VE(Value Engineering) is believed to be a very powerful tool for quality improvement and schedule reduction of a project as well as for cost savings. However, little of small and medium size construction companies adopt the VE into their projects, particularly those in private sector. The main reason is that the VE is commonly misunderstood to be complex and sophisticated process, thus it is only applicable for large and difficult projects. VE applied into two small and medium scaled private projects from design phase to construction phase in order to verify advantages of the tool and find the most optimized process of it. As a result, a P university project experienced a considerable reduction on construction cost by changing a construction method of its ground works and sizes of H-beams. In addition, a H motor exhibition hall project also achieved time and cost savings. It was also revealed that, for better application of the VE on a small and medium size project, building trust between owner and contractor is prerequisite. VE skill can be taken full advantage by all the small and medium scale enterprises, which will surely lead to a huge progress of the construction business.