The factors affecting green investment for sustainable development

In every nation's Green Growth Strategy, enterprise's green investment plays a vital role for sustainable development. In order to develop green investment activity for sustainable development, it is necessary to identify factors affecting green finance and sustainable development of businesses. This study identifies and measures the factors affecting green investment in Vietnamese using the Exploratory Factor Analysis (EFA) methodology to process the dataset from 208 businesses in different industries in 2018.The results show that most of the factors, which were included in the survey, were reliable, maintained statistical significance, and converged into the group of factors. The factors in the survey includes Infrastructure for green investment, Difficulties in approaching funding for green investment activities, Incentives to access capital for green investment, Understanding of enterprises' green investment, Support from the Government in accessing to fund for green investment, The capital that businesses can access for green investment, The enterprise plans to implement green investment projects actively and the special incentives of green investment. Notably, the group of factors about green investment awareness, awareness on accessing green capital, the role of the Government, and green capital mobilization tools had substantial impacts on the green investment implementation of Vietnamese businesses. On that basis, the proposed recommendations focus on the central role of the Government, the legal framework, the diversification of green financing, and green capital mobilization tools. Raising awareness of businesses in accessing and using these capital raising tools as well as promoting green investment communication are solutions according to the evaluation of more than 200 surveyed enterprises. (C) 2020 by the authors; licensee Growing Science, Canada.