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improvement. This suggests that the impact of human capital depends on its quality and
the level of labor market formalization.
5. Conclusion and policy implications
The findings demonstrate that sustainable development in Vietnam is significantly
influenced by three key factors, including the digital economy, science and technology
and innovation investment, and the quality of human capital. Among these, the digital
economy and technological investment act as key drivers of green growth by improving
resource efficiency and enabling structural transformation. These findings provide a basis
for proposing several policy implications. For a policy perspective, strengthening
institutional frameworks to support digital transformation, expanding digital
infrastructure, and fostering innovation ecosystems are critical priorities. Greater
investment in science and technology, particularly in green and core technologies, should
be encouraged alongside incentives for private sector participation in R&D. Improving
human capital through education reform and digital skills development, as well as
reducing labor informality, is also essential. Ensuring macroeconomic stability, particularly
through controlling inflation and maintaining currency stability, is essential for fostering
an environment conducive to investment and innovation. At the enterprise level, it is
important to actively advance digital transformation, expand investment in research and
development—especially in green and energy-efficient technologies—and enhance
workforce competencies. Companies should also strengthen their social and
environmental responsibility, promoting sustainable production and business practices. In
general, the coordinated development of the digital economy, innovation capacity, and
human capital will be pivotal in achieving sustainable and inclusive growth in Vietnam.

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