Risk Management for High Rise Building Construction in Vietnam – Case Study of the Diamond Flower Tower

No construction project is risk free. Risk can be managed, minimized, shared, transferred, or accepted but it cannot be ignored. Especially in developing countries like Vietnam, construction projects are usually considered a high risk business, mostly because of a lack of adequate skills and experience in managing risk. This research presents the details of a study on the risk management process under owner’s perspective in a typical high rise building project. With the aim of showing risk management process including: risk identification, risk assessment, and risk response, author desires to contribute a good method and experience for owner in the construction industry.
To accomplish the research, the author reviews knowledge, tools related the subject and collection all data of case study. By check list, brainstorming and interviewing experts, 18 risks are identified. All identified risks are divided into two groups “risks can be quantified” and “risks cannot be quantified” to evaluate and assess. For the first group, the author focuses on calculating losing cost and time delay; and for the second group, matrix risk is used to assess and prioritize the risks.
After assessing and evaluating all the risks, the author discusses with experts to get risk response strategies for each risk. The strategies are presented in detail with high risks, medium risks and low risks. With the response, Vietnamese owner have the effective tools to manage risks for high rise building projects.