| Summary: | The Covid-19 pandamic has caused unprecedented challenges and unpredictable fluctuations in Vietnamese economy. Production and supply chain of materials is constantly broken, while prices of energy, supplies, and raw materials have sharply increased, which has boosted construction costs and affected the medium-term public investment capital allocation plan. The regulation system on construction prices as a cost management tool has revealed inadequacies and no longer appropriate for investment projects using state capital or large-scale PPP projects, therefore no longer ensures the principles of accuracy and sufficiency. For construction investment to be effective and investment objectives to be met, it is necessary to complete the basis for the state management of costs, including the construction price system. This study examines the process of formation and management of construction prices in a number of developed economies such as the US., Germany, Poland, and Russia, analyzes and evaluates the shortcomings, and proposes solutions to improve construction price management in Vietnam.
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