Toward sustainable development: Green economy with economic growth and carbon emission in Vietnam

Pham Xuan Bach, Phan The Cong

Article ID: 3111
Vol 8, Issue 3, 2024

VIEWS - 323 (Abstract) 179 (PDF)


Transitioning to a green economy is a global concern, considered a pathway to sustainable development. This paper aims to investigate the effect of the transition into a green economy on Vietnam’s sustainable development and its two economic and environmental dimensions, with consideration of several essential issues including renewable energy, technological innovation, natural resource rents (oils, forest, and minerals), foreign direct investment, and trade. This paper utilizes data from 1996 to 2020 and then applies the autoregressive distributed lag (ARDL) method for analysis. The results conclude that renewable energy is a driving key to reducing environmental degradation, but it hampers economic growth, while the contrast occurs with technology. Our results emphasize the dependence on non-renewable energy, whereas the innovation of technology does not show a green orientation in Vietnam. Furthermore, there is a lack of sustainability in the effect of natural resource rents, foreign direct investment, and trade. Overall, the transition into a green economy in Vietnam does not illustrate the sustainable orientation. The findings of this research provide empirical evidence to clarify the relationship between this transition and its driving factor, with sustainable development and the two economic environment dimensions. In addition, this study will bring worthwhile implications for the policymakers and scholars on whether the transition to a green economy fulfills the orientation towards sustainability, then enhancing the economy's efficiency to achieve green growth, following the pathway to sustainable development.


transitioning; green economy; sustainable development; renewable energy; technological innovation; natural resource rents

Full Text:



Adebayo, T. S. (2022). Renewable Energy Consumption and Environmental Sustainability in Canada: Does Political Stability Make a Difference? Environmental Science and Pollution Research, 29(40), 61307–61322.

Adebayo, T. S., Akadiri, S. S., Adedapo, A. T., & Usman, N. (2021). Does interaction between technological innovation and natural resource rent impact environmental degradation in newly industrialized countries? New evidence from method of moments quantile regression. Environmental Science and Pollution Research, 29(2), 3162–3169.

Agbloyor, E. K., Abor, J. Y., Adjasi, C. K. D., & Yawson, A. (2014). Private capital flows and economic growth in Africa: The role of domestic financial markets. Journal of International Financial Markets, Institutions and Money, 30, 137–152.

Ahmad, M., Peng, T., Awan, A., & Ahmed, Z. (2023). Policy framework considering resource curse, renewable energy transition, and institutional issues: Fostering sustainable development and sustainable natural resource consumption practices. Resources Policy, 86, 104173.

Ahmad, N., & Du, L. (2017). Effects of energy production and CO 2 emissions on economic growth in Iran: ARDL approach. Energy, 123, 521–537.

Ahmad, N., Youjin, L., Žiković, S., & Belyaeva, Z. (2023). The effects of technological innovation on sustainable development and environmental degradation: Evidence from China. Technology in Society, 72, 102184.

Aitken, B. J., & Harrison, A. E. (1999). Do Domestic Firms Benefit from Direct Foreign Investment? Evidence from Venezuela. American Economic Review, 89(3), 605–618.

Ali, W. & Abdullah, A. (2015). The impact of trade openness on the economic growth of Pakistan: 1980-2010. Global Business and Management Research, 7, 120.

Al-mulali, U., Tang, C. F., & Ozturk, I. (2015). Does financial development reduce environmental degradation? Evidence from a panel study of 129 countries. Environmental Science and Pollution Research, 22(19), 14891–14900.

Appiah, K., Worae, T. A., Yeboah, B., & Yeboah, M. (2022). The causal nexus between trade openness and environmental pollution in selected emerging economies. Ecological Indicators, 138, 108872.

Azam, M., Ftiti, Z., Hunjra, A. I., Louhichi, W., & Verhoeven, P. (2022). Do market-supporting institutions promote sustainable development? Evidence from developing economies. Economic Modelling, 116, 106023.

Balsalobre-Lorente, D., Gokmenoglu, K. K., Taspinar, N., & Cantos-Cantos, J. M. (2019). An approach to the pollution haven and pollution halo hypotheses in MINT countries. Environmental Science and Pollution Research, 26(22), 23010–23026.

Balsalobre-Lorente, D., Shahbaz, M., Roubaud, D., & Farhani, S. (2018). How economic growth, renewable electricity and natural resources contribute to CO2 emissions? Energy Policy, 113, 356–367.

Barbier, E. B. (2012). The Green Economy Post Rio+20. Science, 338(6109), 887–888.

Barros, L., & Martínez-Zarzoso, I. (2022). Systematic literature review on trade liberalization and sustainable development. Sustainable Production and Consumption, 33, 921–931.

Baumol, W. J., & Oates, W. E. (1988). The theory of environmental policy. Cambridge university press.

Belloumi, M., & Alshehry, A. (2020). The Impact of International Trade on Sustainable Development in Saudi Arabia. Sustainability, 12(13), 5421.

Bhattacharya, M., Paramati, S. R., Ozturk, I., & Bhattacharya, S. (2016). The effect of renewable energy consumption on economic growth: Evidence from top 38 countries. Applied Energy, 162, 733–741.

Bina, O. (2013). The Green Economy and Sustainable Development: An Uneasy Balance? Environment and Planning C: Government and Policy, 31(6), 1023–1047.

Bolt, K., Matete, M. & Clemens, M. (2002). Manual for calculating adjusted net savings. Environment Department, World Bank, 1, 1-23.

Borensztein, E., De Gregorio, J., & Lee, J.-W. (1998). How does foreign direct investment affect economic growth? Journal of International Economics, 45(1), 115–135.

Cai, L., & Le, T. T. (2023). Natural resources and financial development: Role of corporate social responsibility on green economic growth in Vietnam. Resources Policy, 81, 103279.

Chaudhry, I. S., Ali, S., Bhatti, S. H., Anser, M. K., Khan, A. I., & Nazar, R. (2021). Dynamic common correlated effects of technological innovations and institutional performance on environmental quality: Evidence from East-Asia and Pacific countries. Environmental Science & Policy, 124, 313–323.

Chen, C., Pinar, M., & Stengos, T. (2020). Renewable energy consumption and economic growth nexus: Evidence from a threshold model. Energy Policy, 139, 111295.

Chen, Y., & Lee, C.-C. (2020). Does technological innovation reduce CO2 emissions? Cross-country evidence. Journal of Cleaner Production, 263, 121550.

Chien, F., Ananzeh, M., Mirza, F., Bakar, A., Vu, H. M., & Ngo, T. Q. (2021). The effects of green growth, environmental-related tax, and eco-innovation towards carbon neutrality target in the US economy. Journal of Environmental Management, 299, 113633.

Dauda, L., Long, X., Mensah, C. N., & Salman, M. (2019). The effects of economic growth and innovation on CO2 emissions in different regions. Environmental Science and Pollution Research, 26(15), 15028–15038.

Dawid, H., Kort, P. M., & Vergalli, S. (2021). Investments, Energy, and Green Economy. Journal of Economic Dynamics and Control, 126, 104126.

Destek, M. A., & Sinha, A. (2020). Renewable, non-renewable energy consumption, economic growth, trade openness and ecological footprint: Evidence from organisation for economic Co-operation and development countries. Journal of Cleaner Production, 242, 118537.

Dickey, D. A., & Fuller, W. A. (1979). Distribution of the Estimators for Autoregressive Time Series with a Unit Root. Journal of the American Statistical Association, 74(366a), 427–431.

Dogan, E., & Ozturk, I. (2017). The influence of renewable and non-renewable energy consumption and real income on CO2 emissions in the USA: evidence from structural break tests. Environmental Science and Pollution Research, 24(11), 10846–10854.

Dogan, E., & Seker, F. (2016). Determinants of CO2 emissions in the European Union: The role of renewable and non-renewable energy. Renewable Energy, 94, 429–439.

Dogan, E., Altinoz, B., Madaleno, M., & Taskin, D. (2020). The impact of renewable energy consumption to economic growth: A replication and extension of. Energy Economics, 90, 104866.

Dong, K., Hochman, G., Zhang, Y., Sun, R., Li, H., & Liao, H. (2018). CO2 emissions, economic and population growth, and renewable energy: Empirical evidence across regions. Energy Economics, 75, 180–192.

Fu, R., & Liu, J. (2023). Revenue sources of natural resources rents and its impact on sustainable development: Evidence from global data. Resources Policy, 80, 103226.

Ganda, F. (2019). The impact of innovation and technology investments on carbon emissions in selected organisation for economic Co-operation and development countries. Journal of Cleaner Production, 217, 469–483.

Gasparatos, A., Doll, C. N. H., Esteban, M., Ahmed, A., & Olang, T. A. (2017). Renewable energy and biodiversity: Implications for transitioning to a Green Economy. Renewable and Sustainable Energy Reviews, 70, 161–184.

Gorus, M. S., & Aslan, M. (2019). Impacts of economic indicators on environmental degradation: Evidence from MENA countries. Renewable and Sustainable Energy Reviews, 103, 259–268.

Grossman, G. M., & Krueger, A. B. (1995). Economic Growth and the Environment. The Quarterly Journal of Economics, 110(2), 353–377.

Grossman, G., & Krueger, A. (1991). Environmental impacts of a North American free trade agreement. National Bureau of economic research Cambridge, Mass., USA.

Gu, G., & Wang, Z. (2018). Research on global carbon abatement driven by R&D investment in the context of INDCs. Energy, 148, 662–675.

Güney, T. (2019). Renewable energy, non-renewable energy and sustainable development. International Journal of Sustainable Development & World Ecology, 26(5), 389–397.

Guo, Y., Wong, W. K., Su, N., et al. (2023). Resource curse hypothesis and economic growth: A global analysis using bootstrapped panel quantile regression analysis. Resources Policy, 85, 103790.

Habiba, U., Xinbang, C., & Anwar, A. (2022). Do green technology innovations, financial development, and renewable energy use help to curb carbon emissions? Renewable Energy, 193, 1082–1093.

Hanif, I., Faraz Raza, S. M., Gago-de-Santos, P., & Abbas, Q. (2019). Fossil fuels, foreign direct investment, and economic growth have triggered CO2 emissions in emerging Asian economies: Some empirical evidence. Energy, 171, 493–501.

Helpman, E. & Krugman, P. (1987). Market structure and foreign trade: Increasing returns, imperfect competition, and the international economy. MIT press.

Herzer, D., Klasen, S., & Nowak-Lehmann D., F. (2008). In search of FDI-led growth in developing countries: The way forward. Economic Modelling, 25(5), 793–810.

Hordofa, T. T., Liying, S., Mughal, N., Arif, A., Minh Vu, H., & Kaur, P. (2022). Natural resources rents and economic performance: Post-COVID-19 era for G7 countries. Resources Policy, 75, 102441.

Hossain, M. R., Rej, S., Awan, A., Bandyopadhyay, A., Islam, M. S., Das, N., & Hossain, M. E. (2023). Natural resource dependency and environmental sustainability under N-shaped EKC: The curious case of India. Resources Policy, 80, 103150.

Huang, Y., Raza, S. M. F., Hanif, I., Alharthi, M., Abbas, Q., & Zain-ul-Abidin, S. (2020). The role of forest resources, mineral resources, and oil extraction in economic progress of developing Asian economies. Resources Policy, 69, 101878.

Hung, N. T. (2023). Green investment, financial development, digitalization and economic sustainability in Vietnam: Evidence from a quantile-on-quantile regression and wavelet coherence. Technological Forecasting and Social Change, 186, 122185.

Ibrahim, R. L., & Ajide, K. B. (2021). The dynamic heterogeneous impacts of nonrenewable energy, trade openness, total natural resource rents, financial development and regulatory quality on environmental quality: Evidence from BRICS economies. Resources Policy, 74, 102251.

Ibrahim, R. L., Al-mulali, U., Ozturk, I., Bello, A. K., & Raimi, L. (2022). On the criticality of renewable energy to sustainable development: Do green financial development, technological innovation, and economic complexity matter for China? Renewable Energy, 199, 262–277.

Inglesi-Lotz, R., & Dogan, E. (2018). The role of renewable versus non-renewable energy to the level of CO2 emissions a panel analysis of sub- Saharan Africa’s Βig 10 electricity generators. Renewable Energy, 123, 36–43.

Ivanovski, K., Hailemariam, A., & Smyth, R. (2021). The effect of renewable and non-renewable energy consumption on economic growth: Non-parametric evidence. Journal of Cleaner Production, 286, 124956.

Jabeen, G., Ahmad, M., & Zhang, Q. (2023). Combined role of economic openness, financial deepening, biological capacity, and human capital in achieving ecological sustainability. Ecological Informatics, 73, 101932.

Jacobs, M. (2012). Green growth: Economic theory and political discourse. Grantham Research Institute on Climate Change and the Environment London.

Jiang, C., Zhang, Y., Kamran, H. W., & Afshan, S. (2021). Understanding the dynamics of the resource curse and financial development in China? A novel evidence based on QARDL model. Resources Policy, 72, 102091.

Jiang, Z., Rahman Mahmud, A., Maneengam, A., Nassani, A. A., Haffar, M., & The Cong, P. (2022). Non linear effect of Biomass, fossil fuels and renewable energy usage on the economic Growth: Managing sustainable development through energy sector. Fuel, 326, 124943.

Jin, L., Duan, K., & Tang, X. (2018). What Is the Relationship between Technological Innovation and Energy Consumption? Empirical Analysis Based on Provincial Panel Data from China. Sustainability, 10(2), 145.

Johansen, S. (1988). Statistical analysis of cointegration vectors. Journal of Economic Dynamics and Control, 12(2–3), 231–254.

Jun, W., Mughal, N., Kaur, P., et al. (2022). Achieving green environment targets in the world’s top 10 emitter countries: the role of green innovations and renewable electricity production. Economic Research-Ekonomska Istraživanja, 35(1), 5310–5335.

Keho, Y. (2017). The impact of trade openness on economic growth: The case of Cote d’Ivoire. Cogent Economics & Finance, 5(1), 1332820.

Khan, I., & Hou, F. (2020). The dynamic links among energy consumption, tourism growth, and the ecological footprint: the role of environmental quality in 38 IEA countries. Environmental Science and Pollution Research, 28(5), 5049–5062.

Khan, S. A. (2020). Metal nanoparticles toxicity: role of physicochemical aspects. In: Shah, M. R., Imran, M. & Ullah, S. (editors). Metal Nanoparticles for Drug Delivery and Diagnostic Applications. Elsevier.

Khan, S. A. R., Yu, Z., & Farooq, K. (2022). Green capabilities, green purchasing, and triple bottom line performance: Leading toward environmental sustainability. Business Strategy and the Environment, 32(4), 2022–2034. Portico.

Khan, S. A. R., Zia-Ul-Haq, H. M., Ponce, P., & Janjua, L. (2023). Re-investigating the impact of non-renewable and renewable energy on environmental quality: A roadmap towards sustainable development. Resources Policy, 81, 103411.

Khan, Z., Ali, S., Umar, M., Kirikkaleli, D., & Jiao, Z. (2020). Consumption-based carbon emissions and International trade in G7 countries: The role of Environmental innovation and Renewable energy. Science of The Total Environment, 730, 138945.

Koc, S., & Bulus, G. C. (2020). Testing validity of the EKC hypothesis in South Korea: role of renewable energy and trade openness. Environmental Science and Pollution Research, 27(23), 29043–29054.

Kong, Q., Peng, D., Ni, Y., Jiang, X., & Wang, Z. (2021). Trade openness and economic growth quality of China: Empirical analysis using ARDL model. Finance Research Letters, 38, 101488.

Kshitij, G., Khanna, N., Yıldırım, Ç. V., Dağlı, S., & Sarıkaya, M. (2022). Resource conservation and sustainable development in the metal cutting industry within the framework of the green economy concept: An overview and case study. Sustainable Materials and Technologies, 34, e00507.

Kuo, Y., Maneengam, A., Phan The, C., Binh An, N., Nassani, A. A., Haffar, M., & Qadus, A. (2022). Fresh evidence on environmental quality measures using natural resources, renewable energy, non-renewable energy and economic growth for 10 Asian nations from CS-ARDL technique. Fuel, 320, 123914.

Lélé, S. M. (1991). Sustainable development: A critical review. World Development, 19(6), 607–621.

Li, H., Usman, N., Coulibay, M. H., Phiri, R., & Tang, X. (2022). Does the resources curse hypothesis exist in China? What is the dynamic role of fiscal decentralization, economic policy uncertainty, and technology innovation for sustainable financial development? Resources Policy, 79, 103002.

Li, J., Dong, K., & Dong, X. (2022). Green energy as a new determinant of green growth in China: The role of green technological innovation. Energy Economics, 114, 106260.

Li, S., Long, F., & Long, L. (2022). Resources curse and sustainable development revisited: Evaluating the role of remittances for China. Resources Policy, 79, 103110.

Li, X., Ozturk, I., Ullah, S., Andlib, Z., & Hafeez, M. (2022). Can top-pollutant economies shift some burden through insurance sector development for sustainable development? Economic Analysis and Policy, 74, 326–336.

Li, X., Zhu, S., Li, Y., & Chang, R. (2022). What is the asymmetric influence of natural resource rent and green innovation on the ecological sustainability of the ARCTIC region. Resources Policy, 79, 103051.

Li, Y., Alharthi, M., Ahmad, I., Hanif, I., & Ul Hassan, M. (2022). Nexus between renewable energy, natural resources and carbon emissions under the shadow of transboundary trade relationship from South East Asian economies. Energy Strategy Reviews, 41, 100855.

Lin, B., & Moubarak, M. (2014). Renewable energy consumption – Economic growth nexus for China. Renewable and Sustainable Energy Reviews, 40, 111–117.

Loiseau, E., Saikku, L., Antikainen, R., Droste, N., Hansjürgens, B., Pitkänen, K., Leskinen, P., Kuikman, P., & Thomsen, M. (2016). Green economy and related concepts: An overview. Journal of Cleaner Production, 139, 361–371.

Lorek, S., & Spangenberg, J. H. (2014). Sustainable consumption within a sustainable economy – beyond green growth and green economies. Journal of Cleaner Production, 63, 33–44.

Lv, Z., & Li, S. (2021). How financial development affects CO2 emissions: A spatial econometric analysis. Journal of Environmental Management, 277, 111397.

Mathews, J. A., & Tan, H. (2011). Progress Toward a Circular Economy in China. Journal of Industrial Ecology, 15(3), 435–457.

Mensah, I. A., Sun, M., Gao, C., Omari-Sasu, A. Y., Zhu, D., Ampimah, B. C., & Quarcoo, A. (2019). Analysis on the nexus of economic growth, fossil fuel energy consumption, CO2 emissions and oil price in Africa based on a PMG panel ARDL approach. Journal of Cleaner Production, 228, 161–174.

Metawa, N., Dogan, E., & Taskin, D. (2022). Analyzing the nexus of green economy, clean and financial technology. Economic Analysis and Policy, 76, 385–396.

Mohamed, E. S. E. (2020). Resource Rents, Human Development and Economic Growth in Sudan. Economies, 8(4), 99.

Naseer, A., Su, C.-W., Mirza, N., & Li, J.-P. (2020). Double jeopardy of resources and investment curse in South Asia: Is technology the only way out? Resources Policy, 68, 101702.

Nassani, A. A., Abro, M. M. Q., Batool, R., Shah, S. H. A., Hyder, S., & Zaman, K. (2020). Go‐for‐green policies: The role of finance and trade for sustainable development. International Journal of Finance & Economics, 26(1), 1409–1423. Portico.

Nathaniel, S. P. (2021). Economic complexity versus ecological footprint in the era of globalization: evidence from ASEAN countries. Environmental Science and Pollution Research, 28(45), 64871–64881.

Nathaniel, S. P., Adeleye, N., & Adedoyin, F. F. (2021). Natural Resource Abundance, Renewable Energy, and Ecological Footprint Linkage in MENA Countries. Studies of Applied Economics, 39(3).

Nguyen, X. P., Le, N. D., Pham, V. V., Huynh, T. T., Dong, V. H., & Hoang, A. T. (2021). Mission, challenges, and prospects of renewable energy development in Vietnam. Energy Sources, Part A: Recovery, Utilization, and Environmental Effects, 1–13.

Nishitani, K., Nguyen, T. B. H., Trinh, T. Q., Wu, Q., & Kokubu, K. (2021). Are corporate environmental activities to meet sustainable development goals (SDGs) simply greenwashing? An empirical study of environmental management control systems in Vietnamese companies from the stakeholder management perspective. Journal of Environmental Management, 296, 113364.

OECD 2011. Towards Green Growth: Monitoring Progress. OECD.

Ofori, I. K., Gbolonyo, E. Y., & Ojong, N. (2023). Foreign direct investment and inclusive green growth in Africa: Energy efficiency contingencies and thresholds. Energy Economics, 117, 106414.

Opoku, E. E. O., Ibrahim, M., & Sare, Y. A. (2019). Foreign Direct Investment, Sectoral Effects and Economic Growth in Africa. International Economic Journal, 33(3), 473–492.

Pata, U. K. (2020). Renewable and non-renewable energy consumption, economic complexity, CO2 emissions, and ecological footprint in the USA: testing the EKC hypothesis with a structural break. Environmental Science and Pollution Research, 28(1), 846–861.

Pata, U. K., & Kartal, M. T. (2023). Impact of nuclear and renewable energy sources on environment quality: Testing the EKC and LCC hypotheses for South Korea. Nuclear Engineering and Technology, 55(2), 587–594.

Paus, E. A., & Robinson, M. D. (1997). The implications of increasing economic openness for real wages in developing countries, 1973–1990. World Development, 25(4), 537–547.

Pesaran, M. H. & SHIN, Y. (1995). An autoregressive distributed lag modelling approach to cointegration analysis. University of Cambridge.

Pesaran, M. H., Shin, Y., & Smith, R. J. (2001). Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics, 16(3), 289–326. Portico.

Pethig, R. (1976). Pollution, welfare, and environmental policy in the theory of Comparative Advantage. Journal of Environmental Economics and Management, 2(3), 160–169.

Rahman, M. M., & Velayutham, E. (2020). Renewable and non-renewable energy consumption-economic growth nexus: New evidence from South Asia. Renewable Energy, 147, 399–408.

Rahman, M. M., Alam, K., & Velayutham, E. (2022). Reduction of CO2 emissions: The role of renewable energy, technological innovation and export quality. Energy Reports, 8, 2793–2805.

Reilly, J. M. (2012). Green growth and the efficient use of natural resources. Energy Economics, 34, S85–S93.

Rodrik, D. (1988). Imperfect competition, scale economies, and trade policy in developing countries. Trade policy issues and empirical analysis. University of Chicago Press.

Saqib, N., Ozturk, I., Usman, M., Sharif, A., & Razzaq, A. (2023). Pollution Haven or Halo? How European countries leverage FDI, energy, and human capital to alleviate their ecological footprint. Gondwana Research, 116, 136–148.

Sarwar, S., Waheed, R., Aziz, G., & Apostu, S. A. (2022). The Nexus of Energy, Green Economy, Blue Economy, and Carbon Neutrality Targets. Energies, 15(18), 6767.

Saud, S., Chen, S., Haseeb, A., & Sumayya. (2020). The role of financial development and globalization in the environment: Accounting ecological footprint indicators for selected one-belt-one-road initiative countries. Journal of Cleaner Production, 250, 119518.

Saud, S., Haseeb, A., Zafar, M. W., & Li, H. (2023). Articulating natural resource abundance, economic complexity, education and environmental sustainability in MENA countries: Evidence from advanced panel estimation. Resources Policy, 80, 103261.

Shahabadi, A. & Feyzi, S. (2016). The relationship between natural resources abundance, foreign direct investment and environmental performance in selected oil and developed countries during 1996–2013. International Journal of Resistive Economics, 4, 101–116.

Shahbaz, M., Destek, M. A., Okumus, I., & Sinha, A. (2019). An empirical note on comparison between resource abundance and resource dependence in resource abundant countries. Resources Policy, 60, 47–55.

Shahbaz, M., Lean, H. H., & Shabbir, M. S. (2012). Environmental Kuznets Curve hypothesis in Pakistan: Cointegration and Granger causality. Renewable and Sustainable Energy Reviews, 16(5), 2947–2953.

Shahbaz, M., Raghutla, C., Song, M., Zameer, H., & Jiao, Z. (2020). Public-private partnerships investment in energy as new determinant of CO2 emissions: The role of technological innovations in China. Energy Economics, 86, 104664.

Sharif, A., Brahim, M., Dogan, E., & Tzeremes, P. (2023). Analysis of the spillover effects between green economy, clean and dirty cryptocurrencies. Energy Economics, 120, 106594.

Sharma, R., Jabbour, C. J. C., & Lopes de Sousa Jabbour, A. B. (2020). Sustainable manufacturing and industry 4.0: what we know and what we don’t. Journal of Enterprise Information Management, 34(1), 230–266.

Sheikh, M. A., Malik, M. A., & Masood, R. Z. (2020). Assessing the effects of trade openness on sustainable development: evidence from India. Asian Journal of Sustainability and Social Responsibility, 5(1).

Song, X., Zhou, Y., & Jia, W. (2019). How do Economic Openness and R&D Investment Affect Green Economic Growth?—Evidence from China. Resources, Conservation and Recycling, 146, 405–415.

Su, C. W., Liu, F., Stefea, P., & Umar, M. (2023). Does technology innovation help to achieve carbon neutrality? Economic Analysis and Policy, 78, 1–14.

Sunde, T. (2017). Foreign direct investment, exports and economic growth: ADRL and causality analysis for South Africa. Research in International Business and Finance, 41, 434–444.

Tamazian, A., Chousa, J. P., & Vadlamannati, K. C. (2009). Does higher economic and financial development lead to environmental degradation: Evidence from BRIC countries. Energy Policy, 37(1), 246–253.

Tien, N. H., Ngoc, N. M. & Anh, D. B. H. (2021). Current situation of high-quality human resources in FDI enterprises in Vietnam-solutions to attract and maintain. International Journal of Multidisciplinary Research and Growth Evaluation, 2, 31–38.

Tobey, J. (2001). The Effects of Domestic Environmental Policies on Patterns of World Trade. The Economics of International Trade and the Environment, 205–216.

Ullah, A., Zhao, X., Kamal, M. A., Riaz, A., & Zheng, B. (2020). Exploring asymmetric relationship between Islamic banking development and economic growth in Pakistan: Fresh evidence from a non-linear ARDL approach. International Journal of Finance & Economics, 26(4), 6168–6187. Portico.

UN (2015). Sustainable development goals. United nations department of economic and social affairs, New York, United States.

UNEP (2011). Towards a green economy: Pathways to Sustainable Developement and Poverty Eradication—A Synthesis for Policy Makers.

UNEP (2016). Sustainable Consumption & Production Branch: Resource Efficient and Cleaner Production.

Walter, I. & Ugelow, J. L. (1979). Environmental policies in developing countries. Ambio, 102–109.

Wang, R., Usman, M., Radulescu, M., Cifuentes-Faura, J., & Balsalobre-Lorente, D. (2023). Achieving ecological sustainability through technological innovations, financial development, foreign direct investment, and energy consumption in developing European countries. Gondwana Research, 119, 138–152.

WCED (1987). Report of the World Commission on Environment and Development: Our Common Future, United Nations General Assembly document A/42/427.

World Bank (2012). Inclusive green growth: The pathway to sustainable development, The World Bank.

Xiaoman, W., Majeed, A., Vasbieva, D. G., Yameogo, C. E. W., & Hussain, N. (2021). Natural resources abundance, economic globalization, and carbon emissions: Advancing sustainable development agenda. Sustainable Development, 29(5), 1037–1048. Portico.

Xuan, D., Jiang, X., & Fang, Y. (2023). Can globalization and the green economy hedge natural resources? Functions of population growth and financial development in BRICS countries. Resources Policy, 82, 103414.

Yamarik, S., & Ghosh, S. (2011). Is natural openness or trade policy good for the environment? Environment and Development Economics, 16(6), 657–684.

Yikun, Z., Woon Leong, L., Cong, P. T., Abu-Rumman, A., Al Shraah, A., & Hishan, S. S. (2022). Green growth, governance, and green technology innovation. How effective towards SDGs in G7 countries? Economic Research-Ekonomska Istraživanja, 36(2).

Yu, M. (2018). China’s international trade development and opening-up policy design over the past four decades. China Economic Journal, 11(3), 301–318.

Zakari, A., Li, G., Khan, I., Jindal, A., Tawiah, V., & Alvarado, R. (2022). Are abundant energy resources and Chinese business a solution to environmental prosperity in Africa? Energy Policy, 163, 112829.

Zhao, W.-X., Samour, A., Yi, K., & Al-Faryan, M. A. S. (2023). Do technological innovation, natural resources and stock market development promote environmental sustainability? Novel evidence based on the load capacity factor. Resources Policy, 82, 103397.

Zheng, H., Zhang, L., & Zhao, X. (2022). How does environmental regulation moderate the relationship between foreign direct investment and marine green economy efficiency: An empirical evidence from China’s coastal areas. Ocean & Coastal Management, 219, 106077.



  • There are currently no refbacks.

Copyright (c) 2024 Pham Xuan Bach, Phan The Cong

License URL:

This site is licensed under a Creative Commons Attribution 4.0 International License.