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Technology Acceptance Model (TAM): TAM provides insights into how new
technologies—such as green building technologies—are accepted and implemented

within organizations (Davis, 1989). It emphasizes perceived usefulness and perceived
ease of use as critical determinants of technology adoption. In green finance, real estate
enterprises must perceive both the economic benefits and the technical feasibility of
adopting green technologies to integrate green financial practices into their operations
fully (Nguyen et al., 2018).
Synthesizing these theoretical approaches highlights that the successful adoption
of green finance in Vietnam's real estate sector depends on a blend of regulatory support,
stakeholder pressure, and technological feasibility. Real estate companies in Vietnam

are influenced by sustainability goals set by national and international frameworks,
while institutional pressures encourage compliance with green building standards
(Nguyen & Nguyen, 2021). Stakeholders, from government bodies to environmentally
conscious consumers, drive demand for sustainable real estate development, motivating
enterprises to integrate green financial instruments (Tran et al., 2020).
Moreover, adopting advanced green technologies plays a pivotal role in shaping

the acceptance of green finance, as technological innovation is perceived as both a
challenge and an opportunity. According to the Technology Acceptance Model, real
estate enterprises in Vietnam must perceive green finance as financially viable and
technically feasible to overcome traditional barriers such as cost concerns and lack of
expertise (Davis, 1989).
In conclusion, the theoretical foundation for green finance adoption in Vietnam's
real estate sector is built on sustainability, institutional, and stakeholder theories,

emphasizing the importance of regulatory frameworks, stakeholder demands, and
technological advancements. By aligning these theories with the unique challenges and
opportunities in Vietnam's real estate industry, this research provides a comprehensive
framework for analyzing the factors that influence the acceptance and implementation
of green finance.
3.2. Literature review

In recent years, the importance of green finance has gained significant attention
globally as a vital instrument for promoting sustainable development. Green finance
refers to financial investments that support environmental sustainability projects and
initiatives, encompassing a wide range of financial products and services, including
green bonds, green loans, and environmentally-focused investment funds. The growing
concern over climate change and environmental degradation has led to increased interest
in green finance among policymakers, financial institutions, and businesses. However,
the adoption and implementation of green finance, particularly in the real estate sector,

remains a challenge in many developing countries, including Vietnam.
Globally, numerous studies have explored the factors influencing green finance
adoption. For instance, Ng and Tao (2016) examined the role of government policies in
promoting green finance in China, finding that strong regulatory frameworks and

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