Quang Minh Nguyen; Hang Le Thi Thuy
A icle
Impac ing g een c edi de elopmen on economic g ow h
pos -COVID-19 pandemic in ie nam
Con empo a y Economics
P o ided in Coope a ion wi h:
VIZJA Uni e si y, Wa saw
Sugges ed Ci a ion: Quang Minh Nguyen; Hang Le Thi Thuy (2025) : Impac ing g een c edi
de elopmen on economic g ow h pos -COVID-19 pandemic in ie nam, Con empo a y Economics,
ISSN 2300-8814, VIZJA Uni e si y, Wa saw, Vol. 19, Iss. 3, pp. 254-268,
h ps://doi.o g/10.5709/ce.1897-9254.565
This Ve sion is a ailable a :
h ps://hdl.handle.ne /10419/330342
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The economy's g ow h con ibu es o he gene al de elopmen o social li e bu also se e ely impac s he en-
i onmen . Since many coun ies wo ldwide a e mo ing owa ds g een g ow h, c edi policies o se e g een
g ow h goals play a c i ical ole. Many coun ies wi h di e en le els o de elopmen globally ha e pu sued
g een c edi policies, becoming a common de elopmen end and an essen ial componen o coun ies'
sus ainable de elopmen s a egies. The use o g een c edi enables he bank o mi iga e en i onmen al and
social isks associa ed wi h i s comme cial ope a ions. Vie nam is slowly adop ing his end, bu i s ill en-
coun e s se e al challenges and equi es e ec i e solu ions o u he s imula e his in lux o capi al. Thus, he
a icle explo es ac o s in luencing Vie nam's g een c edi de elopmen and economic g ow h. This esea ch
applied he s uc u al equa ion model (SEM) om su eying 750 comme cial bank manage s and collec ed i
by con enien sampling. The da a collec ion pe iod was om Sep embe 2021 o Decembe 2021. The s udy
employed se e al me hodologies o assess he dependabili y o C onbach's alpha, explo a o y ac o analysis
(EFA), con i ma o y ac o analysis (CFA), and s uc u al equa ion modeling (SEM) in o de o e alua e he e-
sea ch hypo heses. The indings indica e ha h ee ac o s ha e a signi ican impac , a a le el o 1.0 pe cen ,
on he de elopmen o g een c edi and economic g ow h. Finally, he a icle no el y had se e al policy ec-
ommenda ions o de eloping g een c edi and economic g ow h in Vie nam.
1. In oduc ion1. In oduc ion
The ci cula economy is conside ed an ine i able
choice in economic g ow h and he e ec i e use o
esou ces o sus ainable de elopmen . The e m ci -
cula economy has been de eloping om indi idual
en e p ises o he whole economy in he was e euse
cycle, conside ing was e as a esou ce and a connec-
ion be ween ac i i ies. The economy o ms a e o-
lu ion in he economy (Chen, 2019). I is necessa y
o ha e an adequa e inancial suppo mechanism o
mee he inancial needs o he indus ializa ion o
he ma ke economy (Kangshi e al., 2019).
In addi ion, he unding policy encou ages and
ensu es he esul o a knowledge-based economy,
ans o ming he economy in o a new model. The
indus ial ans o ma ion o he ci cula economy
needs ma ke -o ien ed g een inance. S udies ha e
shown ha he lack o g een inancing is one o he
signi ican ba ie s o es ablishing and managing a
ecycling p og am. Meanwhile, he de elopmen o
he ma ke economy also c ea es a o able condi-
ions o p omo e e o m and inno a ion in he i-
nancial sec o .
On he o he hand, i is he main link o nu -
u ing and implemen ing inno a ion in he inan-
cial sec o . Fo example: Fo banking and inancial
Impac ing G een C edi De elopmen on Economic
G ow h Pos -COVID-19 Pandemic in Vie nam
ABSTRACT
G00, G18, O10, O38.
KEY WORDS:
JEL Classi ica ion:
g een, c edi , de elopmen , economy, and g ow h.
Uni e si y o Finance - Ma ke ing (UFM), Ho Chi Minh Ci y, Vie nam
Co espondence conce ning his a icle should be add essed o:
Le Thi Thuy Hang,
Uni e si y o Finance - Ma ke ing (UFM), Ho Chi
Minh Ci y, Vie nam.
E-mail: [email p o ec ed]
Quang Minh Nguyen and Le Thi Thuy Hang
P ima y submission: 13.03.2024 | Final accep ance: 18.06.2024
255
Quang Minh Nguyen, Le Thi Thuy Hang
10.5709/ce.1897-9254.565DOI: CONTEMPORARY ECONOMICS
Vol. 19 Issue 3 254-2682025
ins i u ions, he p o ision o inancial suppo se -
ices o he Ci cula economy will inc ease he
scale and di e si ica ion o p oduc s and se ices;
Meanwhile, businesses can educe cos s hanks o
p e e en ial in e es a es, ex ended c edi e ms,
and inc eased loan le els, and loosened epaymen
condi ions. In es men ac s ha do no comply
wi h he p inciples o equi iza ion had es ic ed by
no lending, aising in e es a es, and o cing deb
epaymen . This ac o will suppo he de elop-
men o he knowledge economy om many di e -
en le els.
Many coun ies in he wo ld, including Sou heas
Asian coun ies, ha e decla ed global sus ainable
de elopmen goals, which se he goal o building a
de elopmen in es men und o elimina e po e y,
educe po e y, and p omo e economic g ow h
combined wi h en i onmen al egene a ion. The
Pa is Ag eemen on Clima e Change shows he
ansi ion o a low-ca bon and, ul ima ely, ze o-
ca bon economy and emphasizes he u gency and
ole o inancial ins i u ions and egula o s in ais-
ing capi al o hese new economic models. Spe-
ci ically, acco ding o he S a e Bank, by June 2019,
c edi ou s anding o g een p ojec s eached abou
VND 317,600 billion, medium and long- e m loans
accoun ed o 76% o g een c edi 's ou s anding
loans, in e es a es o sho - e m g een ields we e
5-8%/yea , and medium - long- e m loans we e
9-12%/yea .
F om Sep embe 2016 o June 2020, he pe cen -
age o g een c edi had a signi ican ise, inc easing
om 1.5% o 4.1% o he o al ou s anding loans
in he en i e economy. The majo i y o ou s and-
ing loans in g een c edi a e alloca ed o g een
ag icul u e, which comp ises 45% o he o al.
Renewable ene gy and clean ene gy make up 17%
o he loans, while sus ainable wa e managemen
in u ban and u al egions accoun s o 11% and
5% o sus ainable o es y. This ep esen s a sub-
s an ial local inancing sou ce o Vie nam's g een
g ow h, conside ing he equi emen o USD 30.6
billion in g een inance by 2020. Mo eo e , he sub-
s an ial g eening in c edi lows will con ibu e o
he decision o es uc u e he economy owa ds
g een g ow h and sus ainable de elopmen . This
ac o has a p o ound social ounda ion and p ac i-
cal signi icance o o ming a weal h-sa ing socie y
esou ce, imp o ing economic g ow h quali y and
e iciency, and c ea ing sus ainable de elopmen .
The e o e, he au ho s had some policy ecom-
menda ions o se e al policy ecommenda ions
o de eloping g een c edi and economic g ow h
in Vie nam. Th ough a su ey o he S a e Bank o
c edi ins i u ions on g een g ow h and g een c ed-
i , c edi ins i u ions' unde s anding o g een c edi
showed ha i had imp o ed signi ican ly. Mo e
p ecisely, 19 c edi ins i u ions ha e o mula ed
plans o con ol en i onmen al and social isks,
while 13 c edi ins i u ions inco po a e ecological
and social isk managemen conside a ions in o he
e alua ion p ocess o g een lending. In addi ion,
wel e inancial ins i u ions ha e de eloped lend-
ing p oduc s and banking se ices speci ically ai-
lo ed o g een companies and sec o s. They ha e
ocused on he bank's mobilized capi al o ex end
loans o hese sec o s wi h a p ima y du a ion.
2. Li e a u e Re iew2. Li e a u e Re iew
2.1. G een C edi (GC)
G een c edi e e s o c edi p o ided by
inancial ins i u ions o consump ion, in es men ,
manu ac u ing, and comme cial pu poses, while
ensu ing ha i does no pose any h ea s o
he en i onmen and helps in p ese ing he
ecosys em. O e all demeano . In addi ion, g een
c edi encompasses a ious dimensions, such
as: (a) U ilizing c edi policies and ins umen s,
such as loan e ms, in e es a es, and loan
amoun s, o acili a e en i onmen ally sus ainable
g een in es men ini ia i es ha aim o mi iga e
ca bon emissions; (b) Res ic ing, ceasing, o
e en escinding c edi p o ision o p ojec s ha
con a ene egula ions pe aining o ecological
en i onmen al p o ec ion; (c) The bank exe cises
o e sigh o e loan u iliza ion o p ojec s
ca ying en i onmen al isks and mi iga es such
isks h ough c edi policies (Masukujjaman e
al., 2016). G een c edi b ings excellen bene i s
in en i onmen al p o ec ion and economic
de elopmen asks, imp o ing people's li ing
s anda ds (Weng e al., 2015). G een c edi is an
ine i able di ec ion o he global inancial indus y
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Impac ing G een C edi De elopmen on Economic G ow h Pos -COVID-19 Pandemic in Vie nam
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and Vie nam's banking indus y. By educing bad
deb s, imp o ing inancial s abili y and ma ke
epu a ion, encou aging sus ainable de elopmen ,
and achie ing g een g ow h s a egy, g een c edi
helps i ms execu ing economic de elopmen
p ojec s and he banking sys em's sus ainable
de elopmen (Zibo e al., 2021; Wei & Jinhua,
2014).
2.2. G een Economic G ow h (EG)
The di e en de ini ions o g een g ow h e lec
ha each coun y and o ganiza ion has o he
isions o g een g ow h. This ac o ollows hei
go e nmen 's and o ganiza ions' condi ions,
mission, and o ien a ion (Sounda ajan & Vi ek,
2016; Qinglong & Ya, 2020). In addi ion, g een
economic g ow h is a new de elopmen model ha
ensu es en i onmen al and clima e sus ainabili y
g ow h. Emphasis was on add essing he challenges
a he sou ce while ensu ing he c ea ion o he
necessa y channels o esou ce dis ibu ion and
access o essen ial goods o human needs. G een
economic g ow h was achie ed by sa ing and using
esou ces and ene gy e iciency o educe clima e
change and en i onmen al damage. This ac o
c ea es a g ow h-d i ing impac on inno a ion
h ough esea ch and g een echnologies, c ea es
new job oppo uni ies, and achie es ha mony
be ween economic de elopmen and en i onmen al
p o ec ion (Jianguo & Fanli, 2019; Chao e al.,
2021).
2.3. Legal F amewo k (LF)
The legal amewo k on g een c edi is
incomple e and incomple e; Lack o egula ions
on app aisal, c i e ia, and isk managemen
assessmen mechanisms. The assessmen o g een
g ow h c i e ia o banks is s ill con using, and he
de e mina ion o suppo paymen o p ojec s
is s ill slow (Ai e al., 2020). P ime Minis e 's
Decision No. 1393/QD-TTg (2012) on "App o al
o he Na ional S a egy on G een G ow h in he
pe iod 2011-2020 and ision o 2050" has helped
o es ablish he mos s ingen legal amewo k o
g een c edi ac i i ies in ou coun y, alongside
he Law on En i onmen al P o ec ion (2014) and
he Law on Na u al Resou ces Tax (2009), bo h o
which we e app o ed by he Na ional Assembly.
Fu he mo e, Di ec i e No. 03/2015/CT-NHNN
(2015), issued by he S a e Bank (SBV), aims o
p omo e g een c edi g ow h while managing
en i onmen al and social isks in g an ing
ac i i ies c edi . This di ec i e was pu in place
o implemen he Na ional Ac ion Plan on g een
g ow h, which s a es ha , beginning in 2015, he
banking sec o 's c edi ex ension ac i i ies should
p io i ize en i onmen al p o ec ion, ene gy and
esou ce e iciency, en i onmen al quali y, human
heal h, and sus ainable de elopmen (Biswas &
Das, 2018; Bing e al., 2011).
2.4. Managemen Capaci y a Comme cial
Banks (MC)
Vie nam ac i ely pa icipa es in mul ila e al
and bila e al economic and inancial coope a ion
o ms, he Vie namese comme cial banking
sys em will ace eno mous compe i i e challenges
om banks in he a ea. Especially in he con ex
o Indus y 4.0 comp ehensi ely a ec s he
inancial - banking sys em, encapsula ed in
p oduc supply and dis ibu ion channels, banking
managemen me hods, and cus ome ela ions
(Cui e al., 2018; D obnjako ić, 2013). In addi ion,
imp o ing go e nance, managemen capaci y, and
anspa ency in he ope a ions o c edi ins i u ions
is one o he con en s and equi emen s se ou in
he banking indus y de elopmen s a egy. Faced
wi h ha eali y, c edi ins i u ions mus s eng hen
he managemen , ope a ing capaci y, and
ope a ional e iciency o he banking sys em and
ocus on handling issues ela ed o bank owne ship
and ope a ions o s a e-owned comme cial banks.
Rega ding he issue o expanding o eign owne ship
in he banking sec o , he esea ch eam ound ha
conside a ion should be gi en o c ea ing a o able
condi ions o o eign in es o s o easonably
inc ease owne ship o banks domes ically, o o m
la ge-scale ins i u ions, and o be e go e nance
capaci y (Haiyang, 2017; Hoen, 2014).
2.5. Suppo ing Policies (SP)
G een c edi is a inancial ins umen used o und
p og ams, p ojec s, and ini ia i es ha p omo e
en i onmen ally iendly p ac ices and encou age
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10.5709/ce.1897-9254.565DOI: CONTEMPORARY ECONOMICS
Vol. 19 Issue 3 254-2682025
indi iduals and o ganiza ions o make he mos o
enewable ene gy sou ces. Resea ch has indica ed
ha he absence o su icien unding speci ically
alloca ed o en i onmen ally- iendly ini ia i es is
a majo obs acle in he de elopmen and ope a ion
o a ecycling p og am. They we e p eoccupied
wi h ecological conce ns. G een c edi s ypically
und ini ia i es and p ojec s ha a e an icipa ed
o ha e a dis inc and bene icial e ec on he
en i onmen . As a esul , hey some imes come
wi h ad an ageous in e es a es and ex ended
epaymen pe iods compa ed o o dina y loans o
o he p ojec s (Lalon, 2015; Masud e al., 2018).
Meanwhile, he de elopmen o g een c edi also
c ea es a o able condi ions o p omo e e o m
and inno a ion in he inancial sec o . Suppo ing
policies, on he one hand, encou age and ensu e
he de elopmen o g een c edi , and ans o ming
he economy in o a new model, on he o he hand,
a e he main link o nu u ing and implemen ing
inno a ion in he ield o g een inance (Neja i e
al., 2014; Sa, 2020).
2.6. The Rela ionship Be ween G een C edi
(GC) and G een Economic G ow h (EG)
One g een inancial ins umen is g een c edi ,
which helps und eco- iendly p og ams, p ojec s,
and ini ia i es; i also encou ages indi iduals and
companies o ecycle and euse ma e ials; and
i shows ha people ca e abou en i onmen al
p oblems. Speci ically, p ojec s and ini ia i es
backed by g een c edi unds a e ypically eligible o
ex ended paymen e ms and ad an ageous in e es
a es because o he good e ec hey a e p edic ed
o ha e on he en i onmen (Xiaowei e al., 2021;
Yu e al., 2018). The indus ial ans o ma ion o
he g een c edi economy needs ma ke -o ien ed
g een inance. S udies ha e shown ha a lack o
g een inancing is one o he signi ican ba ie s
o es ablishing and managing a ecycling p og am
(Zhang e al., 2021).
2.7. Resea ch Hypo heses
The g een c edi ma ke in Vie nam has made
signi ican p og ess in ecen yea s, hanks o he
backing o he go e nmen , agencies, b anches, and
in e na ional inancial ins i u ions. Ne e heless,
he e a e se e al obs acles ha hinde he p og ess
o g een c edi ini ia i es.
Cu en ly, he e is a lack o s a ewide consensus
on he s anda dized no ms and de ini ions o g een
ields and hei espec i e classi ica ions. This poses
challenges o comme cial banks in he p ocess o
selec ing, app aising, e alua ing, and moni o ing
when issuing g een c edi . Simul aneously, he
g een sec o cu en ly lacks a comp ehensi e legal
amewo k o e alua ing en i onmen al impac
measu emen ools ha can aid in he o mula ion
o policies and he c ea ion o g een c edi
p oduc s. Addi ionally, business plans mus adhe e
o s ingen ecological p o ec ion equi emen s and
na iga e in ica e loan p ocedu es. I he bank's
g een c edi p oduc s do no o e in e es a e
suppo o o he a o able p ocedu es, clien s will
ha e li le incen i e o u ilize hem due o hese
cons ain s.
Fu he mo e, he ecen laws aimed a p omo ing
he g ow h o g een c edi ha e ailed o add ess he
issue o secu ing adequa e capi al o comme cial
banks o e ec i ely execu e g een c edi . In es ing
in g een indus ies/ ields o en in ol es medium
and long- e m capi al wi h a leng hy pe iod o ime
un il he in es men is ully eco e ed, whe eas
c edi ins i u ions usually p o ide sho - e m
money. Cu en ly, in es ing in en i onmen ally
bene icial indus ies and sec o s, pa icula ly
enewable ene gy, ene gy conse a ion, and
e iciency in Vie nam, o en en ails a leng hy pe iod
o ime o ecouping he in es men , subs an ial
up on cos s, and conside able ma ke isks.
The e o e, he e is a need o incen i es in e ms o
loan condi ions and cos s.
Fu he mo e, he inancial ins i u ions'
knowledge and abili y o o e g een c edi p oduc s
is cu en ly in i s ea ly s ages and emains es ic ed.
Fu he mo e, he pe sonnel wo king in c edi
ins i u ions, o eign bank b anches in Vie nam,
and bond-issuing en e p ises lack comp ehensi e
and s uc u ed aining in e alua ing, assessing,
and managing en i onmen al isks, as well as
epo ing in o ma ion in c edi g an ing and bond
issuance ac i i ies in acco dance wi h in e na ional
s anda ds. Se e al inancial ins i u ions lack a
dedica ed depa men o boa d ha is esponsible
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Impac ing G een C edi De elopmen on Economic G ow h Pos -COVID-19 Pandemic in Vie nam
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o assessing p ojec s, analyzing en i onmen al
and social isks, and moni o ing and e alua ing he
pe o mance o cash low gene a ed by g een c edi
sou ces in he u u e. Thus, he au ho s o mula ed
he ollowing s udy hypo hesis.
The legal amewo k (LF) posi i ely a ec s g een
c edi (GC): In es ing in g een sec o s, pa icula ly
in enewable ene gy, conse a ion, and ene gy
e iciency in Vie nam a p esen ypically en ails
a leng hy pe iod o ime o ecouping cos s and
subs an ial up on in es men . Gi en he ele a ed
ma ke isk, c edi ins i u ions ypically ely on
sho - e m sou ces o money ha a e ga he ed based
on he p e ailing cos o comme cial capi al in he
ma ke . Consequen ly, he p ice o his capi al ends
o be high. The esea ch o e s g een indus ies/
ields wi h long- e m and ad an ageous in e es
a es. C edi ins i u ions should be p o ided wi h
assis ance in ob aining long- e m, ad an ageous
sou ces o unding o implemen ing a amewo k
o sha ing in e es a es among c edi ins i u ions.
Based on he abo e analysis, he au ho s had he
ollowing legal amewo k (LF) scales: LF1: Lack
o egula ions on app aisal. LF2: c i e ia and isk
managemen assessmen mechanism. LF3: he
assessmen o he g een g ow h c i e ia o banks is
s ill con using. LF4: he de e mina ion o suppo
paymen o p ojec s is s ill slow. The e o e, he
au ho s p esen ed he hypo hesis H1 as ollows:
H1: The legal amewo k (LF) posi i ely a ec s
g een c edi (GC).
Managemen capaci y (MC) posi i ely a ec s
g een c edi (GC): T anspa ency and go e nance
capaci y will be mo e u gen , especially c edi
de elopmen in comme cial banks. They we e
s ongly imp o ing go e nance capaci y o mee
in e na ional s anda ds and bes p ac ices in he
ma ke o apply he achie emen s o Indus y 4.0
o p oduc s, se ices, and p ocesses. Banks mus
synch onously deploy in o ma ion echnology
and en i onmen al ans o ma ion p ojec s in
hei ope a ions. Based on he abo e analysis, he
au ho s had he managemen capaci y (MC) scales
ollowing: MC1: Leade ship skills h ough success
in changing sys ems and people. MC2: Planning
skills h oughou he implemen a ion o he plan.
MC3: P oblem-sol ing skills based on classi ying
he p oblem, inding he solu ion, and choosing he
op imal solu ion. MC4: Good communica ion skills
ealize he powe o ela ionship, which comes om
good communica ion skills (Haiyang, 2017; Hoen,
2014). Thus, he au ho s p esen ed he hypo hesis
H2 as ollows:
H2: Managemen capaci y (MC) posi i ely
a ec s g een c edi (GC).
Suppo ing policies (SP) posi i ely a ec g een
c edi (GC): P o iding inancial suppo se ices
o he g een economy will inc ease he scale and
di e si ica ion o p oduc s and se ices. Based on
he abo e analysis, he au ho s had he ollowing
suppo i e policies (SP) scales: SP1: banking and
inancial ins i u ions. SP2: Suppo ing businesses
can educe cos s hanks o p e e en ial in e es a es.
SP3: he banks ex ended c edi e ms, inc eased
loan le els, and elaxed epaymen condi ions.
SP4: Go e nmen also needs o ha e app op ia e
policies o de eloping g een c edi in he coming
ime (Singh & Singh, 2012; Sumei, 2021). Thus, he
au ho s p esen ed he hypo hesis H3 as ollows:
H3: Suppo ing policies (SP) posi i ely a ec
g een c edi (GC).
The g een c edi (GC) posi i ely a ec s g een
economic g ow h (EG): The de elopmen o he
ma ke economy also c ea es a o able condi ions
o p omo e e o m and inno a ion in he inancial
sec o . The ela ionship be ween inance and
economic g ow h is e y close. On he one hand,
he unding policy encou ages and ensu es he
de elopmen o a knowledge-based economy,
ans o ming he economy in o a new model. On
he o he hand, i is he main link o nu u ing and
implemen ing inno a ion in he inancial sec o
(Zhou e al., 2021). Thus, he au ho s p esen ed he
hypo hesis H4 as ollows:
H4: The g een c edi (GC) posi i ely a ec s
g een economic g ow h (EG)
In Vie nam, g een c edi ac i i ies ha e also been
implemen ed in ecen yea s and ha e achie ed
encou aging esul s in many ields, including
ene gy sa ing, enewable ene gy, clean ag icul u e,
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Vol. 19 Issue 3 254-2682025
and high- ech ag icul u e. Howe e , he e a e s ill
many p oblems wi h he heo e ical amewo k and
challenges in implemen ing his new g ow h model.
Th ough assessing he cu en s a us o g een c edi
ac i i ies in Vie nam in ecen imes and he ac o s
a ec ing g een c edi , he s udy has p oposed
se e al ecommenda ions o p omo e g een c edi
de elopmen nex ime. This is also a new poin o
he s udy compa ed o p e ious s udies ha only
analyzed quali a i ely and did no quan i y h ough
he esea ch model.
Based on he g een c edi heo y and p e ious
s udies, he au ho s p oposed a model o s udy
he ac o s a ec ing g een c edi (GC) and g een
economic g ow h (EG) in Figu e 1.
3. Me hodology and Da a3. Me hodology and Da a
Implemen quali a i e and quan i a i e esea ch
me hods using da a, echniques, and esea ch
me hods o bo h quali a i e and quan i a i e
schools, add essing each speci ic objec i e.
The quali a i e esea ch was used in he ollow-
ing o de : (a) Find ou new ac o s and ela ion-
ships be ween g een c edi de elopmen and g een
g ow h, (b) Adjus he scale o each elemen o he
model o sui he banking indus y. Then, combine
quan i a i e explo a o y esea ch wi h he SEM
es ing ool o p edic ela ionships wi h small
sample size equi emen s (Hai e al., 2018).
The au ho s used quan i a i e esea ch o quan-
i y and measu e ela ionship le els, es models,
and hypo heses ollowing wo s ages. (a) he au-
ho s used p elimina y esea ch o comple e he
ques ionnai e and adjus he esea ch model, and
(b) he au ho s used o mal esea ch o conclude
by collec ing and analyzing in o ma ion om he
ma ke and using s a is ical me hods o p ocess
da a (Hai e al., 2018). The au ho s implemen ed
he esea ch p ocess in 2 s ages: (a) Building he
scien i ic heo y shown in S ep 1; (b) The scien i ic
heo y es shown in s ep 2 and s ep 3 diag ammed,
as shown in Figu e 2.
S ep 1. Explo a o y esea ch
The au ho s summa ized p e ious s udies on
g een c edi and g ow h and hen iden i ied e-
sea ch objec i es o be achie ed. Explo a o y e-
sea ch was ca ied ou as ollows: Quali a i e e-
sea ch explo es he model and calib a es he scale
Figu e 1
The Resea ch Model o he Fac o s A ec ing G een C edi and G een Economic G ow h
www.ce. izja.pl
260
Impac ing G een C edi De elopmen on Economic G ow h Pos -COVID-19 Pandemic in Vie nam
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by conduc ing one-on-one discussions wi h ex-
pe s in he banking sec o .
Then, he au ho s ca ied ou an explo a o y
s udy using a quan i a i e esea ch me hod wi h a
model es ing ool using SEM echniques, a pa ial
leas squa es s uc u al model o p edic he ela-
ionships in he model wi h he equi emen o
a small sample size (Hai e al., 2018). The esul s
o he explo a o y esea ch a e combined wi h
he heo e ical summa y o p opose a heo e ical
model o he a icle, build a scale o he ac o s in
he model, and comple e he su ey ques ionnai e
used in s ep 2 down he e.
S ep 2. P elimina y quan i a i e esea ch
The da a had ga he ed o ini ial es ing o he
scale. A p elimina y es o C onbach's alpha coe -
icien : The pu pose is o check he eliabili y and
co ela ion coe icien wi h he o al a iable. I he
obse ed a iable has a co ela ion coe icien wi h
a ull minus 0.3, i is excluded om he esea ch
ac o (Hai e al., 2018). Explo a o y ac o analy-
sis (EFA): o examine he ela ionship be ween
a iables o many di e en aspec s o disco e
obse ed a iables ha load many ac o s o a e
unde a iance elemen s om he beginning. The
EFA analysis's wo alues a e he disc iminan and
con e gen alues. The esul o he p elimina y
es o he scale by EFA is o emo e some unsa -
is ac o y obse ed a iables (Hai e al., 2018). The
scale o ac o s mee s he equi emen s h ough
p elimina y es ing, conduc ing he design o he
o icial su ey o collec ma ke in o ma ion used
in s ep 3 below.
S ep 3. Fo mal quan i a i e esea ch
The au ho s used he su ey o collec ma ke in-
o ma ion o es heo e ical models and esea ch
hypo heses. The wo k: Sampling me hod, sample
size, su ey subjec s, and da a p ocessing.
Sample size: The la ge he s udy size/sample
size, he mo e ep esen a i e he popula ion's cha -
ac e is ics will be, bu i a la ge sample size is se-
lec ed, i will ake a lo o e o , money, and ime o
collec da a. The e o e, i is c ucial o choose an ad-
equa e sample size depending on he ype o s udy.
The sample size mus ensu e he ule o he a io o
5:1. The sample size mus ensu e he pe cen age o
a leas i e obse a ions/1 measu emen a iable
(Hai e al., 2018). In his s udy, he analysis o CFA
Figu e 2
The Resea ch P ocess o he Fac o s A ec ing G een C edi and G een Economic G ow h
261
Quang Minh Nguyen, Le Thi Thuy Hang
10.5709/ce.1897-9254.565DOI: CONTEMPORARY ECONOMICS
Vol. 19 Issue 3 254-2682025
and SEM had used because he esea ch model is
complica ed, so he sample size is la ge enough o
ge be e CFA and SEM esul s.
The sample size in es iga ed in he o icial s udy
is 750 bank manage s, which is s ill su icien . An-
o he way o de e mine sample size is o use a 10:1
a io o en obse a ions o 1 measu e (Hai e al.,
2018). The e o e, all 19 obse ed a iables had
measu ed o ou ac o s in he esea ch model in
his s udy.
Sampling me hod: The esea ch sample would
be objec i e and highly ep esen a i e. Howe e ,
due o di icul implemen a ion condi ions, he au-
ho s used a con enience sampling me hod in his
s udy (Hai e al., 2018).
4. Resea ch Resul s and Discussion4. Resea ch Resul s and Discussion
4.1. Resea ch Resul s
In Vie nam, he signi icance o g een c edi
is ecognized, as s a ed in Di ec i e No. 03/CT-
NHNN issued on Ma ch 24, 2015. The S a e Bank
o Vie nam has u ged comme cial banks o ac i ely
suppo g een inance o p ojec s ha ha e explici
goals in en i onmen al p ese a ion, hence os e -
ing ecologically sus ainable co po a e p ac ices. In
ecen yea s, he e m "g een c edi " has gained ec-
ogni ion wi hin he inancial and banking indus y.
The da a indica es ha he e has been an inc ease
in g een c edi in Vie nam be ween 2015 and 2019.
The scale: The published da a shows ha he ou -
s anding g een c edi has inc eased s eadily o e
he yea s. By June 2019, he g een c edi due bal-
ance eached VND 317,600 billion, up 29% com-
pa ed o he end o 2018. As o Decembe 31, 2021,
he o al g een c edi ou s anding balance eached
VND 447,624.13 billion, an inc ease o 28.09%
compa ed o 2020. The p opo ion o g een c edi
excellen in he o al c edi balance o he economy
eached 4.28%, an inc ease o 0.5 pe cen age poin s
compa ed o 2020 (3.78%). On a e age, in 2018-
2021, he o al ou s anding g een c edi has eached
a g ow h o 22.98% pe yea . In pa icula , in 2021,
he g ow h a e o g een c edi ou s anding loans
is highe han in 2019 and 2020, despi e he hea y
impac o he COVID-19 pandemic. Speci ically,
lending in e es a es ha e been applied by c edi
ins i u ions o sho - e m g een ields om 5-8 %/
yea and medium and long- e m om 9-12%/yea .
Rega ding he composi ion: Conce ning he
lending sys em, he majo i y o ou s anding loans
a e ca ego ized as medium and long- e m c edi ,
making up 76% o he o al g een c edi . Sho - e m
g een loans ha e in e es a es anging om 5-8%
pe yea , while medium and long- e m loans ha e
a es be ween 9-12% pe yea . In e ms o sec o al
alloca ion, g een c edi loans a e mos ly di ec ed
owa ds g een ag icul u e, which cons i u es 45%
o he o al ou s anding g een c edi . Renewable
ene gy and clean ene gy make up 17%, while sus-
ainable wa e managemen in u ban and u al e-
gions accoun s o 11%. Las ly, sus ainable o es y
ep esen s 5% o he o al. Cu en ly, comme cial
banks ha e gi en app op ia e conside a ion o
g een inancing. Se e al banks ha e in oduced ad-
an ageous c edi ini ia i es o bo h co po a e and
indi idual clien s o ge loans o he pu pose o ex-
ecu ing p ojec s ha inco po a e en i onmen ally
iendly elemen s. Rega ding g een c edi p oduc s:
Vie nam aims o aise he p opo ion o enewable
ene gy sou ces o 21% o he o e all ins alled ca-
paci y in o de o add ess he su ging ene gy de-
mand and achie e a 25% educ ion in g eenhouse
gas emissions by 2030. The inc easing in e es om
in es o s in c ea ing enewable ene gy p ojec s is
d i en by his ou come. Se e al banks ha e imple-
men ed subs an ial loan packages o acili a e he
g ow h o he g een ene gy sec o .
Table 1 indica es ha he a e age alue is less
han 3.0. This analysis indica es ha he "g een"
indus y con inues o ace challenges ela ed o am-
biguous incen i e mechanisms, subs an ial in es -
men expenses, ex ended du a ions o ecouping
expendi u es, ele a ed ma ke isk, and accessible
in es men cos s. Fu he mo e, he businesses as-
socia ed wi h sus ainable de elopmen , such as
sola powe , wind powe , and was e- o-ene gy, a e
ela i ely new. Howe e , he exis ing p ocesses and
ules lack su icien appeal o a ac money om
inancial ins i u ions. Consequen ly, he lending
a es o g een p ojec s ha e no ye been p o ided
wi h op imal incen i es and ha e signi ican ly de-
c eased in compa ison o o he sec o s.
The s anda ds and de ini ions o g een ca ego ies
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