Mai, The Vinh;
(2025)
The role of state-owned enterprises in infrastructure development:
Evidence from the Vietnam Expressway Corporation, 2003-2016.
Doctoral thesis (Ph.D), UCL (University College London).
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Abstract
Significant public investments in infrastructure have been vital to Vietnam’s economic success over the past few decades, yet the role of state-owned enterprises (SOEs) in these efforts remains largely underexplored. This thesis addresses this gap by presenting the first study on the Vietnam Expressway Corporation (VEC) during 2003-2016, a period marking Vietnam’s initial phase of highway construction and early stages of economic and institutional development. Established in 2003-2004 as a toll-funded state-owned company, VEC was tasked with delivering several major inter-province highway projects mandated by the government. Despite significant institutional and resource constraints, VEC has played a major role in Vietnam’s highway development, both past and present. This thesis employs a historical case study approach, integrating institution- and resource-based views of SOEs to develop an analytical framework for exploring VEC’s role and performance. Using archival and interview data, the study provides a detailed historical account of VEC during 2003-2016. It explains why the government created and employed VEC as a new SOE for highway development. It also examines the SOE’s role and function, as well as how the SOE performed in relation to its actual objectives within Vietnam’s unique development process. In a wider context, this research provides evidence on the role and performance of SOEs in infrastructure development, particularly in resource-challenged settings of developing countries. It also contributes to the international literature on SOEs, where Vietnam remains underrepresented despite its significant SOE sector. Finally, the thesis offers insights and implications for ongoing policy discussions on the global infrastructure gap amid rising resource constraints and uncertainties.
| Type: | Thesis (Doctoral) |
|---|---|
| Qualification: | Ph.D |
| Title: | The role of state-owned enterprises in infrastructure development: Evidence from the Vietnam Expressway Corporation, 2003-2016 |
| Language: | English |
| Additional information: | Copyright © The Author 2025. Original content in this thesis is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International (CC BY-NC 4.0) Licence (https://creativecommons.org/licenses/by-nc/4.0/). Any third-party copyright material present remains the property of its respective owner(s) and is licensed under its existing terms. Access may initially be restricted at the author’s request. |
| UCL classification: | UCL UCL > Provost and Vice Provost Offices > UCL BEAMS UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment |
| URI: | https://discovery.ucl.ac.uk/id/eprint/10203877 |
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