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economic growth. Green finance, built on the foundation of traditional finance,
emphasizes social responsibility and environmental protection to drive green growth.

Wang et al. (2021) found that to promote green growth at the regional and
enterprise levels, an effective mechanism for green finance reform must be established,
including the development of green pilot zones. Green finance reform and development
are influenced by factors such as provincial leadership in green pilot zones, technology
upgrades, financial investment in green projects, environmental protection, and
marketization.
According to Sachs et al. (2019), green finance development involves managing
financial risks related to the environment and climate, developing financial tools and

mechanisms, and investing in green economic activities that create sustainable growth
with positive environmental and social impacts. This development aims to protect
biodiversity, the atmosphere, land, water, and human beings.
Xie and colleagues (2020) researched factors affecting green finance development
through the Durbin model and found that green finance development is influenced by
three main factors: regional GDP, regional innovation, and air quality. Regional GDP

positively impacts green finance development, while regional innovation and air quality
have negative effects.
Fu and colleagues (2023) identified eight factors affecting green finance
development to meet green growth goals, including investments in green initiatives, the
legal framework, impact investing, ownership rights, environmental, social, and
governance (ESG) integration in investment decisions, environmental risk management
due to climate change, and communication strategies.

The factors influencing green finance development in enterprises are also studied
from the perspective of ecological environmental protection. According to the author's
view, green finance development must first be directed by the Government through
proposing standards, evaluation systems, and a green financial legal framework.
Following that is the implementation of green finance development, the driving forces
for green finance development, and market integration (Liu, 2023)

To promote green growth for enterprises towards sustainable development, it is
essential to develop green finance. The factors influencing green finance development
include: the legal framework for green investment planning, the legal framework for
green finance development, and research on building standards and indicators to assess
the level of green development ( Nguyễn Thị Thanh Tâm, 2019)
According to Tran Thi Thanh Tu and colleagues (2020), factors influencing green
finance development include infrastructure, difficulties in accessing financing,
incentives for accessing green capital, corporate knowledge of green investment, and

government support for green finance access.
There is a viewpoint that developing green finance towards green growth in
enterprises is influenced by the specific characteristics of the enterprise, as well as
internal and external factors: Among them, the enterprise's specific characteristics
include the enterprise’s capital scale, its field of operation, and its ability to engage in

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