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In the aviation sector, greening initiatives are also under the spotlight, particularly
in COP28 discussions. The goal is to promote stronger partnerships with sustainable

aviation fuel (SAF) providers to support green growth. All these efforts align with the
green growth objectives of the transport industry. Implementing these strategies will
require leveraging scientific and digital technologies to expand infrastructure
sustainably, fostering quality growth, minimizing environmental harm, and enhancing
the competitiveness of transport enterprises.
The first solution to achieving green growth is the development of green finance.
Green finance refers to the harmonious integration of finance and the environment to
meet green growth goals, mobilizing financial resources to support environmental

initiatives while minimizing negative environmental impacts. Hence, green finance
development is a crucial subject of study to provide recommendations that will help
Vietnamese transport enterprises achieve sustainable green growth.
2. Theoretical framework
2.1. Green finance
According to UNP (2021), green finance is the increase in financial flows

(banking, microcredit, insurance, investment) from public, private, and non-profit
sectors towards sustainable development priorities. Green finance helps businesses
better manage environmental and social risks, take advantage of competitive
opportunities, generate profits, benefit the environment, and enhance social
accountability. Sachs (2019) defines green finance as a set of activities, products, and
services that involve managing financial risks related to the environment and climate.
Green finance also includes financial instruments and mechanisms associated with

sustainable business and industrial investments that positively impact the environment
and society.
Chowdhury (2013) describes green finance as financial support aimed at achieving
green growth by significantly reducing greenhouse gas emissions and environmental
pollution. Simply put, green finance encompasses strategies to mobilize and allocate
investment funds for activities that address climate change and promote sustainable

infrastructure development (Nawaz, 2021).
In Vietnam, the legal framework for green finance began to take shape when the
Prime Minister approved the National Green Growth Action Plan for the period 2021-
2030, with a vision to 2050. The goal is to restructure the economy towards green
growth, achieving carbon neutrality and reducing global warming.
2.2. Development of green finance
From a business perspective, green finance development involves mobilizing
green financial resources to achieve green growth. Volz (2018) identifies the main

components of green finance development as green financial products, green financial
institutions, and green financial markets. Green financial products include green credit,
green bonds, and green stocks, which form the core components of the green financial
market. Green financial institutions establish regulations, standards, and evaluation

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