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Technological Forecasting & Social Change
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journal homepage: www.elsevier.com/locate/techfore
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Green investment, financial development, digitalization and economic
sustainability in Vietnam: Evidence from a quantile-on-quantile regression
and wavelet coherence
Ngo Thai Hung 1
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Faculty of Economics and Law, University of Finance-Marketing, Ho Chi Minh City, Viet Nam
ABSTRACT
JEL classification:
C32
C33
Q43
Q48
This study analyzes how economic sustainability in Vietnam could be promoted by realizing opportunities represented by green investment, digitalization, and financial development. The relationship between digitalization,
green investment, financial development, and sustainable development has yet to be thoroughly investigated. In
addition, no research has been conducted in Vietnam on the relationship between these indicators to the best of
our knowledge. By doing so, we adopt a novel three-stage methodology comprising quantile-on-quantile regression developed by Sim and Zhou (2015), Granger causality in quantiles proposed by Troster (2018), and wavelet
analysis. The findings demonstrate a strong positive effect of digitalization, green investment, and financial development on economic sustainability in Vietnam across most quantiles, indicating that investment in green resources, technology innovation, and financial development supports the country's transition to sustainable development. Overall, the empirical findings show that digitalization, green investment, and financial development
can all play a significant role in significantly increasing the sustainability of Vietnam's current high economic
growth trajectories. The findings could create a roadmap for developing countries to use technology innovation,
green investment, and financial development in productive sectors to accomplish sustainable development goals.
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Keywords:
Digitalization
Financial development
Green investment
Vietnam
Quantile regression
​1. Introduction
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Academics, industry representatives, and policymakers have increased attention to sustainable development. Stable economic growth
and energy efficiency are critical for attaining sustainable development
in the digital era (Hosan et al., 2022). However, fostering sustainable
economic growth and development should not come at the expense of
future generations—that is, economic advancement and environmental
sustainability should go hand in hand (Azam, 2019). Sustainable development has become a must for all economies worldwide (Musah et al.,
2022; Singh et al., 2022). Economic development needs a high quantity
of energy consumption, and the waste gas and wastewater created can
pollute the environment. As a result, governments should opt for environmentally friendly green growth (Song et al., 2019).
There is a considerable gap between current renewable energy investment patterns and sustainable development. More crucially, specific macroeconomic policies that are more environmentally friendly
have been postulated in the literature to help decouple CO2 emissions
from economic growth (Luukkanen et al., 2019), which means that it is
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critical to invest in renewable energy sources. As per Musah et al.
(2022), investments in green projects are vital for economic growth, environmental protection, and resource conservation, all of which can be
furthered by green investments. Although other countries have implemented green investment by aggressively investing in clean energy to
assist in the improvement of their environmental quality, Vietnam is
still behind because only a small amount of its energy comes from renewable sources (Nguyen et al., 2021). According to Shibata (2021),
technology improves the efficiency with which currently available resources are put to use, improvement of environmental sustainability. As
a result, technological advancements investments are an alternative
way for Vietnam to foster economic sustainability without compromising environmental quality. Specifically, technological advancements
are significantly linked to research and development (Zeraibi et al.,
2021; Gao and Zheng, 2017; Sun et al., 2021). Thus, investments in research and development have all of the characteristics necessary to assist Vietnam in becoming a low-carbon economy and achieving its sustainable development goals.
E-mail address: hung.nt@ufm.edu.vn.
Authors' information: PhD in Finance, University of Finance-Marketing, Ho Chi Minh City, Vietnam.
https://doi.org/10.1016/j.techfore.2022.122185
Received 30 May 2022; Received in revised form 4 November 2022; Accepted 12 November 2022
0040-1625/© 20XX
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Mohieldin et al. (2019), Chen et al. (2020), Sharma and Kautish (2020),
Lenka and Sharma (2020), and Mohanty and Bhanumurthy (2019) have
highlighted the importance of financial development in boosting economic sustainability. In developing countries still in the early stages of
economic development, the linkages between outputs and financial development are strengthening. Growing countries with underdeveloped
financial systems, on the other hand, are trapped in a vicious cycle in
which insufficient financial development results in poor economic performance (Wu et al., 2020).
This study is motivated by the aggravating trends in economic development and the poor renewable energy use scenarios in Vietnam.
Against this background, the present study aims to analyze the considerable impacts of digitalization, green investment, and financial development on economic sustainability in Vietnam. Among the major relevant economic sustainability factors, our work explicitly emphasizes
the impact of technology innovations, financial development, and
green investment in the Vietnamese context. These indicators have
been acknowledged in the literature to affect economic development
around the world (Sun et al., 2021; Gao and Zheng, 2017; Indriastuti
and Chariri, 2021; Gao and Zheng, 2017; Ning et al., 2022; Musah et al.,
2022; Mtar and Belazreg, 2021; Chen et al., 2020; Shahbaz et al., 2022).
In addition, with the recent ratification of the Regional Comprehensive
Economic Partnership, Vietnam can be expected to enhance its economic development (Zeraibi et al., 2021). However, given the nation's
previous patterns of green growth, this predicted growth can also be accompanied by digital innovation, financial development, and green investment, allowing for sustainable development in the years ahead.
More importantly, Vietnam has vowed to contribute to the global
achievement of the Paris Agreement's sustainable development goals
agenda. As a result, Vietnam must establish the most appropriate pathways to achieve long-term success. In this regard, the findings of this article are likely to reveal important policy implications that will help
Vietnam attain economic sustainability.
As a result, the current study attempts to answer the question of
whether Vietnam's digital innovation, green investment, and financial
development policies have been successful attempts at enhancing economic growth, resulting in improved economic sustainability. Additionally, it is reasonable to assume that the greater the degree of financial
development, digitization, and green investment, the more economically sustainable Vietnam will be. Both the research questions and the
hypotheses compel us to look into the influences of digitization, financial development, and green investment on economic sustainability in
Vietnam. This country is emerging and growing, reaching increasing
economic growth rates while simultaneously consuming less renewable
energy, putting pressure on environmental degradation (Nguyen et al.,
2021). This demonstrates that policies are aligned in favor of improving
sustainable development through increased economic growth.
This paper contributes to the existing literature in several ways.
Given that Vietnam is making progress toward attaining the objectives
of SDGs 13, demand for conventional energy is dwindling, even though
it is a primary engine of the country's economic growth. On the other
hand, renewable energy options are gaining much traction. As a result,
this work aims to analyze the complexities and asymmetric relationships between financial development, green investment, digitalization,
and economic sustainability in Vietnam from 1995 to 2020. First, to the
best of our knowledge, research into the relationship between these
variables is still limited, particularly in Vietnam. We consider that the
rate of economic growth in this country has continued to rise over time
and that this research area is continuously developing. To put it another
way, as far as we know, no studies on the green investment, financial
development, digitization, and economic sustainability nexus have
been implemented in Vietnam. For this purpose, we adopt a novel
three-stage methodology consisting of Quantile-on-Quantile regression,
Granger causality in quantiles, and Wavelet coherence models to highlight the dependence structure of the examined indicators and measure
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The reason for choosing Vietnam is that as a major producer of industrial goods, Vietnam is a major consumer of energy and an emitter of
carbon. Although the economy of Vietnam is thought to be ICT-savvy, it
is unclear how efficient the ICT revolution that swept the nation has
been at providing financial services to the population and whether it
has helped the country's enhanced economic growth. According to figures from the International Telecommunication Union, Vietnam has
made considerable strides in the adoption of important ICTs, including
the use of mobile phones and the internet. In essence, Vietnam's economy has grown since its economic reforms and admission to the World
Trade Organization in 2006. The concern about increased carbon emissions is palpable with expanding economic development, trade opening
up to the rest of the world, and fast industrialization. Vietnam's expanding environmental challenges pose a threat to long-term growth. Like
the developed world, Vietnam will play an important role in lowering
carbon emissions once it recognizes the requirement for a green financial system and commits to decreasing carbon emissions through green
investment or financing, renewable energy consumption, and technological innovation. The adoption of a green financial system is required
once attention is drawn to the sustainable growth of the economy, society, and financial sector on a global scale and a scientific perspective on
the reality of development (Luukkanen et al., 2019; Musah et al., 2022).
Further, Vietnam has witnessed rapid economic growth, with annual
GDP growth rates of around 6 % since the early 1990s (World Bank,
2021). In Vietnam, energy expenditures have risen faster than income,
particularly for low-income deciles. It is becoming increasingly important to foresee innovation and knowledge economy difficulties in order
to disclose how to strengthen the relationships between technological
and economic sectors through the lens of sustainability (Musah et al.,
2022). Technological, social, and economic processes are intricately
linked to adapting socioeconomic and ecological systems to a complex
and uncertain environment. This research intends to fill that vacuum by
investigating the linkages between the knowledge economy and innovation in Vietnam.
The global economy has seen significant changes as a result of the
rapid evolution of information and digital innovation (Vyshnevskyi et
al., 2020). The growth of networks, the Internet, and the broad adoption of digital solutions have resulted in massive changes in practically
every aspect of life (Aleksandrova et al., 2022; Liu et al., 2022). The
COVID-19 pandemic has been occurring since the beginning of 2020
and has expedited these developments even more (Brodny and Tutak,
2022). Because COVID-19 has accelerated almost all countries' digital
transformation, it will positively impact their capacity for social innovation, which will benefit society as a whole (Nagy and Veresne
Somosi, 2022). In light of Vietnam's situation during the pandemic, digital-based communication networks have played a significantly more
significant part in defining the country's future development since
2019. Vietnam's commerce and economy had begun to transition digitally before the epidemic, as seen by the growth of technology-based
applications and more online trading sites (Raeskyesa and Lukas,
2019). As a result, it is vital to evaluate the impact of digital innovation
on economic development in this nation and several concerns in terms
of potential and challenges that the Vietnamese government should
take into account. Besides, Brodny and Tutak (2022) stated that digital
technologies are rapidly being used in manufacturing and service
processes, and they are quickly becoming associated with modernity
and innovation. Hence, digitalization and the application of the Industry 4.0 concept are increasingly becoming a driver of economic growth
for many firms, governments, and regions around the world. In light of
this, the economic impact of digitalization has piqued the interest of
many researchers in recent years.
Financial markets and financial institutions are both parts of a financial system. Growth is primarily aided by a robust and functional monetary system that utilizes resources to be employed most creatively, driving more effective distribution. Prior studies such as Wu et al. (2020),
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the asymmetry in the correlation structure and discover the lead-lag relationship between the variables, respectively. The proposed frameworks ensure robustness. These approaches also accommodate the
problems of heterogeneity, non-normality, and asymmetry of the variables. Our analysis reveals that digitalization, green investment, and financial development positively impact economic sustainability in Vietnam, which will contribute to the related literature in terms of offering
investment, technology innovation, and financial development policy
implications at the country level.
The article is organized into five sections. Section 2 represents the
literature review. Sections 3 and 4 explain the data and describes the
methodology. Section 5 presents empirical findings and discussion.
Section 7 provides a conclusion and policy implications.
nomic growth, while the second part represents literature on the association between green investment and economic development. The
causal associations between financial progress and economic sustainability were documented in the last section.
​2.1. Digitalization and economic development
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According to the Solow model, the rising standard of life can only be
explained by advances in technology. Recent growth models identify
technical improvement as a critical determinant in economic growth
(Mentsiev et al., 2020). In contrast to the Solow growth model, which
considers technology to be exogenous, a new growth model has arisen
that considers technological advancement to be endogenous. Furthermore, it is said that modern technology rates affect not just expansion
and development of the economy but also results like the average lifespan, democratic levels, health-related consequences, rates of poverty,
and literacy. Many economists and scholars have concentrated on examining the influence of digitalization on the outputs of advanced and
emerging nations as a result of the tremendous global advancement of
technology in the previous three decades (Aleksandrova et al., 2022).
According to the literature on technological innovation, it plays a critical role in fostering economic development in both developed and developing countries. Technological advancements contribute to economic development through meeting demand for digital items, including communication tools, software, and computers, and increasing productivity and investment in hi-tech industries. The relative pricing of
high-tech equipment in rich countries may be falling more quickly than
in underdeveloped countries, as the more hi-tech investment may lead
to learning economies. Developed countries profit more economically
from investment in technological innovation than emerging countries.
In OECD countries, internet use promotes financial development and
trade openness (Habibi and Zabardast, 2020).
Although digitization is a fast-evolving field of national interest—particularly in emerging economies—with both benefits and drawbacks, scientists disagree on the direction of their perspectives (Filipiak
et al., 2020). The appearance of new technology is the first sign of a
shift in economic systems. The evolution of tourism research trends has
revealed that the search for economic development determinants in the
tourism sector has shifted. There is a pressing need to investigate the influence of a variety of factors on economic growth in emerging countries, together with the advent of industrialization and the development
of society, environmental degradation, and macroeconomic determinants that swiftly impact sustainable economic development (Maiti and
Kayal, 2017; Vyshnevskyi et al., 2020).
Habibi and Zabardast (2020) explore the influence of ICT and
education on economic development in the Middle East countries
and the OECD economies. The results imply that information and
communication technology is positively related to economic growth
in both countries. Aleksandrova et al. (2022) use a three-pronged
approach to examine the effect of digitalization on economic development. They find that the macroenvironment and population
preparation for digital transformation does not allow digital technologies to impact economic growth rates significantly. According to
Maiti and Kayal (2017), the services industry and MSME divisions,
two of India's most vibrant and high-potential growth segments, are
both significantly impacted by digitization, because digitization improves MSMEs' performance and helps them overcome financial barriers by providing alternative financing options.
Shibata (2021) argues that digitization can enhance working environments and contribute to more stable growth in Japan because it has
resulted in deskilling, dispersion of labor responsibilities, a digital gap,
labor intensification, and increased workplace surveillance. Brodny
and Tutak (2022) demonstrate an approach introduced to investigate
the degree of digitalization and use of innovative technologies among
EU firms. The authors show how the EU countries differ greatly in
​2. Theoretical background and related literature
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The Sustainable Development Goals of the United Nations (SDGs)
have fully recognized the importance of green investment in achieving
a low-carbon economy (Balsalobre-Lorente and Murshed, 2021). Furthermore, green investment funds access to contemporary and sustainable energy, which dramatically aids in SDG achievement, whereas
SDG encourages spending on initiatives that promote long-term economic prosperity. More importantly, it aids in achieving SDGs by fostering green innovations and sustainable industry (Vyshnevskyi et al.,
2020). SDG pushes for activities that promote sustainable cities and
communities, while SDG calls for investments in activities that support
sustainable production and consumption patterns. The SDGs call for investments in activities that mitigate climate change's effects. It should
be underlined, however, that investments in green energy cannot be
made in Vietnam without a strong financial system. Financial development (FIN) is a crucial determinant influencing energy and the environment, which offers important investment for economic development
and identifies the size of the national economy. More so, the financial
sector also gives considerable funds for innovation, further supporting
new-energy development and technologies for emission reduction. Recently, some scholars have conducted studies to analyze the impact of
financial development on energy and the environment in Vietnam but
have mixed results (Nguyen et al., 2021; Hung et al., 2022). Several
studies concluded that financial development enhances investment activities and economic development, thereby stimulating a rise in energy
usage and carbon dioxide emissions. Hung et al. (2022) reveal that FIN
has a negative influence on CO2 emissions in Vietnam. Anwar and
Nguyen (2011) indicate that financial development has a great contribution to economic development in this country. However, Ali et al.
(2021) report that there is a negative relationship between CO2 emissions and financial development.
One of the mechanisms via which digital technologies affect growth
is how ICT transforms business models for online and electronic trade,
promoting flexibility in banking operations and improved communications, ultimately fostering productivity and GDP (Shibata, 2021). In
Vietnam, a developing country, digitization has significantly cut communication costs since the early 2000s (Habibi and Zabardast, 2020),
benefiting the poor in rural areas with limited access to nearly all critical services. Digitalization has significantly enhanced resource allocation efficiency, dramatically decreased manufacturing costs, and stimulated increased demand and investment considerably across all economic sectors (Filipiak et al., 2020). Most countries have created digitalization strategies and seen them as essential to boosting their core
competitiveness and achieving Sustainable Development Goals due to
the rapid progress of information technology (Aleksandrova et al.,
2022). With digitization affecting practically every element of the economy, the emergence of the new techno-economic paradigm has been a
turning point for the global economy (Maiti and Kayal, 2017).
This section we divide into three parts. The first section reviews related literature on the relationship between digitalization and eco-
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motivating a company's GRE. According to Azam (2019), the use of energy, the accumulation of physical capital, the cultivation of human
capital, and the expansion of financial development all contribute to
economic development. However, environmental degradation slows it
down. Furthermore, energy use, pollution, investment, human capital,
and the expansion and growth of the financial industry all have bidirectional and unidirectional causality. Similarly, GDP and energy use are
positively correlated, with a 1 % rise in renewable energy use resulting
in a 0.193 % reduction in carbon emissions (Mohsin et al., 2021). Recently, Rokhmawati (2021) analyzed the direct effects of GRE, ownership from other countries, and exports on competitiveness and found
that while green investment can reduce GHG emissions, it cannot improve competitiveness in Indonesia. Ning et al. (2022) explore the impact that green bond financing has on the growth of the economy as
well as investment in energy efficiency, finding that green banks invest
both public and private capital in energy efficiency to stimulate economic growth, and bank loans are now the most popular source of finance for energy efficiency projects. In the Chinese context, Zahoor et
al. (2022) discovered that clean energy investment reduces CO2 emissions, and ecological footprint while positively related to economic expansion in China. Shen et al. (2021) investigate the impact of natural
resource rent, GRE, financial development, and energy use on lowering
carbon emissions and meeting the sustainable development goal of a
clean environment. They show that energy consumption and financial
development have a positive influence on CO2 emissions, although
green investment has a negative impact on CO2, whereas national natural resource rent has a positive impact on carbon emissions. Despite
the fact that GRE increased in all provinces from 2002 to 2017, Sheng et
al. (2021) documented GDP, GRE structure, homothetic regional rivalry, and regional allocation all had different regional and temporal effects. Based on the discussion above, we test the following hypothesis:
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terms of digitalization. Boikova et al. (2021) confirm that the most important factors are macroeconomic stability, R&D, digitalization, foreign direct investment, and trade openness, which are the significant
contributions of competitiveness indicators to economic development
in EU countries. Nevertheless, Vyshnevskyi et al. (2020) indicate that
the level of economic digitalization in the EU countries at the current
stage of technological and institutional development has no significant
impact on economic growth. Therefore, we formulate the following
hypothesis:
H1. : Digitalization has a significant role in enhancing sustainability.
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​2.2. Green investment and economic growth
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Green investment (GRE) is defined by Musah et al. (2022) as activity
involving investment focused on projects or businesses that are dedicated to the conservation of natural resources, the generation and enhancement of alternative energy, the protection of air and water, and
other environmentally friendly practices. GRE might also be considered
a socially conscious investment since it prioritizes environmental rules,
social duty, and substantial benefits. As per Porter and Van der Linde
(1995), GRE include all initiatives that improve environmental quality.
This conclusion is in line with Xu et al. (2017), who state that GRE can
help minimize the use of harmful energy sources such as coal and other
fossil fuels. As a result, any expenditure that improves the overall manufacturing process efficiency qualifies as a GRE. Such investments go
beyond energy efficiency and renewable energy to encompass the processing and recycling of trash, the sanitation of water, the control of
pollution from industry, the preservation of biodiversity, and the reduction of climate change. The amount of literature available on the role of
GRE is limited (Shen et al., 2021). Nevertheless, several prior publications are available that highlight the importance of GRE in promoting
green growth, reducing environmental degradation, and achieving sustainable development (Sun et al., 2021; Gao and Zheng, 2017).
Contradictory discoveries have extensively studied the lead-lag
nexus between green investment and GDP. For example, Luukkanen et
al. (2019) look at sustainable development policy through the Sustainability Window and find that water and sanitation issues have been
handled more sustainably than energy and GHG emission issues.
Saunila et al. (2018) investigate what motivates sustainability-related
green innovation investment and utilization, concluding that the higher
a company's value for economics, institutions, and society. Their findings imply that economic and institutional incentives promote green innovation and that such innovation can provide value in terms of social
sustainability. In a similar fashion, for China, the same results can be established. According to Wang et al. (2018), GRE benefits from the presence of a politically connected board chairperson. Furthermore, the association between political connection and green investment is negatively moderated by marketization degrees, which supports an institutional logic approach. During the same decade, Sun et al. (2021) investigated the time-varying and causal connection between green investment, clean energy, economic expansion, and environmental sustainability, concluding that while both clean energy and green investment
are significant pollution mitigants, their emissions-cutting effects differ
depending on emissions quantile (low, middle, and high). Indriastuti
and Chariri (2021) research the relationship between GRE and corporate social responsibility (CSR) investment, demonstrating that GRE
and CSR investment have a positive impact on financial and sustainable
development. At the same time, the impact of financial performance on
long-term performance is negligible.
According to Gao and Zheng (2017), high levels of environmental
concerns from regulators don not always lead to a company's decision
to use green technology. Instead, the level of GRE depends on how market and operational factors work together for a given level of environmental concerns from regulators. The finding also demonstrates that
raising customer environmental awareness is a powerful strategy for
H2. : Green investment is positively associated with sustainability.
​2.3. Financial development and economic growth
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There has been a debate on the finance-growth relationship since
Schumpeter (1911) introduced the concept of the requirement for financial sector expansion for economic growth. Economic success necessitates the expansion of the financial sector. Through technical advancements, it helps with economic prosperity. His idea is that financial
development (FIN) influences GDP by supplying adequate funds to enterprises with the most productive use of capital. Furthermore, Patrick
(1966) established two significant assumptions about the interplay between finance and economic growth, including the supply‑leading and
demand-following hypotheses. He claims that the financial system drives GDP in the early stages of a country's development. By contrast, the
demand for a sophisticated financial sector develops as the country
moves closer to being a developed country. Fetai (2018) discovers a
positive association between FIN indices and economic growth, confirming the hypothesis that FIN drives GDP in transitional European
countries like Russia and Turkey.
The scope, stability, effectiveness of financial institutions, and increased access to such institutions, were outlined by Musah et al.
(2022), Levine (1997), and Arestis and Demetriades (1997), with the
primary purpose of boosting economic sustainability. Bist (2018) examines the long-run nexus between FIN and GDP in 16 low-income African
and non-African nations, finding that FIN has a positive and dramatic
effect on GDP. In the long term, renewable energy consumption and
GDP are driven by FIN, and there is a bidirectional correlation between
renewable energy consumption and GDP in India, according to Eren et
al. (2019). Interestingly, in a different study, Ibrahim and Alagidede
(2018) report that FIN supports GDP in 29 SSA countries from 1980 to
2014.
Asteriou and Spanos (2019) explore the nexus between GDP and FIN
during the financial crisis for 26 European Union countries and docu-
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Technological Forecasting & Social Change xxx (xxxx) 122185
ment that FIN enhanced GDP before the crisis whilst it slowed down the
economy after the crisis. In the same vein, Mtar and Belazreg (2021)
use a panel VAR approach to look at the lead-lag nexus between innovation, FIN, and GDP for 27 OECD nations from 2001 to 2016. The data
shows a one-way causal association between economic expansion and
FIN. The neutrality theory is confirmed in the following ways: from FIN
to GDP, between innovation and GDP, and between FIN and innovation. From 1985–to 2016, Zeraibi et al. (2021) investigated the ecological footprints of Indonesia, Malaysia, the Philippines, Thailand, and
Vietnam as a result of renewable electricity generation capability, technical innovation, FIN, and economic expansion. The authors reveal that
more renewable electricity generation and technological innovation reduce ecological footprints, while more FIN and economic growth increase them. Similarly, according to Malarvizhi et al. (2019), higher
levels of FIN are strongly and remarkably connected with quicker present and future growth, capital accumulation, and efficiency. Gazdar et
al. (2019) conclude that the impact of oil prices on trade volatility on
growth is increased by the expansion of the Islamic finance system,
based on a sample of five GCC nations from 1996 to 2016.
Several empirical studies have concluded that the expansion of businesses within the financial sector contributes favorably to economic expansion (Wu et al., 2020; Mohieldin et al., 2019; Chen et al., 2020;
Belazreg and Mtar, 2020; Sharma and Kautish, 2020; Lenka and
Sharma, 2020; Mohanty and Bhanumurthy, 2019). Mohieldin et al.
(2019) study the interplay between financial sector development and
GDP in Egypt between 1980 and 2016, concluding that there is a substantial correlation between GDP and FIN as measured by the ratio of
money supply to economic growth. Chen et al. (2020) investigate the
asymmetric effects of FIN on Kenyan economic growth. They demonstrate that short-term positive shocks to FIN and long-term negative
shocks to FIN both boost or slow economic growth. Wang et al. (2019)
have the same findings as Mohieldin et al. (2019) and Chen et al.
(2020), who indicate that FIN has a positive effect on regional GDP in
China. Consequently, we develop the following hypothesis:
their themes. In addition, the current study adds to the existing literature in various ways. It will provide academics with a full understanding of the asymmetric relationship between these variables in the case
of top-polluting economies.
​3. Data
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The central purpose of this paper aims to identify the asymmetric influences of digitalization, green investment, and financial development
on Vietnam's economic sustainability. Annual data from 1995 to 2020
is collected because the data on these indicators for this country is only
available until 2020. Vietnam, known as an emerging economy, is experiencing rapid financial development, concentrating on green development and rampant sustainable development too. The indicators employed in this study include digitalization (DI), which is measured using
the principal components analysis (PCA) score based on mobile cellular
subscriptions (per 100 people) and individuals using the internet (% of
the total population). Just like Musah et al. (2022), who measured
green investment by an index, a PCA approach is adopted to calculate a
green investment index (GRE) for the analysis, which distinguishes our
research from previous studies that calculated GRE solely through investments in alternative forms of energy as well as energy conservation.
The GRE was created by combining three indicators: renewable energy
usage, technological innovation, and energy efficiency. To be sustainable, economic growth must be in line with the socioeconomic and environmental objectives which are necessary for development over the
long run. Agriculture, forestry, and fishing; value-added as a percentage
of GDP; trade as a percentage of GDP; inflation in consumer prices (annual%); population growth measured by annual percentage; exports of
goods and services (% of GDP); and final consumption expenditure
(constant 2015 US dollars) were used to create an economic sustainability index, according to Hosan et al. (2022). We analyze these six socioeconomic components for exploring the economic sustainability (SD)
score using the PCA technique to evaluate its effect on economic growth
in Vietnam rather than independently evaluating these six parameters
under socio-economic sustainability. In the analysis, the economic sustainability (SD) indicator is employed to estimate the impact on economic growth. Finally, domestic credit to the private sector, domestic
credit to the private sector by banks, broad money, and broad money
growth were utilized to produce the financial development index (FIN).
Similarly, the FIN index is calculated as a linear combination of the selected factors, just like the GRE, DI, and SD. The eigenvalues of the PCA
estimates on DI, SD, GRE, and FIN are described in Fig. 1.
It is clear from Fig. 1 that all the variables utilized for measuring the
GRE, DI, FIN, and SD have significant eigenvalues, which means the
whole variables are quantified to be employed in calculating the indexes. The World Development Indicators (2021) is used to collect all
variables for the GRE, FIN, DI, and SD constructions. The selection of
the examined series focuses on sustainable economic growth, modern
and sustainable energy access, sustainable cities and societies, sustainable production, consumption patterns, green innovations, and sustainable industrialization (SDGs-13). Table 1 outlines all of the information
on the indicators and their sources in detail.
The consequences of the descriptive statistics of the selected variables are reported in Table 2. It is clear that all analyzed data have positive meaning except for economic sustainability. GRE has the highest
standard deviation, while the rest of the indicators have similar volatility. In addition, the statistical significance of the Jarque-Bera statistic
for the selected indicators confirms that the issue of normal distribution
exists. The results from the pair-wise correlation analysis in Fig. 2 indicate a strong correlation between digitalization, green investment, FIN,
and economic sustainability during the sample period.
H3. : Financial development has a positive impact on sustainability.
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Against this background, past studies have used traditional econometric methodologies such as Causality, VAR, ARDL, NARDL, and OLS
to investigate the impact of green investment, FIN, and digitalization on
economic sustainability in a variety of economies. To our knowledge,
no published study has looked at the effects of green investment, FIN,
and digitalization on economic sustainability in the context of Vietnam
using QQR and Granger causality in quantile frameworks. Our research
is motivated to expand the existing literature by exploring the causal relationships between green investment, FIN, digitalization, and economic sustainability for the proposed dataset 1995–2020 using cuttingedge nonlinear and nonparametric econometric frameworks beyond the
well-known linear benchmarking techniques. In the final section, the
outcomes, as well as their policy consequences, are discussed.
​2.4. Literature gaps
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It is clear that, despite substantial research on the subject of green
investment, there remains a literature shortage in this field. Some studies investigate the effects of green investment and financial development on environmental degradation. Still, research on the impacts of
green investment, financial development, and digitalization on sustainable development is limited. It is worth emphasizing that because Vietnam places a high value on accelerating energy structure adjustment,
developing national innovation potential, and attaining green growth,
there is a need for greater research on these links in order to achieve
sustainability. More importantly, investigating the lead-lag and asymmetric effects of green investment, financial development, and digitalization on economic sustainability can aid in formulating distinct green
development plans. The majority of extant literature, however, ignores
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​Fig. 1. Plot of eigenvalues of the PCA.
​4. Methodology
Symbol
Measurement
Digitalization (PCA score)
DI
Green investment index
GRE
Individual using internet as % of
the total population.
Mobile cellular subscription as %
of the total population
Renewable energy consumption
(Percentage of total final energy)
Technological innovations
(Percentage of GDP)
Energy efficiency (Ratio of energy
consumption to GDP)
Trade as a % of GDP
Agriculture, forestry, and fishing,
value-added as a % of GDP
Population growth as annual %
Inflation, consumer price measured
in annual %
Final consumption expenditure
measured in constant 2010 US $
Exports of goods and services as %
of GDP
Domestic credit to private sector
(percentage of GDP)
Domestic credit to private sector by
banks (percentage of GDP)
Broad money (percentage of GDP)
Broad money growth (annual
percentage)
Economic sustainability
index (PCA score)
FIN
CO
Financial development
index
SD
In this article, we disclose the influence of digitalization, green investment, and financial development on economic sustainability in
Vietnam by incorporating a system of approaches. First, quantile on
quantile regression (QQR) introduced by Sim and Zhou (2015) has been
employed to investigate the influence of the selected variables on economic sustainability in Vietnam. Hung et al. (2022) contend that econometric procedures are critical for generating unbiased outcomes and
suggest that effective and creative econometric methods be used. The
QQR approach has the advantage of combining the principles of quantile regression with nonparametric estimation analysis, which makes it
unique. The QQR can provide a useful insight into empirical findings
compared to those produced from standard quantile regression and the
OLS approach considering the diversity of structural change and economic growth (Abdulmagid Basheer Agila et al., 2022). Second, after
investigating the dynamic correlation structure, it is crucial to take into
account the causal association between the selected indicators across
different quantiles. In doing so, we employ the nonparametric causality
in quantiles proposed by Troster (2018) to explore the causal relationship between the exogenous and endogenous indicators. Unlike other
causality tests, the nonparametric causality test can capture causality at
different quantiles (0.05–0.95) in the examined series in each quantile
of the distribution. Studying and knowing the causality's direction between digitalization, green investment, financial development, and economic sustainability has great value because of its practical and policy
implications. Third, after capturing the causal association, the outcomes can be triangulated based on their co-movement patterns over
the short-, medium-, and long-run, which explore the lead-lag nexus between the interested variables.
To assess if the quantiles of the distribution follow a unit root
process, we apply the quantile autoregression unit root test devised by
Koenker and Xiao (2004). We employ the cointegration test introduced
by Xiao (2009) to test the null hypothesis of constant cointegrating coefficients after the null hypothesis of a unit root is not rejected. Subsequently, QQR is employed to investigate the relationship between the
indicators under consideration. Finally, we utilize a test developed by
Troster (2018) for Granger-causality in quantiles.
Data
source
RR
EC
Variable
TE
D
​ able 1
T
Data description and sources.
WDI
WDI
WDI
WDI
WDI
WDI
WDI
WDI
WDI
WDI
WDI
WDI
WDI
WDI
WDI
​ able 2
T
Descriptive statistics.
Variables
Mean
Minimum
SD
-2.67E-17
−
FIN
1.07E-17
−
DI
9.62E-08
−
GRE
1.92E-07
−
Maximum
Std. Dev
Jarque-Bera
0.537419
0.451696
0.246713
3.387014
⁎
0.428895
0.347065
0.246613
8.383857
⁎⁎
0.608091
0.208314
0.246636
0.435545
0.414948
0.246876
22.33911
⁎⁎⁎
9.563407
⁎⁎
Note: *** Statistical significance at 10 % level.
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​4.1. The quantile-on-quantile approach (QQR)
TE
D
​Fig. 2. Plots of distribution and the pair-wise correlations of the FIN, GRE, DI and SD.
for the primary estimates. The main benefit of this method is that it captures tail dependency in the series by highlighting causal relationships
at different locations of the outcome variable in the vector autoregression (VAR) framework, which is overlooked by the traditional Granger
causality technique. Because linear Granger causality estimates are
based on the median, they may be incorrect because they do not account for causal links that may occur among different quantiles. As a result, this method is more useful than a regular causality test since it has
the ability to detect non-linear causality between the variables of interest. It can also detect non-linear time-varying interaction in general and
is unaffected by large data volumes.
The influence of distinct quantiles of X on different quantiles of Y
was investigated using a nonparametric quantile regression model. The
following is how the model is expressed:
(1)
RR
EC
where Yt denotes the dependent indicator in period t and Xt presents
the independent indicators in time t. θ is the θth quantile on the distribution of X. In addition, εt presents quantile error term, where estimated
θth quantile is equal to zero. β (.) is an unknown parameter we do not
have past information in connection with the connection between Y and
X. Hence, we employ a first-order Taylor expansion of β (.) around a
quantile of X to linearize the function β (.), which can be rewritten as
follows:
θ
θ
​4.3. Wavelet coherence transform
θ
θ
When decomposing our time series in the time-frequency space, we
applied the continuous wavelet transform. The wavelet coherence technique (WTC) is effective at capturing localized dependency in time and
frequency domains through series. The cross-wavelet of two series x(t)
and y(t) can be written as:
θ
(2)
where β ' is the partial derivative of β (Xt).
Besides, as pointed out by Sim and Zhou (2015), Eq. (1) can be
rewritten as:
CO
θ
θ
(4)
where u denotes the position, s is the scale, and * denotes the complex conjugate. The WTC can be calculated as follows:
(3)
Specifically, when performing a nonparametric analysis, bandwidth
selection is significant since it helps to simplify the goal point and shifts
the speed of the outcome. When the bandwidth h is set to a large value,
the variance decreases while the estimate deviation decreases, and vice
versa. As a result, the bandwidth value of h = 0.05 was used in this investigation, as advised by Sim and Zhou (2015).
(5)
where S connotes smoothing process for both time and frequency at
the same time. Rn2(s, τ) is in the range 0 ≤ R2(s, τ) ≤ 1.
​4.2. Granger-causality in quantiles
​5. Empirical results
To evaluate the causal effect of digitization, green investment, and
financial development on economic sustainability, we use the Granger
causality in quantiles introduced by Troster (2018). This method not
only delineates the causal directional relationships between predictor
and outcome variables in quantiles but also serves as a robustness check
Prior to implementing the QQR technique, the quantile unit root test
is used to exclude potentially biased results and provide a more robust
inference to examine the stationarity qualities of the indicators in question (Çıtak et al., 2021). The results of the quantile unit root test are de7
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tween digitalization and economic development over the middle to
high quantiles of both indicators. The results uncover that increasing
digitalization is raising the economic development in Vietnam. The
fact that a modern digital economy is founded on digital technology
has been recognized in many countries for many years (Brodny and
Tutak, 2022). For many years, it has been advocated that businesses
grow through implementing and utilizing current technologies and solutions, including those based on the Internet. However, in Vietnam,
the processes linked to this do not move simultaneously. These findings support the prior studies of Mentsiev et al. (2020), Zabardast
(2020), Shibata (2021), and Vyshnevskyi et al. (2020).
In the pair of GRE-SD, we find some interesting outcomes. In general, green investment was positively linked with economic sustainability over the sample period. The positive association between both indicators is substantial at the quantiles of SD (0.3–0.95) and all quantiles
of GRE (0.05–0.95). Nevertheless, a negative nexus exists between
lower quantiles of SD (0.05–0.3) and lower to higher quantiles of GRE.
Green investment has an overall positive impact on economic sustainability, which is crucial in the middle to higher quantiles of SD and middle to high quantiles of GRE. These outcomes suggest that increasing
green investment has a more significant impact on sustainable development in Vietnam than previously thought. Furthermore, there has been
an overall trend toward this influence over the years. The findings of
Vietnam are in line with prior studies by Saunila et al. (2018), Wang et
al. (2018), Indriastuti and Chariri (2021), Zahoor et al. (2022), and
Sheng et al. (2021), who report that a higher level of green investment
results in more economic growth.
Fig. 3c documents the influence of FIN on economic development.
The slope coefficient of this impact is positive across all quantiles of SD
(0.1–0.95) for all the quantiles of FIN. Nevertheless, the influence of
FIN becomes negatively weak with a decline in the degree of steepness
of the slope parameters for lower quantiles of FIN across all scattering
of SD. Generally, FIN has a positive impact on SD, suggesting that a
high level of FIN creates economic growth at higher rates compared
with a lower level of FIN. Our results support the past studies that have
also uncovered the considerable influence of FIN on economic growth
(Asteriou and Spanos, 2019; Zeraibi et al., 2021; Malarvizhi et al.,
2019; Gazdar et al., 2019; Wu et al., 2020; Mohieldin et al., 2019; Chen
et al., 2020; Belazreg and Mtar, 2020; Sharma and Kautish, 2020;
Lenka and Sharma, 2020).
RR
EC
TE
D
PR
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picted in Table 3. We employ 19 sub-quantiles spanning from 0.05 to
0.95. The critical values are compared with the estimated t-statistics
value to determine the existence of the quantile unit root. If the critical
value is greater than the estimated t-statistics value, we cannot reject
the null hypothesis of α(τ) = 1 at the 5 % significance level for each
quantile. The outcomes of the quantile unit root test confirm that all selected indicators are not stationary at different quantiles at the 5 % significance level.
Next, we employ the quantile cointegration test developed by Xiao
(2009) to scrutinize the existence of cointegration between the examined indicators, and Table 4 reports these findings. The coefficients of β
and γ suggest supremum norm values, and critical values are referred to
as CV1, CV2, and CV10 at the significance levels of 1 %, 5 % and 10 %,
respectively. The findings of quantile cointegration highlight that the
supremum norm values, the β and γ coefficients are greater than all critical values at 1 % significance level, which uncovers the existence of
the cointegration between the interested indicators. Put differently,
these outcomes show the persistence of a non-linear long-term association between digitalization, financial development, green investment,
and economic sustainability in Vietnam.
In this section, we empirically look into the asymmetric interplay
between digitalization, FIN, green investment, and economic sustainability using data from 1995 to 2020 in Vietnam. Figs. 3a, 3b, and 3c
demonstrate the coefficients of slope β1(σ, τ), suggesting the τthinfluence of the selected indicators on the σthquantile of economic sustainability. The pairwise graphs provide several exciting results. More
specifically, we find an overall positive effect of digitalization, FIN, and
green investment on economic sustainability in Vietnam, which suggests that the three independent variables will always be a significant
determinant for achieving economic development in Vietnam under
different economic conditions. In each pair, a marked variation in the
slope coefficient is observed across the various quantiles of the selected
indicators and sustainable development, which reveals that the interlinkages between the two indicators are asymmetric across the quantiles.
Fig. 3a shows the impact of different digitalization quantiles on divergent economic sustainability quantiles. The quantile estimation
outcomes indicate a negative interaction between DI and SD at lower
quantiles of digitalization and economic sustainability. The association
between both indicators is consistent over the middle quantile of economic sustainability. In addition, there is a strong positive nexus be​ able 3
T
Quantile autoregression unit root analysis.
τ
SD
DI
t-Statistic
2.9703
3.4100
−3.4100
−3.4100
−3.4100
−3.4100
−3.4100
−3.4100
−3.4100
−3.4100
−3.4100
−3.4100
−3.4100
−3.4100
−3.4100
−3.4100
−3.4100
−3.4100
−3.4100
−
−
2.1332
1.9796
−1.8994
−2.2619
−2.5277
−1.9404
−2.3941
−1.8059
−1.5686
−1.2435
−1.6834
−1.2357
−0.7027
−0.3687
−0.4865
−0.3314
−0.4173
−0.5621
0.0953
−
CO
0.05
0.10
0.15
0.20
0.25
0.30
0.35
0.40
0.45
0.50
0.55
0.60
0.65
0.70
0.75
0.80
0.85
0.90
0.95
2.3307
2.6440
−2.6725
−2.8022
−2.7818
−2.8819
−2.8928
−2.8813
−2.9409
−2.8587
−2.9174
−3.0146
−2.7693
−2.6453
−2.7679
−2.7524
−2.8114
−2.4345
−2.3100
−
−
FIN
t-Statistic
GRE
t-Statistic
1.2605
0.7773
0.4442
−0.4657
−0.6370
−1.9562
−2.5364
−3.6844
−4.8474
−4.5375
−4.7186
−4.7505
−4.9966
−5.8560
−3.5778
−4.0705
−1.8867
−1.7301
6.1876
2.9883
3.3149
−3.3888
−3.4100
−3.4100
−3.4100
−3.4100
−3.4100
−3.4100
−3.4100
−3.4100
−3.4100
−3.4100
−3.4100
−3.4100
−3.4100
−3.3267
−3.1364
−2.7107
−
−
−
Notes: The table shows point estimates and t-statistics values for the 5 % significance level.
8
2.6146
0.7400
−0.7174
−0.9553
−1.6960
0.3337
0.3312
0.0773
0.0553
0.3017
0.4416
0.4409
0.3100
0.7660
−0.2022
−0.5257
−0.3547
−0.3110
0.6206
−
t-Statistic
2.6948
2.9955
−3.4100
−3.4100
−3.4100
−3.4100
−3.4100
−3.4100
−3.4100
−3.4100
−3.4100
−3.4100
−3.4100
−3.4100
−3.4100
−3.4100
−3.1644
−2.9282
−2.5589
−
−
1.8162
1.7245
−0.9221
−1.5204
−1.3399
−1.3022
−0.8443
−0.7988
−0.3424
0.2120
−0.2649
−0.3605
−0.1843
−0.0307
−0.1984
0.0511
0.2285
0.1651
−0.2142
−
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N.T. Hung
​5.1. Validity analysis of the QQR model
β
γ
SD-FIN
β
γ
SD-GRE
β
γ
Supτ | Vn(τ) |
CV1
CV5
CV10
12.862501
16.935524
32.272028
43.7171
115.264821
87.803768
12.735687
11.953369
28.474953
26.213665
101.60819
80.379791
9.9308376
8.7044334
16.271631
15.667746
44.720299
49.251408
8.4763126
7.5350122
11.855581
11.779469
33.398689
37.110924
The QQR technique has been utilized in the present article to shed
light on the impact of the quantile of the selected indicators on economic sustainability in Vietnam. As a result, this model is more comprehensive in exploring the asymmetric influence of DI, GRE, and FIN on
economic development across different quantiles of τ and θ. Nevertheless, average values of the slope coefficients of the QQR should be approximately similar to those of conventional quantile regression to validate the findings of the QQR model in the above results. The comparative evaluation of QQR with the standard quantile regression is demonstrated in Fig. 4, which validates the above results and follows the same
trends. The plots of the three pairs show that the average values of QQR
coefficients are nearly parallel to the average values of QR coefficients
and move in lockstep. These empirical results back up our previous
findings using the Granger causality and QQR techniques.
F
Coefficient
SD-DI
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Technological Forecasting & Social Change xxx (xxxx) 122185
​ able 4
T
Quantile cointegration test.
Model
Preview
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Note: This table presents the results of the quantile cointegration test of Xiao
(2009) for the logarithm of the selected variables and economic sustainability.
We test the stability of the coefficients β and γ in the quantile cointegration
model, and CV1, CV5, and CV10 are the critical values of statistical significance
at 1 %, 5 %, and 10 %, respectively.
We now use the Granger causality test in different quantiles proposed by Troster (2018) to examine the bidirectional relationship between digitalization, green investment, financial development, and sustainable development in Vietnam from 1995 to 2020. Table 5 summarizes the p-value for the log difference between digitalization, green investment, financial development, and sustainable development index
series. The results uncover divergences in their significance. In Table 5,
we observe that digitalization, green investment, and financial development on economic sustainability are heterogeneous, indicating that
they do not uniformly impact economic development. Strong Granger
causality is found for the top, median, and bottom quantiles. In other
words, the outcomes from the quantile-based Granger causality approach illustrate that digitalization, green investment, financial development, and economic sustainability follow a bidirectional relationship
in most of the quantiles of the interested indicators. These findings remain unchanged in the quantile-on-quantile regression model. As a result, greater variations (either positive or negative) in digitalization,
green investment, or financial development cause changes in economic
sustainability in Vietnam.
​5.2. Further analysis
CO
RR
EC
TE
D
PR
This subsection further examines the time-frequency co-movement
and causal relationship between digitalization, green investment, financial development, and economic sustainability. By doing so, we use the
wavelet coherence approach (WTC) to systematically understand the
time-frequency co-movements for the causal impact of DI, FIN, and
GRE on sustainable development in Vietnam. Fig. 5 represents the
wavelet coherence findings. In the case of SD-DI, we find that from
2010 to 2020, the arrows are rightward-up, suggesting the positive relationship between digitalization and sustainable development in the
high and medium frequencies. However, between 2000 and 2005, there
was a negative nexus between the two indicators. Overall, digitalization has a positive effect on economic sustainability across different
time and frequency scales. Therefore, this infers an increase in the level
of digitalization accompanied by economic growth in this country. Put
differently, DI causes SD, which signifies that digitalization can foretell
changes in economic development. Similarly, Fig. 5 demonstrates the
WTC between SD and FIN between 1995 and 2020 in Vietnam. The majority of the arrows are also rightward-up, indicating a strong nexus at
various frequencies from 2000 to 2005 and from 2010 to 2020. As a re-
​Fig. 3a. The impact of digitalization on economic sustainability.
9
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RR
EC
TE
D
​Fig. 3b. The impact of green investment on economic sustainability.
​Fig. 3c. The impact of financial development on economic sustainability.
tors. In other words, we use the transfer entropy technique developed
by Shannon (1948) to analyze the causal nexus between FIN, GRE, DI,
and SD, which estimate the information flows with regard to the direction of an indicator with respect to time (Huynh, 2020; Hung, 2021).
Several recent studies have employed the model (Huynh et al., 2020;
Huynh, 2020; Hung, 2021). The findings are reported in Table 6. Interestingly, financial development, digitalization, and green investment
have a significant impact on economic sustainability in Vietnam. More
importantly, information flows run from FIN to SD and from SD to GRE,
while there is a bidirectional relationship between digitalization and
economic sustainability in this country. These findings support the sustainability hypothesis and validate the results of the general QQR and
wavelet coherence approaches.
CO
sult, positive evidence was found in the relationship between FIN and
SD. In addition, FIN causes SD over the sample period, which means
that FIN can reasonably forecast economic sustainability. In a similar
fashion, the WTC between SD and GRE is documented in Fig. 5. From
2005 to 2010, the majority of the arrows are leftward-up, suggesting a
negative nexus at high and medium frequencies. Nevertheless, in the
periods 1995–2000 and 2012–2018, the arrows are rightward-up, illustrating a positive connection between these variables across different
frequencies, and GRE can be a predictor of SD. Overall, it is evident that
digitalization, green investment, and financial development indicators
are significant predictors of economic development in Vietnam. Our results, in the short, medium, and long run, are in line with those of
Habibi and Zabardast (2020) and Boikova et al. (2021), who investigate
the relationship between technology innovation and economic growth.
​6. Discussion
​5.3. Robustness check
The digital transformation of the economy is a transition from the
Third to the Fourth Industrial Revolution in the modern sense. The term
“digitalization” encompasses more than just the use of a computer in
The robustness check is conducted by utilizing the transfer entropy
model, which captures the causal interplay between economic indica10
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N.T. Hung
more, fixed-line internet deployment appears to play a significant role
as a key infrastructure that influences practically all sectors of the Vietnamese economy, not just communication. This could show how individuals use technology differently based on a country's degree of development (Habibi and Zabardast, 2020). As a result, in order for the leaders in Vietnam to design a successful digitalization plan, three factors
should be considered: the rate of economic growth, the status of digital
life, and environmental resilience. By doing so, digitalization has become a catalyst for economic development in Vietnam.
This study found that green investment has a positive impact on economic sustainability. “Green investment” is a form of financing for environmentally friendly projects, with the ultimate goal of the collective
being to create a green economy. Green investing entails picking initiatives that enhance the foundations for long-term development, lowering the danger of environmental degradation. Sustainable development
necessitates efficient management of nonrenewable resources to extend
their useful lives and protection of renewable resources from polluters
and other negative human actors. Companies appear to be responding
to customer pressure through investment, and green investment has
also been viewed as a strategic need for businesses that provide a wonderful opportunity to meet client expectations while avoiding environmental degradation. Furthermore, the outcomes support the findings of
Musah et al. (2022), Saunila et al. (2018), Gao and Zheng (2017),
Mohsin et al. (2021), Ning et al. (2022), Zahoor et al. (2022), and Sheng
et al. (2021), indicating that in green investment, economic sustainability can be emphasized through businesses' economic productivity–competitiveness, environmental stewardship, and socioeconomic
processes, with a focus on human capital development, job creation,
and the advancement of health and safety concerns.
In addition, the findings show that FIN has a positive impact on economic sustainability. Therefore, we can confirm that FIN in Vietnam
contributes to economic growth. The findings of this study are consistent with those of most previous studies (Fetai, 2018; Eren et al., 2019;
Ibrahim and Alagidede, 2018; Asteriou and Spanos, 2019; Mtar and
Belazreg, 2021; Wu et al., 2020; Mohieldin et al., 2019; Chen et al.,
2020; Belazreg and Mtar, 2020; Sharma and Kautish, 2020; Lenka and
Sharma, 2020). This outcome is in line with monetary theory, which
states that the money supply promotes economic growth. Put differ-
DI
DI
→
SD
→
FIN
FIN
→
SD
→
GRE
→
SD
⁎⁎
0.0285
⁎⁎
0.0142
⁎⁎
0.0714
⁎
0.0142
⁎⁎
0.0714
⁎
0.0714
⁎
0.15
0.0142
⁎⁎
0.0142
⁎⁎
0.0142
⁎⁎
0.0142
⁎⁎
0.0428
⁎⁎
0.0142
⁎⁎
0.20
0.0142
⁎⁎
0.0142
⁎⁎
0.0142
⁎⁎
0.0142
⁎⁎
0.0142
⁎⁎
0.0142
⁎⁎
0.25
0.0142
⁎⁎
0.0142
⁎⁎
0.0142
⁎⁎
0.0142
⁎⁎
0.0142
⁎⁎
0.0142
⁎⁎
0.30
0.0142
⁎⁎
0.0142
⁎⁎
0.0142
⁎⁎
0.0142
⁎⁎
0.0142
⁎⁎
0.35
0.0142
⁎⁎
0.1142
⁎⁎
0.0142
⁎⁎
0.1142
⁎⁎
0.0571
⁎⁎
0.1142
0.40
0.0142
⁎⁎
0.1142
⁎⁎
0.0142
⁎⁎
0.1142
⁎⁎
0.0142
⁎⁎
0.1142
0.45
0.0428
⁎⁎
0.5857
0.4142
0.5857
0.0285
⁎⁎
0.5857
0.50
0.0142
⁎⁎
0.4571
0.1
0.4571
0.3
0.55
0.0142
⁎⁎
1
0.0142
⁎⁎
1
0.4285
0.60
0.0142
⁎⁎
0.1
0.0285
⁎⁎
0.1
0.0142
0.65
0.0142
⁎⁎
0.1285
0.0142
⁎⁎
0.1285
0.07142
0.70
0.0142
⁎⁎
0.0142
⁎⁎
0.0142
⁎⁎
0.0142
⁎⁎
0.0142
⁎⁎
0.0142
⁎⁎
0.75
0.0142
⁎⁎
0.0142
⁎⁎
0.0142
⁎⁎
0.0142
⁎⁎
0.0142
⁎⁎
0.0142
⁎⁎
0.80
0.0142
⁎⁎
0.0142
⁎⁎
0.0142
⁎⁎
0.0142
⁎⁎
0.0142
⁎⁎
0.0142
⁎⁎
0.85
0.0142
⁎⁎
0.0142
⁎⁎
0.0142
⁎⁎
0.0142
⁎⁎
0.0142
⁎⁎
0.0142
⁎⁎
0.90
0.0142
⁎⁎
0.0142
⁎⁎
0.1
0.0142
⁎⁎
0.1
0.4571
0.0714
⁎
0.4571
0.7428
0.2428
0.6
0.1714
0.4571
1
⁎⁎
⁎⁎
0.1
0.1285
PR
0.4571
1
GRE
0.0142
0.1
0.2428
SD
0.10
0.3714
0.2428
SD
F
→
OO
SD
0.05
0.95
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Technological Forecasting & Social Change xxx (xxxx) 122185
​ able 5
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Granger causality in quantile test results.
Quantiles
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Notes: *, ** presents the significant level of null hypothesis rejected at 10 %,
and 5 %, respectively.
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everyday life or the simple automation of ordinary tasks. It is a brandnew way of doing business. The move to a new level of doing business
and altering the economy requires the development of ICT infrastructure, increased internet access, and increased educational attainment,
all of which lead to economic growth (Habibi and Zabardast, 2020;
Maiti and Kayal, 2017; Boikova et al., 2021; Vyshnevskyi et al., 2020).
The contribution of digitalization to economic growth was observed
to be positive, according to the findings of the study. Digitalization procedures lead to the opening of borders and the development of company transparency and transparency principles. The readiness of enterprises and the general public to accept new technology is a significant
factor influencing the efficiency of digitalization processes. Further-
​Fig. 4. Validity evaluation graphs of QR and QQR.
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Technological Forecasting & Social Change xxx (xxxx) 122185
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N.T. Hung
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​Fig. 5. Wavele coherence effect of analyzed regressors on economic sustainability.
​ able 6
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Transfer entropy estimation.
SD
→
FIN
SD
→
GRE
SD
→
DI
Estimator
Causal association
Estimator
0.0010
(0.0059)
FIN
0.0102
(0.0027)
0.0620
(0.0057)
GRE
0.0365
(0.0039)
DI
RR
EC
Causal association
⁎
⁎⁎
→
SD
→
→
SD
mentation pathways for achieving SDG targets and how green investment, digitization, and financial development can be used as catalysts
in the process. The primary conclusions that emerged can be described
as follows.
The key outcomes shed light on the asymmetric influence of digitalization, green investment, and financial development on economic sustainability. More importantly, the findings evidence a strong positive
effect of digitalization, green investment, and financial development on
economic sustainability in Vietnam across most of the quantiles and frequencies, which indicates that investment in green resources, technology innovation, and financial development supports the country's transition to sustainable development. Lastly, we employ Granger causality
in quantiles, and their results show that in all quantiles, economic sustainability can be predicted by digitalization, green investment, and financial development. Overall, the empirical findings show that digitalization, green investment, and financial development can all play a significant role in significantly increasing the sustainability of Vietnam's
current high economic growth trajectories. The findings could be utilized to create a roadmap for developing countries to use technology innovation, green investment, and financial development in productive
sectors to accomplish sustainable development goals.
The following set of policies is recommended based on our empirical
findings to help address the challenge of reaching the SDGs. Firstly,
there is a positive influence of digitalization on economic sustainability.
Importantly, the outcomes indicate a bi-directional causal nexus between DI and SD, which implies that the Vietnamese economy should
concentrate more on enhancing digitalization in all productive sectors
to keep the growth of the economy going. Vietnam needs to improve its
digital infrastructure and introduce new technology. Businesses in Vietnam should make it a top priority to create innovative organizational
practices in order to make it easier for their companies to incorporate
⁎
0.0008
(0.6800)
SD
0.0521
(0.0185)
⁎⁎⁎
The null hypothesis is no information flow. Standard errors are represented in
parentheses. The statistical significance is based on the bootstrapped Markov
chain of transfer estimates with 300 bootstrap replications. , , present the
significance at the 10 %, 5 % and 1 % level, respectively.
⁎
⁎⁎ ⁎⁎⁎
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ently, this means that there is no impact on economic growth, which, in
turn, has no impact on financial development and innovation.
​7. Conclusion and policy recommendations
This study analyzes the impact of digitalization, green investment,
and financial development on economic sustainability in Vietnam using
a dataset spanning from 1995 to 2020. We employ nonparametric approaches such as quantile-on-quantile regression developed by Sim and
Zhou (2015), Granger causality in different quantiles proposed by
Troster (2018) and wavelet analysis to unravel the impact of various
quantiles of digitalization, green investment, and financial development on different quantiles of economic sustainability. Our main contribution is to combine three lines of research to look at the relationship
between all three factors at the same time, all in the context of one of
the most important emerging economies. More so, our findings contribute to the literature in terms of policymaking by highlighting imple12
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N.T. Hung
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Technological Forecasting & Social Change xxx (xxxx) 122185
innovative digital technology. The workforce has to be educated in digital skills in order to have a chance at the occupations of the future.
Bridging the digital divide should be prioritized because digital inclusion drives economic development and growth.
Secondly, green investment is positively and remarkably related to
economic sustainability. In this regard, the government should encourage more investment in green projects as well as the use of clean energy
so that more positive outcomes are possible in the future. This means
that increasing or decreasing green investment has an impact on financial sustainability performance. “Green investment” refers to volunteer
initiatives undertaken by businesses in order to achieve social and ethical objectives. Based on these outcomes, this paper argues that renewable energy, energy efficiency, agricultural growth, the insurance market, and SMEs' productivity are financially viable but confront inadequate supply and demand constraints. Policymakers should unleash
these investment opportunities. They are also advised to promote green
finance strategies for the financial sector in order to achieve broader
sustainable development goals.
Thirdly, the findings suggest that FIN is connected positively to economic sustainability, which implies that the level of FIN and economic
growth are mutually influenced and that an increase in FIN will result
in a rise in economic development and vice versa. These outcomes suggest that FIN and economic growth are endogenous processes. As a result, in order to encourage financial development, the Vietnamese government would continue to engage in financial integration, reduce government meddling in financial systems, and elevate the stature of financial institutions, among other things. Furthermore, the government
must maintain high economic growth in order to increase demand for
financial services, which will eventually lead to financial development
in Vietnam.
In summary, these empirical findings suggest that, in order to boost
growth and development, Vietnam's policymakers should formulate
policies that favor the provision of energy and international investment
and improve the health sector through increased investment, developing the financial sector, and limiting uncontrolled pollution in the environment. To promote long-term economic development, the Vietnamese government should maintain checks and balances on the actions of multinational corporations in other nations in order to address
environmental degradation issues and enhance long-term economic development.
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Funding
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The author received no financial support for the research, authorship and/or publication of this article.
CRediT authorship contribution statement
NTH conceived of the study, carried out drafting the manuscript.
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Declaration of competing interest
The author declares no competing interests.
Data availability
Please contact author for data and program codes requests.
Acknowledgements
The author is grateful to the anonymous referees of the journal for
their extremely useful suggestions to improve the quality of the article.
Usual disclaimers apply.
This research is funded by University of Finance-Marketing, Ho Chi
Minh City, Vietnam.
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Ngo Thai Hung, He graduated PhD in Finance at Corvinus University of Budapest, Hungary. Currently, he works as a lecturer in Finance at University of Finance-Marketing, Ho
Chi Minh, Vietnam, where he delivers different finance and economic-related courses. His
interest research is primarily concentrated on the market integration and the non-linear
dynamics of financial prices. He also concerns about macroeconomics, economic and sustainable development. He has published many research papers in refereed journals.
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