* Corresponding author. E-mail address: nhungdh@gmail.com (H. N. Do) © 2020 by the authors; licensee Growing Science, Canada. doi: 10.5267/j.dsl.2020.4.002 Decision Science Letters 9 (2020) 365–386 Contents lists available at GrowingScience Decision Science Letters homepage: www.GrowingScience.com/dsl The factors affecting green investment for sustainable development Thi Thanh Tu Tran a , Hong Nhung Do b* , Thi Ha Vu b and Nguyen Nguyet Minh Do a a University of Economics and Business, Vietnam National University, Hanoi, Vietnam b National University of Economics, Vietnam C H R O N I C L E A B S T R A C T Article history: Received February 23, 2020 Received in revised format: March 29, 2020 Accepted April 23 2020 Available online April 23, 2020 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. . by the authors; licensee Growing Science, Canada 20 20 © Keywords: Green investment Sustainable development Green capital 1. Introduction Nowadays, post-crisis due to trade-offs between economic development and the environment is clearly shown in many environmental reports, climate change, and sustainable development. Moreover, climate change is becoming increasingly powerful, damaging the overall development of the economy, creating ecological imbalances, and causing unsustainable development. Clearly, finding solutions to climate change, which help governments, organizations, and businesses in achieving the growth goals and reducing the impact on the environment, are urgent for all governments, organizations, and businesses. The selection of green investment by companies is necessary for green growth economies in general and Vietnam green growth strategy in particular. To overcome the losses caused by post- crisis and climate change, besides the role of the financial banking system in restructuring the financial system, restructuring the economy is undeniably essential in businesses. Clearly, when countries must trade off climate change for economic development, businesses are nuclear in promoting green