Exploring critical risk factors for Green Building projects in developing countries: The case of Vietnam

Abstract

Green Buildings (GB) have been continuing to grow in line with the sustainability trend worldwide. However, GB projects frequently involve more risks than conventional projects due to their adoption of innovative sustainability technology. Consequently, risk management (RM) is more complicated and necessary for GB projects compared with conventional projects, especially in developing countries with few GB risk studies. As a first effort, this research aimed to explore risk factors that GB projects frequently confront in Vietnam. First, the 53 risk factors were identified by reviewing previous studies and interviewing industry professionals. A questionnaire was then developed to collect data from 207 construction professionals to assess the importance of GB risk factors. The result provided a ranking list of GB risks and their corresponding evaluations. Next, exploratory factor analysis was conducted and revealed the six most influential risk components: (1) human resource and technical risk in the construction phase, (2) performance risk in the operation phase, (3) human resource risk in the design phase, (4) financial risk, (5) regulation and complexity risk, and (6) material risk. Also, this research found no differences in risk preferences among various roles in GB projects. These findings provided insight into GB risks that can be useful for practitioners and future research. The final contribution included discussions on critical risks and suggestions for further research directions.