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methods for green projects, while the legal framework provides mechanisms for
mobilizing green capital.

In Vietnam, government decrees support businesses in accessing green capital,
such as Decree No. 95/2018/ND-CP on green government bonds, and Decree No.
08/2022/ND-CP, which guides the development of the carbon market and green credit
issuance. The 2020 Environmental Protection Law also outlines a roadmap for carbon
market development and lists projects eligible for green credit and bond issuance.
2.3. The relationship between green finance development and green growth
The concept of green growth varies depending on the goals and vision of each
country. Several organizations, such as the World Bank (WB), the United Nations

(UNDP), and the Global Green Growth Institute (GGGI), have developed their own
definitions of green growth
Diagram 1. The relationship between the development of green finance and the
green growth objectives of the nation and enterprises

• Doanh nghiệp

Source: Author
In Vietnam, Government Decree No. 83/2015/ND-CP defines green growth as
economic growth associated with environmental protection, effective natural resource
use, and climate change adaptation, ensuring sustainable development and improving
quality of life. All definitions of green growth aim to build a sustainable green

economy for nations and businesses, integrating economic development with
environmental preservation.
To contribute to green growth, businesses must set specific green growth goals.
Environmental objectives often align with national macroeconomic goals, but economic
goals should be tailored to each enterprise’s operations.
3. Overview of related research works

The research by Liu and colleagues (2020) shows the relationship between green
finance and green growth. According to this study, green finance is the core of green

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