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government incentives significantly enhance the adoption of green financial practices.
Similarly, Li et al. (2019) highlighted the importance of technological advancements in

facilitating green finance in the real estate sector, noting that innovative technologies
can reduce costs and increase the efficiency of green projects.
In the context of developing countries, research has highlighted additional
challenges. For example, Banga (2019) discussed the barriers to green finance in
emerging markets, such as limited access to financial resources and inadequate
infrastructure. These findings are echoed by Zhang et al. (2020), who noted that
financial constraints and lack of awareness about green finance benefits are significant
obstacles in many developing economies.

In Vietnam, the adoption of green finance is still in its nascent stage. The
Vietnamese government has introduced several initiatives to promote sustainable
development, including the Green Growth Strategy and the National Action Plan on
Green Growth. Despite these efforts, the real estate sector has been slow to embrace
green finance. According to Nguyen and Nguyen (2021), the lack of comprehensive
policies and regulatory frameworks is a major hindrance to green finance adoption in

Vietnam. Their study suggests that the government needs to provide clearer guidelines
and stronger incentives to encourage businesses to invest in green projects.
Furthermore, corporate awareness and understanding of green finance remain low
in Vietnam. A study by Tran et al. (2020) revealed that many real estate companies in
Vietnam are not fully aware of the benefits and practices of green finance, which limits
their willingness to adopt such measures. This lack of awareness is compounded by the
perception that green projects are more costly and less profitable than traditional ones.

Financial resources are another critical factor influencing green finance adoption.
In their research, Pham and Le (2020) pointed out that many Vietnamese enterprises
struggle to access the necessary funding for green projects. The underdeveloped
financial market and the lack of dedicated green financial products make it challenging
for businesses to secure financing. This situation is further exacerbated by the high
upfront costs associated with green technologies and sustainable building practices.

Technological advancements play a crucial role in the adoption of green finance.
Nguyen et al. (2018) emphasized that the integration of green technologies can
significantly reduce the environmental impact of real estate projects and improve their
economic viability. However, the adoption of these technologies in Vietnam is still
limited due to high costs and the lack of technical expertise. This gap in technological
capability hinders the ability of real estate companies to implement green finance
effectively.
International studies have also highlighted the importance of collaboration and

knowledge sharing in promoting green finance. For example, the Global Green Finance
Index (GGFI) report by Z/Yen Group (2021) stressed the need for international
cooperation to enhance the understanding and implementation of green

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