Page 369 - Ebook HTKH 2024

Green building programs: Implement specific programs to
promote green building, including green building standards

and certifications.
Specific Programs Research and development support: Provides financial support
for Construction for research and development of green building technologies.
Industry

3. Theoretical foundation and literature review

3.1. Theoretical foundation for green finance adoption in real estate enterprises
Green finance, a critical component for promoting environmental sustainability,
refers to financial activities supporting environmentally responsible projects to reduce
carbon footprints, enhance energy efficiency, and foster renewable energy. In the real
estate sector, green finance is vital in mitigating environmental impacts associated with
construction and urban development, which typically result in significant resource

consumption and emissions (Nguyen & Nguyen, 2021). Real estate enterprises
worldwide increasingly adopt green finance mechanisms, acknowledging the dual
advantages of minimizing their environmental footprint while enhancing long-term
profitability (Li et al., 2019).
Several economic and environmental theories provide a solid theoretical
foundation for understanding the acceptance and implementation of green finance in
real estate enterprises:
Sustainability Theory: This theory posits that businesses should operate in ways

that meet the needs of the present without compromising future generations' ability to
meet their own needs (Brundtland, 1987). In real estate, this translates to practices that
minimize environmental damage while ensuring the long-term viability of construction
projects. Green finance facilitates this by incentivizing projects prioritizing energy
efficiency, resource conservation, and reduced emissions (Nguyen et al., 2018).
Institutional Theory: This theory emphasizes the significance of formal and

informal rules, norms, and standards in shaping organizational behavior (DiMaggio &
Powell, 1983). In Vietnam, increasing regulatory pressures and global norms regarding
sustainability and green practices drive real estate enterprises to adopt green finance.
Government policies such as the National Green Growth Strategy and financial
incentives, like green credit lines from banks, are fundamental institutional forces
motivating businesses to align with environmental goals (Nguyen & Nguyen, 2021).
Stakeholder Theory: This theory suggests that businesses are accountable not only

to their shareholders but also to a broader range of stakeholders, including customers,
employees, suppliers, and the environment (Freeman, 1984). Real estate enterprises
adopting green finance respond to pressures from various stakeholders, including
governments, non-governmental organizations (NGOs), and consumers increasingly
concerned about environmental sustainability (Tran et al., 2020).

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