Purpose In Vietnam, delays in disbursement for state-funded construction projects remain a persistent challenge, directly impacting stakeholder performance. This study aims to identify significant risks contributing to these delays and proposes a multi-criteria model to mitigate them. Design/methodology/approach Adopting a hybrid method that integrates literature review and expert surveys, the study identifies 17 risk factors grouped into three categories: human-related, policy-related and performance-related. Data was collected through a structured questionnaire and analyzed using Cronbach’s alpha, mean score analysis, Spearman’s rank correlation, Exploratory Factor Analysis and Fuzzy Synthetic Evaluation (FSE). Findings The analysis highlights the limited authority of investors, frequent legal policy changes and delays in site clearance as the most critical causes of slow disbursement. Human-related risks were found to have the greatest influence on this disbursement. Respondents with similar work experience shared consistent assessments, while those in different roles or positions showed divergent views. The FSE results confirm that these risks significantly hamper the disbursement process in public construction projects. Research limitations/implications Evaluating disbursement delays and developing a corresponding model are essential for future research on enhancing project performance. Nevertheless, further in-depth study is needed to understand the full impact of these delays. Practical implications Stakeholders should prioritize improving the qualifications and authority of staff and managers involved in the disbursement process. Doing so will accelerate payment procedures and contribute to more stable cash flow for all parties, especially contractors. Originality/value The study’s findings provide valuable insights for stakeholders, particularly contractors, to manage financial planning better in the face of disbursement delays.
Hà Duy Khánh (Thu,) studied this question.