In recent years, there have been many domestic and foreign studies on PPP investment projects and government guarantees under PPP contracts. The content and recommendations in these studies have been seen objectively from different perspectives, but domestic studies focused on the implementation of PPP projects in terms of investment (capital, PPP contracts, government commitments, and implementation), while international studies were often more comprehensive, with many relevant lessons learned but many have not yet been implemented or inadequate with the legal framework of Vietnam. As one directly perform the functions and tasks of public debt management, including the issuance and management of government guarantees and the government's contingent liabilities arising from guarantees, based on the analysis, evaluation and judgment of the national and international organizations and experts, the research report synthesizes, analyzes and continues to make assessments and comments with financial perspective and fiscal risk from PPP projects, both in terms of PPP guarantees and guarantees for investors to apply for a PPP project. The report analyzes the rationale for PPP, the legal framework of Vietnam and the international experience of some countries to make a statement in the context of Vietnam. In particular, the study also outlines the obligations that the government has to bear when guaranteeing the beneficiaries of PPP and the fiscal risks arising from government guarantees, thereby proposing appropriate solutions as well as direction in the coming time to reduce risks.

Lessons learned from the study shows that the best and most effective risk management according to international experiences is that the Government must (i) select a good project;  have (ii) good organization, (iii) system of good laws and regulations; and (iv) good budgeting, accounting and reporting systems. This is also suggested by the research team on policy for government guarantee for PPP projects that should only be implemented once there is a strong, effective and transparent legal and institutional framework for implementation and management of PPP project in general and government guarantee for PPP projects in particular.