ABSTRACT: This study analyzes the role of Environmental, Social, and Governance (ESG) factors in promoting the development of carbon markets, while clarifying the relationship between ESG and technological innovation in the context of Vietnam. Amid increasing global emphasis on sustainable development and greenhouse gas emission reduction targets, ESG is considered a crucial tool for enhancing corporate transparency, accountability, and operational efficiency. The study employs a qualitative approach, including literature review, analysis of previous studies, and comparison of international experiences in several developing countries such as Brazil, India, and Indonesia. Based on this, the research evaluates the current implementation of ESG and the development of carbon markets in Vietnam, particularly in high-emission industries. The findings indicate that ESG plays a foundational role in improving information transparency, reducing information asymmetry, and supporting the development of carbon markets. At the same time, technological innovation is identified as a key factor in translating ESG commitments into actual emission reduction outcomes. The study proposes several policy implications to improve the legal framework, promote innovation, and foster the development of carbon markets in Vietnam.
Nguyễn et al. (2026) studied this question.