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international cooperation. Internal factors include the pressure from employees and
leadership. External factors consist of pressure from shareholders and credit institutions

(Nguyễn Anh Tuấn, 2021)
4. Research model of factors affecting green finance development
Based on theoretical research and previous models, the authors developed a
research model for factors affecting green finance development to meet the green growth
goals of Vietnamese transport enterprises. The model consists of one independent
variable measured by five scales, five dependent variables with 20 observed variables.
The variables are constructed based on the author’s survey results and draw from studies
by Fu (2023), Liu (2023), Nguyen Thi Thanh Tam (2019), Tran Thi Thanh Tu (2020),

and Nguyen Anh Tuan (2021).

Research Model : Factors Affecting Green Finance Development for Green
Growth

The research hypotheses proposed are as follows:
● H1: The government’s legal framework positively influences green
finance development.
● H2: International cooperation policies in the transport sector positively
influence green finance development.
● H3: Research on green finance models positively influences green finance
development.
● H4: Awareness and capacity in green finance positively influence green

finance development.
● H5: Green product and service development positively influences green
finance development.

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