This study investigates whether the Value for Money （VFM） of Private Finance Initiative （PFI） projects depends on the field and contractual structures of the projects from the perspective of incomplete contracts. Using previous studies and by interviewing local government officials, we demonstrate that at the point of plan, the VFM of a Build-Transfer-Operate （BTO） contract is higher than a Build-Operate-Transfer （ BOT） contract under the same conditions. Conversely, at the point of contract it becomes dependent on the project fields. We therefore propose a better method to choose the most suitable contract depending on the project fields.