Thi, Duyen My Thi; Hong, Hue T inh Hoang; T an, Tinh Do Phu
A icle
Linking among economic g ow h, echnology inno a ion,
ca bon dioxide emissions in Vie nam: e idence om h ee
s age leas squa es models
Cogen Economics & Finance
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among economic g ow h, echnology inno a ion, ca bon dioxide emissions in Vie nam: e idence
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Linking among economic g ow h, echnology
inno a ion, ca bon dioxide emissions in Vie nam:
e idence om h ee s age leas squa es models
Duyen My Thi Thi, Hue T inh Hoang Hong & Tinh Do Phu T an
To ci e his a icle: Duyen My Thi Thi, Hue T inh Hoang Hong & Tinh Do Phu T an (2024)
Linking among economic g ow h, echnology inno a ion, ca bon dioxide emissions in Vie nam:
e idence om h ee s age leas squa es models, Cogen Economics & Finance, 12:1, 2407237,
DOI: 10.1080/23322039.2024.2407237
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DEVELOPMENT ECONOMICS | RESEARCH ARTICLE
Linking among economic g ow h, echnology inno a ion, ca bon
dioxide emissions in Vie nam: e idence om h ee s age leas
squa es models
Duyen My Thi Thi
a,b
, Hue T inh Hoang Hong
a,b
and Tinh Do Phu T an
a,b
a
Uni e si y o Economics and Law, Ho Chi Minh Ci y, Vie nam;
b
Vie nam Na ional Uni e si y, Ho Chi Minh Ci y, Vie nam
ABSTRACT
To accomplish he goal o ne emissions o ‘ze o’by 2050 while main aining g ow h in
Vie nam, in e ela ionship among echnological inno a ion (TI), g ow h and emissions
need o be conside ed. The goal o his esea ch is o e alua e he bidi ec ional causali y
linkages among TI, g ow h and CO
2
emissions (CO
2
E) in Vie nam o e he pe iod o
1990–2021 by using he simul aneous equa ion model wi h he h ee-s age leas
squa es models. Empi ical esul s show he exis ence o bidi ec ional causali y among
g ow h, CO
2
emissions and TI. Speci ically, g ow h posi i ely in luence on ca bon emis-
sions, and CO
2
emissions a ec on g ow h posi i ely. Fu he mo e, inno a ion posi i ely
in luences on g ow h, while g ow h posi i ely impac on inno a ion. The e is a nega i e
link among inno a ion and ca bon emissions. Implying ha inno a ion nega i ely e ec
on CO
2
emissions and ca bon emissions has a nega i e in luence on inno a ion.
Findings indica e ha g ow h con ibu es o en i onmen al pollu ion in Vie nam, and
echnology inno a ion is an impo an ac o o p omo ing economic g ow h and p o-
ec ing he en i onmen . The e o e, policymake s should encou age echnology inno -
a ion o he ad ancemen o clean ene gy, and apply ad anced echniques in
p oduc ion o sa e uel, con ibu e o p o ec he en i onmen by educing emissions.
IMPACT STATEMENT
The esul s o his esea ch ha e conside able policy implica ions o Vie nam wi h
espec o inno a ions, g ow h, and en i onmen al quali y.
ARTICLE HISTORY
Recei ed 13 June 2023
Re ised 17 Sep embe 2024
Accep ed 17 Sep embe 2024
KEYWORDS
Economic g ow h;
echnology inno a ion; CO
2
emissions; SEM; 3SLS;
Vie nam
SUBJECTS
Sus ainable De elopmen ;
En i onmen al Economics;
Economics
1. In oduc ion
Global economies, including Vie nam, a e aiming o sus ainable de elopmen , educing emissions by
hal by 2030 and achie ing ze o emissions by 2050, while ensu ing g ow h. This can be done h ough
applying echnological inno a ion (TI) in p oduc ion, and enhancing he use o clean echnology.
Acco ding o S ocke e al. (2013), ca bon emissions is he main cause o g eenhouse gas emissions glo-
bally. The esea ch also ound ha 76.7% o g eenhouse gas emissions caused by ca bon emissions a e
mainly om de eloping na ions in he wo ld. Hope (2006) a gues ha al hough he change o clima e
may ini ially ha e some posi i e e ec s on many de eloped coun ies, in he long un, i will ha m he
en i onmen . Acco ding o G ossman and K uege (1995), g ow h pollu es he en i onmen in he ea ly
s ages, hen imp o es as he na ions eaches a ce ain le el o income, as he adop ion o be e ech-
nology can educe en i onmen al deg ada ion. I is necessa y o encou age echnology inno a ion o
ensu e ene gy e iciency and en i onmen al sus ainabili y while main aining g ow h.
Many s udies indica ed ha highe g ow h h ough indus ial ac i i ies lead o en i onmen al pollu ion
(X. Chen e al., 2023; Jiang & Liu, 2023; Raihan, 2023). Howe e , o he s show he opposi e ou comes
(Mughal e al., 2022; Zhang, 2021). A lo o esea ch showed ha CO
2
emissions (CO
2
E) s imula e economic
CONTACT Duyen My Thi Thi [email p o ec ed]; Hue T inh Hoang Hong [email p o ec ed]; Tinh Do Phu T an
[email p o ec ed] Uni e si y o Economics and Law, Ho Chi Minh Ci y, Vie nam
ß2024 The Au ho (s). Published by In o ma UK Limi ed, ading as Taylo & F ancis G oup
This is an Open Access a icle dis ibu ed unde he e ms o he C ea i e Commons A ibu ion License (h p://c ea i ecommons.o g/licenses/by/4.0/), which
pe mi s un es ic ed use, dis ibu ion, and ep oduc ion in any medium, p o ided he o iginal wo k is p ope ly ci ed. The e ms on which his a icle has been
published allow he pos ing o he Accep ed Manusc ip in a eposi o y by he au ho (s) o wi h hei consen .
COGENT ECONOMICS & FINANCE
2024, VOL. 12, NO. 1, 2407237
h ps://doi.o g/10.1080/23322039.2024.2407237
g ow h (Iqbal e al., 2023; Olubusoye & Musa, 2020). On he o he hand, some esea ches ha e explo ed
ha ca bon emissions has a nega i e impac on economic expansion (Abdouli & Hammami, 2020; Abdouli
& Om i, 2021; F. Sha i & Tauqi , 2021). Also, some wo ks sugges ed ha TI is an i al d i e o economic
de elopmen (Fan & Hossain, 2018; Manigandan e al., 2023). Meanwhile, o he s showed he opposi e
(Ay az &
€
O e , 2023; M a & Belaz eg, 2023). Many s udies explo ed ha echnology inno a ion may
inc ease en i onmen al quali y by lessening emissions (Ra ique e al., 2020; Saliba e al., 2022; Shahbaz
e al., 2020). On he con a y, Demi can C¸aka e al. (2021) a gued ha inno a ion e ec on CO
2
emissions
posi i ely. Se e al s udies ound he bidi ec ional ela ion among g ow h, inno a ion and CO
2
emission
(Khan e al., 2023); and a bidi ec ional ela ion among g ow h and inno a ion (M a & Belaz eg, 2023); bidi -
ec ional ela ion among g ow h and ca bon emissions (Chang e al., 2023). P e ious s udies show ha he
in e ela ionship be ween inno a ion, g ow h and emissions is likely o exis . The e ha e been no empi ical
s udies in es iga ing his ela ionship in Vie nam, and ha is he gap o his s udy.
A e doi moi, Vie nam’s economic g ow h has changed signi ican ly, namely he alue o GDP pe
capi a inc eased om 96.719 US $ in 1990 o 3756.489 US $ in 2021 (Wo ld De elopmen Indica o s
[WDI], 2023), along wi h an inc ease in CO
2
emissions om 0.318 ons pe capi a in 1990 o 3.344 ons
pe capi a in 2021. Acco ding o Raihan (2023) he consump ion o ene gy and economic g ow h a e
esponsible o emissions in Vie nam, he s udy sugges adop ion o clean echnology is necessa y o
lessen emissions, while ensu ing g ow h. How o lessen emissions while main aining economic g ow h is
a challenge o policymake s in Vie nam. As sugges ed by Ren e al. (2021) and Khan e al. (2023) use a
simul aneous equa ion model (SEM), namely applying h ee-s age leas squa es equa ion models (3SLS)
o conside he in e ela ionship among g ow h, inno a ion and emissions because his me hod is con-
side ed mo e e ec i e han o he app oach. Findings indica e ha he e exis s a wo-way ela ionship
among g ow h, inno a ion and CO
2
emissions in Vie nam. Speci ically, economic g ow h posi i ely
a ec s on CO
2
emission, and ca bon emissions impac on g ow h posi i ely. Fu he mo e, echnology
inno a ion has a posi i e in luence on g ow h, and economic expansion posi i ely in luence on inno -
a ion. Mo eo e , he e is a nega i e link among inno a ion and emissions. Empi ical esul s suppo he
iew ha inno a ion is an impo an ac o in p omo ing g ow h and lessening CO
2
E.
This esea ch supplies o exis ing li e a u e in some ways. Mos o p e ious wo ks assessed he one-way
e ec among a iables. Fo ins ance, many s udies ha e examined ei he he in luence o inno a ion on
CO
2
E o he in luence o CO
2
emissions on inno a ion. Some esea ches ha e in es iga ed ei he he e ec
o echnology inno a ion on g ow h o he in luence o g ow h on echnology inno a ion. Likewise, mos
s udies examined ei he he e ec o g ow h on emissions o he e ec o CO
2
emissions on g ow h. As
sugges ed by Khan e al. (2023) showed ha an in e ela ionship exis s be ween inno a ion, g ow h and
CO
2
emissions. Ou esea ch will acc e e mo e p oo s o he li e a u e in Vie nam, by conside ing his in e -
ela ionship in Vie nam. F om he esul s, some sugges ions will be gi en o policy make s.
The es o he esea ch ollows he ollowing s uc u e: he li e a u e e iew will be shown in
Sec ion 2, he me hodology and da a desc ip ion will be shown in Sec ion 3,Sec ion 4 is abou empi ical
ou comes and discussions, Sec ion 5 ep esen s conclusion.
2. Li e a u e e iew
2.1. S udies on he linking among inno a ion and emissions
Many esea ches ha e been conduc ed in es iga ing he linkages be ween inno a ion and en i onmen-
al pollu ion. Some s udies ha e ound ha inno a ion slows down en i onmen al deg ada ion (Ahmed
e al., 2022; Amin e al., 2023; X. Chen e al., 2023; Jena e al., 2022; Jin e al., 2022; Thi & Do, 2024;
Razzaq e al., 2021), while o he s show he opposi e ou comes (Demi can C¸aka e al., 2021; Khan e al.,
2022; Raghu la & Chi edi, 2023). Addi ionally, some s udies sugges ha enewable ene gy (RE) and o -
eign di ec in es men (FDI) in lows help imp o e en i onmen quali y (Ka aaslan & C¸amkaya, 2022;
Samou e al., 2022), while g ow h and global ou ism s imula e en i onmen al deg ada ion (Kumail
e al., 2020; Nawaz e al., 2020; Raihan, 2023; Raihan e al., 2022).
Fu he mo e, some a icles in es iga ed he esponse o inno a ion implemen a ion in he con ex o
inc easing he change o clima e. Fo he case o 70 coun ies, Su and Moaniba (2017) ha e in es iga ed
2 D. MY THI THI ET AL.
he esponse o inno a ion o clima e change, hey show ha ising o emissions om gas and liquid
uels allow inc ease inno a ions, while inc eases in emissions om he use o solid uel and o he g een-
house gas emissions make educe inno a ions. Besides, Khan e al. (2022) indica ed ha CO
2
emissions
and he g ow h s imula e inno a ions while FDI lessen inno a ions. In con as , Song e al. (2023) show
ha ai pollu ion impedes u ban inno a ion. S udies demons a e he exis ence o a wo-way causal ela-
ion among inno a ion and en i onmen al pollu ion (Mensah e al., 2019).
In gene al, many s udies ha e examined ei he he in luence o inno a ion on CO
2
E o he in luence
o CO
2
emissions on inno a ion. Ou esea ch will supplemen o he exis ing li e a u e on he link
among inno a ion and CO
2
emissions by examining hei in e ela ionship in he case o Vie nam.
The eby, he ollowing hypo hesis is o med:
H
1
: The e exis s a wo-way nexus among ca bon emissions and inno a ion.
2.2. S udies on he nexus among inno a ion and economic de elopmen
Many s udies in es iga ed he ela ion among echnology inno a ion and g ow h, some s udies ha e
sugges ed ha TI is a i al d i e o economic de elopmen (Acheampong e al., 2022; Ahmad e al.,
2023; Fan & Hossain, 2018; Thi & Do, 2024). Howe e , some s udies a gued ha TI has no ye p omo ed
economic g ow h (M a & Belaz eg, 2023).
Mo eo e , some esea ch ound ha g ow h p essu e educe inno a ion (Shen e al., 2021; Yu e al.,
2023). Fo examples, M a and Belaz eg (2023) in es iga e linkages among inno a ion, ade, inancial
de elopmen (FD) and g ow h applying a panel-a ec o au o eg ession (VAR) app oach and ound ha
a nega i e ela ion among inno a ion and g ow h. Yu e al. (2023) indica e ha g ow h p essu e nega-
i ely a ec s g een echnology inno a ion, using da a om 285 ci ies in China om 2006 o 2018. Shen
e al. (2021) ound ha g ow h a ge s nega i ely in luence on inno a ion in 244 ci ies o China om
2004 o 2016. Meanwhile, Khan e al. (2023) showed ha economic g ow h inc ease inno a ion.
O he esea ch showed he in e ela ionships among inno a ion and g ow h (Akinwale, 2022). Khan
e al. (2023) indica ed a bidi ec ional causali y among inno a ion and g ow h. Akinwale (2022) showed a
bidi ec ional among inno a ion and g ow h o 1985–2015 pe iod in Sou h A ica. Ma adana e al. (2019)
showed a nexus among inno a ion and g ow h o 19 Eu opean na ions om 1989 o 2014. P adhan
e al. (2018) indica ed a bidi ec ional among inno a ion and g ow h in 49 Eu opean na ions om 1961
o 2014.
In gene al, mos s udies ha e in es iga ed ei he he e ec o echnology inno a ion on g ow h o
he in luence o economic g ow h on echnology inno a ion. The e exis s a wo-way nexus among
inno a ion and g ow h (Khan e al., 2023). Ou esea ch will supplemen o he exis ing li e a u e on he
nexus among inno a ion and g ow h by examining hei in e ela ionship in he case o Vie nam.
In gene al, he ollowing hypo hesis is o mula ed:
H
2
: The e is a bidi ec ional ela ion among echnology inno a ion and economic g ow h.
2.3. S udies on he link among economic de elopmen and CO
2
emissions
Many wo ks ha e analyzed he link among economic de elopmen and en i onmen al pollu ion. Some
s udies show ha CO
2
emissions p omo e he economic g ow h (Iqbal e al., 2023;
_
Inal e al., 2022;
Olubusoye & Musa, 2020). On he o he hand, some esea ches ha e ound ha CO
2
emissions has a
nega i e in luence on economic expansion (Abdouli & Hammami, 2020; Abdouli & Om i, 2021; F. Sha i
& Tauqi , 2021).
Besides, o he s explo ed ha economic g ow h ha ms he en i onmen by inc easing CO
2
E (Bhuiyan
e al., 2023; Mamkhez i & Khez i, 2023; Raghu la & Chi edi, 2023; Raghu la & Kola i, 2023; Raihan &
Tuspeko a, 2023). Meanwhile, some s udies show ha GDP g ow h cu bs emissions (Mughal e al., 2022;
Zhang, 2021). Some s udies show a wo-way causal ela ionship among economic g ow h and CO
2
emis-
sions (Naseem e al., 2023; You e al., 2022).
COGENT ECONOMICS & FINANCE 3
In gene al, many s udies examined ei he he e ec o g ow h on emissions o he e ec o CO
2
emis-
sions on g ow h. The e o e, we will pu on mo e p oo s o exis ing li e a u e on in e ela ionship among
emissions and g ow h in he case o Vie nam.
The eby, he ollowing hypo hesis is o med:
H
3
: The e is a bidi ec ional ela ion among ca bon emission and g ow h.
3. Me hodology
3.1. Da a and a iables
This a icle analyzes he linkages among TI, economic g ow h and CO
2
emissions in Vie nam om 1990
o 2021. The da a o all a iables ha e collec ed om Ou Wo ld in Da a, In e na ional Mone a y Fund
and Wo ld Bank by using he 3SLS. Table 1 p esen s de ails o a iables
3.2. Theo e ical amewo k and me hodology
Eh lich and Hold en (1971) i s p oposed he IPAT (Impac by Popula ion, A luence, and Technology)
model o measu e he e ec o economic g ow h on he en i onmen deg ada ion. Die z and Rosa
(1994) econs uc ed he IPAT model in a s ochas ic o m called he STIRPAT model o es he hypo he-
ses mo e igo ously. The gene al STIRPAT model is ep esen ed as ollows:
I ¼aPb
Ac
Td
e , (1)
whe e I,P,Aand T ep esen en i onmen al deg ada ion, he size o popula ion, na ional in luence and
he p og ess o echnology, espec i ely. ais he in e cep e m, b,cand dshow elas ici ies o he en i -
onmen al in luence on P,Aand T, espec i ely. e
is a andom e o e m, and subsc ip indica e he
ime dimension o model.
To e alua e he link among inno a ion, g ow h and CO
2
emissions in Vie nam, au ho s ex end he
STIRPAT model acco ding o he STIRPAT heo e ical amewo k. Mo e speci ically, based on he o iginal
model, labo o ce, he capi al s ock, FDI in lows, RE consump ion, ou ism, co up ion and FD a e
included in he new expansion models.
3.2.1. Economic g ow h model
Achie ing he goal o sus ainable, ze o-emissions de elopmen by 2050 equi es ha in es men ac o s
o economic de elopmen such as capi al, labo o ce and ene gy be combined and used in an eco-
iendly manne en i onmen . Economic expansion equi es highe ene gy consump ion, which has a
nega i e impac on he en i onmen , TI can help p omo e g ow h, minimizing ha m ul in luence on he
en i onmen . Based on STIRPAT model and inhe i ance om p e ious s udies (Abdouli & Om i, 2021;
Table 1. De ails o a iables.
Va iables Symbol Va iables measu emen Da a sou ce
Ca bon dioxide emissions CO
2
Annual CO₂emissions ( ons pe capi a) (Ou Wo ld in Da a-OWID, 2023)
G oss domes ic p oduc GDP GDP pe capi a (cu en US$) (WDI, 2023)
Technology inno a ion TI Pa en applica ions, esiden s (WDI, 2023)
Renewable ene gy RE Renewables (% equi alen p ima y ene gy) (Ou Wo ld in Da a-OWID, 2023)
FDI in lows FDI FDI, ne in lows (% o GDP) (WDI, 2023)
Tou ism Tou ism In e na ional ou ism, numbe o a i als (WDI, 2023)
The capi al s ock K G oss ixed capi al o ma ion (cons an 2015 US$) (WDI, 2023)
Labo o ce L Labo o ce pa icipa ion a e, o al (% o o al
popula ion ages 15–64)
(WDI, 2023)
Con ol o co up ion CC Con ol o Co up ion cap u es pe cep ions o he
ex en o which public powe is exe cised o
p i a e gain, including bo h pe y and g and o ms
o co up ion
(WDI, 2023)
Financial de elopmen FD Financial de elopmen index (In e na ional Mone a y Fund,
2023)
WDI, Wo ld De elopmen Indica o s.
4 D. MY THI THI ET AL.
_
Inal e al., 2022; Khan e al., 2023; Mei un e al., 2021; M a & Belaz eg, 2023; X. Wang e al., 2023) o
ully unde s and he in luence o CO
2
E(I), TI (T), labo (P) and o he ac o s (U) on he g ow h (GDP) is
buil as ollows:
GDP ¼a1Ib1
Tc1
Pd1
Ue1
e1 , (2)
whe e a
1
is he in e cep e m, b
1
,c
1
,d
1
and e
1
show elas ici ies o he g ow h in luence on I,T,Pand
U, espec i ely. e
1 0
is a andom e o e m, and subsc ip indica e he ime dimension o model.
3.2.2. En i onmen al pollu ion model
Acco ding o Raihan and Tuspeko a (2023); Raihan and Voumik (2022); Ren e al. (2021) and W.-Z. Wang
e al. (2021) economic expansion and in e na ional ou ism causes ha m ul e ec s on he en i onmen
while TI, REC, FDI in lows allows o educe en i onmen al deg ada ion, based STIRPAT model and he
inhe i ance om p e ious s udies, o ully unde s and he in luence o economic g ow h (A), echnology
inno a ion (T), labo (P) and o he ac o s (X) on ca bon emissions (I) is de eloped as ollows:
I ¼a2Ab2
Tc2
Pd2
Xe2
e2 , (3)
whe e a
2
is he in e cep e m, b
2
,c
2
,d
2
and e
2
show elas ici ies o he en i onmen al in luence on A,T,
Pand X, espec i ely. e
2 0
is a andom e o e m, and subsc ip indica e he ime dimension o model.
3.2.3. Technology inno a ion model
Ahmad e al. (2023) show ha inno a ion play a i al ole o sus ainable de elopmen , helping eco-
nomic expansion wi hou ha m ul e ec s on he en i onmen . Fu he mo e, he e a e many s udies
in es iga ing he esponse o inno a ion o inc easing he change o clima e and economic g ow h
(Khan e al., 2022; Su & Moaniba, 2017). Based on he inhe i ance o p e ious s udies (Akinwale, 2022;
Dauda e al., 2019; Naseem e al., 2023; A. Sha i e al., 2023), o mo e ully unde s and he in luence o
economic expansion (A), CO
2
E(I) and o he ac o s (Y) on inno a ion (T) is buil as ollows:
T ¼a3Ab3
Ic3
Yd3
e3 , (4)
whe e a
3
is he in e cep e m, b
3
,c
3
and d
3
show elas ici ies o he TI in luence on A,Iand Y, espec -
i ely. e
3 0
is a andom e o e m, and subsc ip indica e he ime dimension o model.
Acco ding o he abo e analy ical amewo k, o comp ehensi ely s udy he linking among he
g ow h, inno a ion and CO
2
E in Vie nam, based on he STIRPAT model, and he inhe i ance om p e i-
ous s udies, his s udy u ilizes, labo o ce, he capi al s ocks, FDI in lows, he use o RE, ou ism, co up-
ion and FD as con ol a iables.
TI, g ow h, and CO
2
emissions ep esen h ee endogenous a iables in his pape . To sol e concu -
ency among inno a ion, g ow h and emissions (cause o endogenei y), he SEM combined wi h h ee-
s age leas squa es is applied. Because his me hod is conside ed mo e e ec i e han wo-s age leas
squa es me hod (3SLS) (Belsley, 1988; In iliga o , 1978). As sugges ed by Malik (2021) and Gani (2021), a
SEM combined wi h 3SLS, will be used in ou s udy.
The econome ic model is p esen ed as ollows:
GDP ¼a0þa1CO2 þa2TI þa3FDI þa4K þa5L þe1 , (5)
CO2 ¼b0þb1GDP þb2TI þb3FDI þb4RE þb5TOURISM þe2 , (6)
TI ¼l0þl1CO2 þl2GDP þl3FDI þl4CC þl5FD þe3 , (7)
whe e CO
2
emission is measu ed by annual ca bon dioxide emissions ( ons pe capi a); GDP is measu ed
by g oss domes ic p oduc pe capi a (cu en US$); TI p oxy by he numbe o pa en applica ions, esi-
den s; FDI is measu ed by o eign di ec in es men , ne in lows (% o GDP); The capi al s ocks (K) p oxy
by g oss ixed capi al o ma ion (cons an 2015 US$); Labo o ce is measu ed by he a e o labo o ce
pa icipa ion, o al (% o o al popula ion ages 15–64); RE is measu ed by enewables (% equi alen p i-
ma y ene gy); Tou ism is measu ed by in e na ional ou ism (numbe o a i als); Con ol o co up ion
(CC) is measu ed by he ex en o which public powe is exe cised o p i a e gain, including bo h pe y
and g and o ms o co up ion; FD is measu ed by FD index; a
0
,b
0
and m
0
a e in e cep , a
1,
a
2,
a
3,
a
4,
a
5,
COGENT ECONOMICS & FINANCE 5
b
1,
b
2,
b
3,
b
4,
b
5
, and m
1,
m
2,
m
3,
m
4,
m
5
indica e he coe icien s, ¾
1 0
,¾
2 0
and ¾
3 0
a e e o s e m, indica es
he ime dimension.
4. Resul s and discussions
In his wo k, we p esen he ou come o he link among inno a ion, economic g ow h and emissions.
Va iables desc ip i e s a is ics ou comes a e shown in Table 2, desc ibing cha ac e is ics o he a iables
used in he h ee-s age leas squa es equa ion model (3SLS). The e is a di e ence among he a e age
alues o he a iables. The a iables maximum alues such as GDP pe capi a and he capi al (K) a e
highe han he alues o o he a iables.
We check he da a wi h se ial co ela ion es , Table 3 indica es ha no high connec ion be ween
independen a iables u ilized in Equa ions (1)–(3). The co ela ion coe icien among independen a ia-
bles is less han 0.5, so he da a is eliable and sui able o eg ession analysis.
Be o e analyzing ime se ies da a, i is necessa y o check he (non) s a iona i y o he da a se . i
au ho s apply a nons a iona y se ies o eg ession, i will lead o he occu ence o pseudo- eg ession.
The e o e, be o e pe o ming eg ession analysis, au ho s need o check he obus ness o economic a i-
ables. This a icle use augmen ed Dickey Fulle es o check he s a iona i y o da a. Table 4 show all
a iables a e s a iona y a i s di e ence, he e o e, i is app op ia e o use hem o u he s a is ical
analysis.
Table 2. S a is ical alue o a iables.
Va iables Mean Minimum Maximum S anda d de ia ion
GDP 1335.378 96.7193 3756.489 1221.11
CO
2
1.370059 0.307592 3.560416 0.9809968
TI 250.4839 22 1021 262.2487
RE 20.28217 12.84675 24.9727 3.399654
FDI 5.485844 2.781323 11.93948 2.219416
Tou ism 5434000 1351000 18009000 4421609
K 49538849734 11110952440 110459947208.857 30887499453
L 79.84812 75.863 82.476 1.957135
CC −0.54632 −0.75666 −0.28578 0.12137
FD 0.322215 0 0.454462 0.101632
Da a sou ce: Wo ld Bank and In e na ional Mone a y Fund.
Table 4. Tes uni oo o each a iable.
Va iables Le el Fi s di e ence
GDP 3.538 (1.0000) −2.960 (0.0388)
CO
2
1.340 (0.9968) −4.272 (0.0005)
TI −2.676 (0.0782)−5.665 (0.0000)
RE −2.464 (0.1245) −5.361 (0.0000)
FDI −2.442 (0.1303) −4.835 (0.0000)
Tou ism −2.080 (0.2528) −5.364 (0.0000)
K−1.737 (0.4122) −5.511 (0.0000)
L−1.296 (0.6311) −3.077 (0.0283)
CC −2.914 (0.0438) −11.453 (0.0000)
FD −2.918 (0.0433) −6.198 (0.0000)
p<0.01, p<0.05, p<0.1.
Sou ce: Au ho ’s own compila ion om da a p ocessing using S a a.
Table 3. Co ela ions be ween a iables.
GDP CO
2
TI RE FDI Tou ism K L CC FD
GDP 1
CO
2
0.9761 1
TI 0.1341 0.0905 1
RE −0.0782 −0.229 0.2604 1
FDI −0.2479 −0.2685 −0.3013 0.1981 1
Tou ism 0.2761 0.2675 −0.0658 −0.4344 −0.1689 1
K 0.4357 0.3751 0.2351 −0.2514 −0.1467 0.578 1
L 0.2623 0.1284 0.3249 0.4619 0.2084 −0.1338 0.0456 1
CC −0.7496 −0.7228 −0.2194 0.0061 0.1976 −0.3016 −0.3689 −0.084 1
FD 0.2818 0.2888 0.1769 −0.4019 −0.1981 0.3778 0.4292 0.3035 −0.1649 1
Sou ce: Au ho ’s own compila ion om da a p ocessing using S a a.
6 D. MY THI THI ET AL.
Nex , au ho s p oceed he 3SLS app oach o conside in e ela ionships among g ow h, ca bon emis-
sions, and echnology inno a ion. The h ee co esponding equa ions (Equa ions 1–3) a e es ima ed
simul aneously.
4.1. Ou baseline esul s om 3SLS es ima es
Table 5 indica es he e idence o bidi ec ional causali y among g ow h and CO
2
emissions, g ow h and
echnology inno a ion, CO
2
emissions and echnology inno a ion. The e o e, H
1
,H
2
,H
3
hypo hesis a e
accep ed.
Speci ically, Table 5 epo s ha CO
2
emissions posi i ely e ec on g ow h a 1% signi ican le el, show-
ing ha a 1% ise o emissions allow GDP pe capi al inc ease by 1175.065%. This esul s is he same wi h
he inding o Ren e al. (2021) o China. They explo ed ha CO2 emissions in he s eel indus y o China
in luence on g ow h posi i ely. Simila ly, Raihan (2024) ha e in es iga ed he impac o FDI and CO
2
emis-
sions on economic g ow h in Vie nam o 1990–2021 pe iod. They ound ha CO
2
E has a posi i e in luence
on he g ow h in Vie nam. This is explained because du ing his pe iod Vie nam’s economy wi nessed apid
g ow h, GDP pe capi a inc eased om 96 US dolla s in 1990 o 3756 US dolla s in 2021. Also, du ing his
pe iod, Vie nam wi nessed an inc ease in CO
2
emissions pe capi a om abou 0.318 ons in 1990 o 3,345
ons in 2021. Howe e , o achie e he goal o sus ainable de elopmen , Vie nam’s emissions mus hal e by
2030 and each ze o by 2050. To achie e his goal, i equi es policies o g een g ow h o be implemen ed
by all le els o go e nmen . Mo eo e , a posi i e and signi ican in luence o inno a ion on g ow h is ound
a 1% le el. The coe icien o inno a ion a iable is 42.519, indica ing ha GDP pe capi al inc ease by
42.519 pe cen when he e is a 1% ise in inno a ion. This ou come is consis en wi h empi ical s udy o
Mei un e al. (2021) o Singapo e. This mean ha he numbe o pa en applica ions help p omo e g ow h.
Simila ly, esea ch esul by Thi and Do (2024) also show ha inno a ion is an impo an ac o p omo ing
he economy o coun ies. This is also unde s andable because inno a ion allows he op imiza ion o
na ional esou ces wi h a easonable and mode n economic s uc u e, in o de o achie e high economic
g ow h a es owa d sus ainable de elopmen . In Vie nam, du ing his pe iod, inno a ion ac i i ies also
inc ease signi ican ly, which allowed o p omo e economic g ow h. The e o e, he Vie namese go e nmen
needs o ha e app op ia e policies o p omo e sus ainable g ow h in he coming ime. Fu he mo e, FDI
in lows a e ound o be a posi i e and signi ican co ela ion wi h GDP pe capi a wi h a coe icien o
51.835. Implying ha 1% inc ease in FDI in lows will inc ease economic g ow h by 51.835%. This inding is
simila wi h ou come o Khan e al. (2023) o 35 Bel and Road na ions. Besides, Raihan (2024) show ha
FDI has a posi i e in luence on he g ow h in Vie nam. Du ing his pe iod, Vie nam also elied on o eign
di ec in es men o p omo e economic g ow h, accompanied by an inc ease in CO
2
emissions. The e o e,
in he coming ime, Vie nam’s economic g ow h based on scien i ic and TI is necessa y because i allows
educe emissions and owa d he goal o sus ainable de elopmen . Besides, he capi al and labou o ce
posi i ely impac on g ow h bu no s a is ically signi ican .
The empi ical ou comes abou Equa ion (2) illus a e ha g ow h posi i ely in luence on CO
2
emissions.
These ou comes a e consis en wi h Thi e al. (2023) o 53 coun ies, Raihan (2023) o Vie nam, Ka aaslan
and C¸amkaya (2022) o Tu key. The indings show he g ow h educe en i onmen al quali y by upsu ging
Table 5. Ou baseline esul s om 3SLS es ima es.
Va iables Equa ion 1: GDP Equa ion 2:CO
2
Equa ion 3:TI
GDP 0.001 (0.00005) 0.022 (0.004)
CO
2
1175.063 (83.818) −26.457 (5.270)
TI 42.519 (8.815) −0.039 (0.012)
RE −0.002 (0.008)
FDI 51.835 (30.871) −0.048(0.026) −1.264(0.709)
Tou ism −0.002 (0.003)
K 1.355 (3.712)
L 6.903 (22.131)
CC −0.019 (0.176)
FD −0.022 (0.063)
Cons an −1791.688 (1685.547) 1.181 (0.240) 29.708 (7.589)
p<0.01, p<0.05, p<0.1.
Sou ce: Au ho ’s own compila ion om da a p ocessing using S a a.
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