated for each observed variable if item deleted are less than 0.943. Therefore, no variable should be removed from this scale. For Q2_F3 factor, which is “limitations of the management mechanism in the diversification of financial resources for transport development”, the research results from the sample show that Cronbach's Alpha coefficient calculated for 5 observed variables of Q2_F3 factor is 0.795 (Table 7), greater than 0.7. Therefore, Commented [D2]: Chưa đủ ý 8 it can be concluded that the scale is well-used to measure Q2_F3 factor. The variable correlation coefficient – the sum of observed variables is greater than 0.4, ensuring the convergence of the scale. Cronbach's Alpha values calculated for each observed variable if item deleted are less than 0.943. Therefore, no variable should be removed from this scale. For Q2_F4 factor, which is “limitations of the human resources in the diversification of financial resources for transport development”, the research results from the sample show that Cronbach's Alpha coefficient calculated for 5 observed variables of Q2_F4 factor is 0.530 (Table 8), less than 0.7. Therefore, it can be concluded that the scale is not well-used to measure Q2_F4 factor. The variable correlation coefficient – the sum of observed variables is less than 0.4, not ensuring the convergence of the scale. Cronbach's Alpha values calculated for each observed variable if item deleted are less than 0.943. Therefore, Q2_16 and Q2_17 variables should be removed from this scale. 3.3.3. Factor analysis of causes of the limitations in diversifying financial resources for transport development in Hanoi city Based on Exploratory Factor Analysis (EFA) method, the authors have identified 03 main factors showing “the causes of the limitations in diversifying financial resources for transport development in Hanoi city”. However, is the scale of three above groups reliable? To solve this problem, the author uses the method of assessing the reliability of the scale using Cronbach’s Alpha coefficient for each of the above factors. 3.3.3.2. Results of the evaluation of the scale using the Cronbach’s Alpha coefficient. Causes of the limitations in the diversification of financial resources for transport development in Hanoi city For Q3_F1 factor: Due to the current laws are incomplete and inconsistent in separating financial resources for transport infrastructure development from other development investment activities. The research results show that Cronbach's Alpha coefficient of Q3_F1 factor is 0.98, greater than 0.7. Cronbach's Alpha coefficients, if removing variables corresponding to observed variables, are less than 0.98. The variable correlation coefficient – the sum of observed variables is greater than 0.4. Therefore, the scale is a good scale and no variable should be removed from this scale. For Q3_F2 factor: Due to the lack of a model, mechanism and policy to ensure the diversification of financial resources for transport infrastructure development. The research results show that Cronbach's Alpha coefficient of Q3_F2 factor is 0.82, greater than 0.7. Cronbach's Alpha coefficients, if removing variables corresponding to observed variables, are less than 0.82. The variable correlation coefficient – the sum of observed variables is greater than 0.4. Therefore, the scale is a good scale and no variable should be removed from this scale. For Q3_F3 factor: Due to the lack of observing competence and conditions of management boards. The research results of the sample show that Cronbach's Alpha coefficient of Q3_F3 factor is 0.816, greater than 0.7. Cronbach's Alpha coefficients, if removing variables corresponding to observed variables, are less than 0.816. The variable correlation coefficient – the sum of observed variables is greater than 0.4. Therefore, the scale is a good scale and no variable should be removed from this scale. Thus, the scale of three main factors that reflects the “causes of the limitations in diversifying financial resources for transport development in Hanoi city” is sufficiently reliable. The impact of observed variables in each factor group is shown via models with coefficients taken from factor coefficient matrix. 3.3.4. Factor analysis on solutions of diversifying financial resources for current transport infrastructure development 3.3.4.1. Results of Exploratory Factor Analysis (EFA) on solutions of diversifying financial resources for current transport infrastructure development Based on Exploratory Factor Analysis (EFA), the authors have identified 9 main factors showing “solutions of diversifying financial resources for current transport infrastructure development in Hanoi city” 3.3.4.2. Results of the evaluation of the scale using the Cronbach’s Alpha coefficient. For F1 factor: Establish a centralized board of financial management for financial resources for the development of Hanoi city. 9 The research results show that Cronbach's Alpha coefficient of F1 factor is 0.942, greater than 0.7. The variable correlation coefficient – the sum of observed variables is greater than 0.4. However, Cronbach's Alpha coefficients, if removing variables corresponding to observed variables, Q4_2, are greater than 0.942. Therefore, it is advisable to remove Q4_2 variable for better measurement. The reliability of the scale is continued to be re-evaluated and as a result, Q4_3 variable is removed from the scale. Therefore, the F1 factor will have only two variables: Q4_1 and Q5_1. For F2 factor: Reinforce the rights and responsibilities of parties in the diversification of financial resources. The research results show that Cronbach's Alpha coefficient of F2 factor is 0.884, greater than 0.7. Cronbach's Alpha coefficients, if removing variables corresponding to observed variables, are less than 0.884. The variable correlation coefficient – the sum of observed variables is greater than 0.4. Therefore, the scale is a good scale and no variable should be removed from this scale. For F3 factor: Enhance mechanism and policies for the diversification of financial resources for transport development. The research results show that Cronbach's Alpha coefficient of F3 factor is 0.866, greater than 0.7. Cronbach's Alpha coefficients, if removing variables corresponding to observed variables, are less than 0.866. The variable correlation coefficient – the sum of observed variables is greater than 0.4. Therefore, the scale is a good scale and no variable should be removed from this scale. For F4 factor: Mechanism to diversify financial resources for transport development. The research results show that Cronbach's Alpha coefficient of F4 factor is 0.866, greater than 0.7. Cronbach's Alpha coefficients, if removing variables corresponding to observed variables, are less than 0.866. The variable correlation coefficient – the sum of observed variables is greater than 0.4. Therefore, the scale is a good scale and no variable should be removed from this scale. For F5 factor: Management mechanism of the diversification of financial resources for transport development. The research results show that Cronbach's Alpha coefficient of F5 factor is 0.913, greater than 0.7. However, Cronbach's Alpha coefficients, if removing variables corresponding to observed variables, Q8_4, are greater than 0.913. Therefore, it is advisable to remove Q8_4 variable for better measurement. Therefore, the F5 factor will have only two variables: Q8_2 and Q8_3. For F6 factor: Establish a centralized board of financial management for financial resources for the transport development. The research results show that Cronbach's Alpha coefficient of F6 factor is 0.8, greater than 0.7. Cronbach's Alpha coefficients, if removing variables corresponding to observed variables, are less than 0.8. The variable correlation coefficient – the sum of observed variables is greater than 0.4. Therefore, the scale is a good scale and no variable should be removed from this scale. For F7 factor: Build financial management mechanism for financial resources for the transport development. The research results show that Cronbach's Alpha coefficient of F7 factor is 0.803, greater than 0.7. Cronbach's Alpha coefficients, if removing variables corresponding to observed variables, are less than 0.803. The variable correlation coefficient – the sum of observed variables is greater than 0.4. Therefore, the scale is a good scale and no variable should be removed from this scale. For F8 factor: Establish a financial management corporation of transport infrastructure development The research results show that Cronbach's Alpha coefficient of F8 factor is 0.271, less than 0.7. The variable correlation coefficient – the sum of observed variables is less than 0.4. Therefore, the scale is not a good tool to measure F8 factor. Since F9 factor, the establishment of a specialized agency, has only one observed variable, the scale measuring F9 is not reliable. Therefore, Q5_2 variable is removed. 10 3.3.4.3. Factor analysis results after eliminating unsatisfactory observed variables in evaluating the reliability of the scale In 24 satisfactory standards, measuring “solutions of diversifying financial resources for transport development in Hanoi city”, 7 main factors are drawn out to assess these limitations. These factors can explain 74.815% of the variability of the data. 3.4. Analyze the current situation of diversifying financial resources for road transport infrastructure development managed by Hanoi city 3.4.1. Current situation of diversifying financial resources for road transport infrastructure development from economic sectors According to the calculations of planners, in order to implement the planning of transport development in Hanoi from now to 2030, the city will need a capital of about VND 1,235,380.34 billion, in which the capital for road projects is spent at VND 523,776.98 billion, railway projects (including national railways and urban railways) at VND 646,524.77 billion, waterway projects at VND 19,750 billion and airports at VND 45,328.59 billion. This is a challenging task for Hanoi in solving the capital problem in developing transport infrastructure. Table 3.12: Summary of the investment capital for transport infrastructure development in Hanoi Unit : billion VND Capital source 2008 2011 2013 2014 2015 2016 2017 State capital 7509.8 12686.7 14597.6 13403 14359.46 16082.57 18997.27 Non-state capital 1615.00 2732.50 4205.10 4510.00 4735.05 4782.86 5739.43 Source: Collected from the data of Hanoi Department of Transport In addition, it is necessary to drastically reform the administration at all levels, build a responsible, reliable and effective apparatus by promoting officers and enhance the technocratic management and accountability. Improving the investment environment and creating the confidence for investors, businesses and local people as well as increasing the provincial competitiveness ranking and indicator of administrative reform, education, healthcare and other services should be also done. 3.4.2. Current situation of diversifying financial resources for road transport infrastructure development by mobilization forms 3.4.2.1. Mobilization forms for road transport via the state budget In fact, the amount of budget allocated for regions depends on the level of budget revenues and the percentage that provinces received. The mobilization of local budgets for road transport infrastructure development is mostly determined by the advantages of each locatity. 3.4.2.2. Mobilization via the form of “the state and people do it together” - For the financial resources from the capital contributed by local people: the mobilization amount of financial resources contributed by local people is spent in road transport infrastructure development of the inter- commune, inter-village and internal works in residential areas. The amount is mainly contribued by suburban residents. - In suburban areas: based on the mobilization mechanism for the National Target Program to build new rural area, the contributed capital of rural residents is still at 10% of the total capital source that need to be mobilized. 3.4.2.3. Mobilization in the form of exchanging land for infrastructure In 2017, Hanoi issued certificates for investing four road infrastructure projects of 13.303km with a total capital of VND 5,727 billion. Accordingly, with the investment in the 13.303km road, investors will receive a total reciprocal land area of 162.71 ha. 3.4.2.4. Mobilization in the form of auction of land using rights Auctioning land using rights is also a popular method of mobilizing capital in Vietnam, especially in regions with the high urbanization speed and value of land using rights as Hanoi. 11 In 2018, Hanoi city auctioned land using rights in 679 projects (including 666 new projects and 13 transitional projects) with a total area of 193.41 ha, expected to collect about VND 13,710.62 billion. 111 projects are managed by the city government and other 568 small projects (under 5,000m2) are managed by district governments. In 2019, Hanoi is expected to auction about 197ha of land at 635 projects (including 618 new projects and 17 transitional projects). The auction is expected to collect VND 15,972.29 billion (including 152 managed by the city and 483 small projects). The auction plan for 2020 is composed of 453 projects (395 new projects and 58 transitional projects) with a total area of 286.93 ha, expected to collect VND23,855.58 billion. 166 projects managed by the city and other 287 small projects are auctioned. The total cost for site clearance and constructing technical infrastructure of auction projects for the period of 2018 – 2020 is expected to be VND 17,518.39 billion. 3.5. General evaluation of diversifying financial resources for transport infrastructure development in Hanoi 3.5.1. Results - Hanoi city has exploited the state capital with a specific mobilization mechanism in allocating local capital for infrastructure in general and road transport in particular with a large proportion, which is increased every year. The city has created an investment environment to attract the non-state capital budget, especially private investment for road transport infrastructure development. In addition, it has propagated and promoted the strength of political organizations in mobilizing local people to contribute to the rural transport infrastructure. 3.5.2. Limitations and causes 3.5.2.1. Limitations Along with achievements, there are some drawbacks in the process of mobilizing financial resources for road transport development: Table 3.15: Summary of limited factors in diversifying financial resources for road transport development in Hanoi city Factor/ Observed variable Content Observed number Min Max Average Standard deviation Q2_F2 Limitations in attracting financial resources 162 1.00 4.80 2.6877 .84705 Q2_F1 Limitations in the competence of human resources 162 1.00 5.00 3.5216 .88351 Q2_F3 Limitations in specific regulations to the diversification of resources 162 2.40 5.00 4.0420 .46515 The results of evaluating the limitations in diversifying financial resources for transport development in Hanoi city show that: For criteria to assess “limitations in organizing activities to attract financial resources for transport development of Hanoi city”, the average score assessed by surveyed subjects for this factor is 2.69 points. Therefore, according to opinions of surveyed subjects, activities to attract financial resources for transport development of Hanoi is not necessarily a big limitation. This factor is specifically assessed as follows: 12 - “Financial resources of the state for investing in transport infrastructure development in Hanoi city are low, compared to the development speed” is assessed with an average score of 2.59 points. It shows that the majority of surveyed subjects disagree with this criterion. 88 surveyed people (about 54.3%) disagree or absolutely disagree with this criterion. - “Financial resources from the city budget for investing in transport infrastructure development” criterion is scored at 3.12 points. It’s clear that the majority agree with this idea. 69 surveyed people (about 37.9%) agree or absolutely agree with this criterion. However, the number of respondents hesitating about the criterion is 42 people (about 23%). This is considered as a drawback that needs to be solved. - “The attraction of financial resources from abroad for investing in transport infrastructure development of the city has not been focused on transport development projects” is assessed with an average score of 2.45 points. For this criterion, 96 surveyed people (59.3%) disagree or absolutely disagree. This is clearly not a limitation. - “The attraction of financial resources from enterprises for tranposrt infrastructure investment has not been focused on key transport works of the city” criterion is assessed with an average score of 2.6 points. 92 surveyed people (56.2%) disagree or absolutely disagree with this criterion. This is not really a limitation. - “The city’s administrative agencies performing the diversification of financial resources do not have sufficient expertise to diversify the financial resources for transport development projects” is scored at 2.6 points. 81 surveyed people (50%) disagree or absolutely disagree and 36 people (22.2%) hesitate. Thus, this is not necessarily a limitation. For criteria to assess “the limitations in the organization and competence of officers, who are implementing the diversification of financial resources for transport development in Hanoi city”, the average score given by the subjects is 3.25 points. Thus, in the opinion of surveyed subjects about this factor, “the limitations in the organization and competence of officers, who are implementing the diversification of financial resources for transport development in Hanoi city” should be solved. This factor is specifically assessed as follows: - “The function of financial allocation is limited due to the recruitment of officers and assistants, who are working in an administrative and bureaucratic manner” is assessed with an average score of 3.82 points. 121 surveyed people (about 74.7%) agree or absolutely agree with this criterion. This is considered as a limitation that need to be solved. - “The cooperation to perform some tasks and the powers of the diversification of financial resources among ministries /departments /sectors is limited with low quality” is scored at 3.38 points. 109 surveyed people (about 66%) agree or absolutely agree with this criterion. Thus, this is considered as a limitation that need to be solved. - “Projects attracting the capital from enterprises are checked and observed by many management agencies at all levels for the same content” is rated at 3.75 points. 115 surveyed people (about 71%) agree or absolutely agree with this criterion. Thus, this is considered as a limitation that need to be solved. - “The responsibilities of organizations and individuals performning the function of diversifying financial resources for transport infrastructure development are not clearly assigned” is evaluated at 3.31 points. 78 surveyed people (about 48,2%) agree or absolutely agree and 43 people (about 26.5%) hesitate with this criterion. Thus, according to surveyed subjects, this is considered as a limitation that need to be solved. For criteria to evaluate “the limitations in specific regulations for diversifying financial resources for transport development of Hanoi city”, the average score given by surveyed people is 4.04 points. Thus, following the opinion of surveyed subjects, “the limitations in specific regulations for diversifying financial resources for transport development of Hanoi city” is considered as a limitation that should be addressed. This factor is specifically assessed as follows: - “There is no specific regulations on the responsibilities to report and explain of agencies assigned to diversify financial resources for transport infrastructure development of the city to elected bodies (People’s Council)” is rated at 3.92 points. 134 surveyed people (about 92.7%) agree or absolutely agree with this criterion. Thus, according to surveyed subjects, this is considered as a limitation that need to be solved. 13 - “The division of the function of diversifying financial resources for transport development within each state agency is still fragmented and overlapped among departments/divisions” is evaluated with an average score of 4.07 points. 137 surveyed people (about 84.6%) agree or absolutely agree with this criterion. Thus, this is considered as a limitation that need to be solved. - “Lack of specific regulations (mechanism of salary, bonus and remuneration) to motivate organizations and individuals of the city’s agencies assigned to perform the diversification of financial resources for transport infrastructure development” is rated at 4.04 points. 144 surveyed people (about 82.7%) agree or absolutely agree. Accordingly, this is considered as a limitation that need to be solved. - “Enterprises are restricted to participate in bidding for investment projects on road transport infrastructure development that are invested by provincial People’s Committee or projects funded by international organizations” is evaluated with an average score of 4.06 points. 142 surveyed people (87.7%) agree or absolutely agree. Accordingly, this is considered as a limitation that need to be solved. - “The function of diversifying financial resources for transport infrastructure development has not been effective and efficient” is scored at 4.12 points. 139 surveyed people agree or absolutely agree. Accordingly, this is considered as a limitation that need to be solved. 3.5.2.2. Causes of limitations The research results of assessment critera about causes of limitations in diversifying financial resources for transport development of Hanoi city show: - Causes from organizing the direction and deployment of diversifying financial resources for transport infrastructure development. Firstly, the factor, “due to current laws are incomplete and inconsistent in separating financial resources for transport infrastructure development from other development investment activities”, is assessed by surveyed subjects with an average score of 3.02 points. Thus, current laws, which are incomplete and inconsistent in separating financial resources for transport infrastructure development from other development investment activities, is not necessarily a cause. - Secondly, the factor that “due to regulations to organize the function of diversifying financial resources from the state and city are inadequate” is rated at 2.79 points. 80 surveyed people (about 49.4%) disagree or absolutely disagree and 33 people (about 20.4%) hesitate. Thus, this is not necessarily a cause of limitations in diversifying financial resources. - Thirdly, the factor that “financial resources are not separated from investment resources” is scored at 2.97 points, which is a proof that the majority of surveyed people agree with this criterion. 63 surveyed people (about 38.9%) disagree or absolutely disagree and 30 surveyed people (about 18.5%) hesitate. Thus, it can be considered that this is not necessarily a cause of limitations in diversifying financial recourses. - Fourthly, the factor that “the rights and responsibilities have not been united and focused by departments in the management of investment capital” is rated at 3.24 points. 79 surveyed people (about 49.8%) agree or absolutely agree and 38 people (about 23.5%) hesitate. Thus, this can be considered a cause of limitations in diversifying financial resources. - Fifthly, the factor that “due to the lack of specific regulations on the content of the state management of financial resources” is sco

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