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5. Research methodology
This paper combines qualitative and quantitative research methods to clarify the

research objectives. The qualitative method is used to study the current state of green
finance development toward green growth in Vietnamese transport enterprises. The
quantitative research method is employed to test the scale and proposed research model
of the factors affecting green finance development toward green growth.
The scale and model are evaluated using tools such as Cronbach's Alpha reliability
testing, Exploratory Factor Analysis (EFA), and linear regression analysis. The study's
results are based on a survey of 280 respondents, consisting of managers and heads of
financial departments from 50 Vietnamese transport companies. The survey link was

sent via email or through Facebook and Zalo to participants. The survey was conducted
from July 15, 2024, to August 31, 2024.
6. Research results
6.1. The current state of green finance development toward green growth in
vietnamese transport enterprises
Regarding the government's legal framework, the Ministry of Transport is

currently implementing the national strategy for green growth for the period 2021-
2030, with a vision to 2050, approved by the Government. Several legal policies have
been adopted, including decrees, circulars, and guidelines from various ministries and
the State Bank of Vietnam regarding green finance, although they are still in the process
of being perfected. These policies outline specific regulations on financial instruments
such as green bonds, green stocks, and green credit to facilitate access to green capital
for Vietnamese transport enterprises, both domestically and internationally.

For example, Decree No. 95/2018/ND-CP provides guidance on the issuance of
government and local government green bonds. The 2020 Environmental Protection
Law and Decree No. 08/2022/ND-CP, issued on January 10, 2022, also regulate the
development of the carbon market and list projects eligible for green credit and green
bond issuance.
Regarding international cooperation policies in the green transport sector, the

European Union (EU) has launched the Global Gateway initiative, which aims to invest
300 billion EUR by 2027 in green and sustainable development projects, including
transport. Vietnam is one of the beneficiaries of this initiative as part of its effort to
reduce net emissions to zero by 2050. International financial institutions, such as the
European Investment Bank (EIB) and the French Development Agency (AFD), are
supporting urban rail transport in Hanoi and Ho Chi Minh City, focusing on
infrastructure projects. Vietnam is also participating in the Just Energy Transition
Partnership (JETP) with international partners to achieve climate targets.

Globally, many green finance models (Table 1) have been studied and applied in
Vietnam. However, the level of application in Vietnamese businesses, especially in the
transport sector, remains limited.

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