Common problems
- Capital cost is worked out carefully, while whole-life operating and maintenance cost is estimated loosely.
- The subsidy for public passenger transport is not carried into the long-term provincial budget balance.
- Major equipment renewal in years 15 to 20 appears nowhere in the file.
- Non-fare revenue — advertising, retail at stations, land exploitation — is left out of the model.
Legal basis
The wording below is our reading of each provision, not an official translation. Only the Vietnamese text is authoritative — you can open every document in the Document lookup section.
Law on Railways — Article 5.1 and 5.2The State prioritises budget allocation for investment, upgrading and maintenance, and subsidises public passenger transport by urban railway.
Law on Railways — Article 32.3 and 32.4Where the domestic system of norms and unit prices for operation and maintenance does not exist or does not fit, norms published by domestic or foreign organisations may be used. Trial running, training and technology transfer costs are included in total investment.
Decree 206/2026/ND-CPManagement of construction investment cost — total investment, construction estimates, package estimates, and operation and maintenance cost.
What we do
- Set the whole-life cash-flow frameInvestment phase, steady-state operation, and the major renewal milestones.
- Separate the revenue linesFare revenue, subsidy, non-fare revenue, and TOD land proceeds where they apply.
- Establish operating and maintenance costDomestic norms where they exist; otherwise norms from a comparable line, converted to the valuation date under Article 32.
- Test it against the provincial budgetShow what the budget must provide each year, and what share that is of local development investment spending.
- Run sensitivities and find the breaking pointsRidership below forecast, electricity prices rising, exchange-rate movement on foreign-currency contracts.
What you receive
- A whole-life financial model with assumptions held in a separate sheet
- A year-by-year statement of the call on the provincial budget
- Sensitivity analysis and the plan’s breaking points
- An explanatory statement structured for the submission file
When to call us
When preparing or appraising a pre-feasibility or feasibility study; when adjusting the investment policy decision; or when a line is approaching operation and the province needs to know what it must budget each year.
Two conditions, stated before anything else. First, this is a service under Clause 2, Article 40 of the Law on Independent Audit — an audit firm must register it with the Ministry of Finance before providing it. Second, if we audit your organisation, or expect to, this engagement must pass an independence check under Article 30 of the same law before signing. We run that check first, and if it fails we say so plainly and decline.
Next step
Describe your situation on the Request advice page, or call 0825092007. We read it, classify it and reply within 24 working hours — including when the answer is that the work falls outside what we are permitted to do.
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