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Abstract：
As potent financial instruments channeling capital into climate and environmental projects, green bonds\' issuance is frustrated by myriad obstacles. Therefore, this study aims to explore the critical barriers to green bond issuance in Vietnam. This study elucidates the salient barriers by utilizing an integrated multi-criteria decision-making methodology synthesizing the Fuzzy set theory-based Delphi, Decision-Making Trial and Evaluation Laboratory (DEMATEL), and DEMATEL-based Analytic Network Process (DANP). An extensive literature review of green bonds delineates five key dimensions related to impediments: Policy, Market, Financial, Capacity, and Awareness, with 38 discrete indicators representing potential obstacles. Firstly, employing a Fuzzy Delphi survey of 16 experts, 32 indicators are distilled for further analysis. Then, Fuzzy DEMATEL modeling evaluates the interrelationships and interactions among barriers. Finally, DANP is applied to obtain the relative importance of key barriers. Results unveil the five most formidable barriers as a weak regulatory framework and infrastructure (PO1), Limited availability of green bond issuance guidelines and templates (PO2), Insufficient incentives or tax benefits for green bond issuers (PO3), Limited coordination and alignment with international green bond standards (PO5), Lack of investor confidence in the quality and credibility of green projects (AW4), and Capacity constraints among issuers, particularly in smaller organisations or government agencies (CA1). The research contributes to the broader literature on green finance and offers valuable insights for promoting sustainable finance practices in Vietnam and other developing economies.
摘要：
作为将资本引导到气候和环境项目的有效金融工具，绿色债券的发行受到无数障碍的阻碍。因此,本研究旨在探讨越南绿色债券发行的关键障碍。本研究通过利用综合基于模糊集理论的Delphi的综合多准则决策方法来阐明突出的障碍，决策试验与评估实验室(DEMATEL)和基于DEMATEL的分析网络过程(DANP)。对绿色债券的广泛文献综述描绘了与障碍相关的五个关键维度：政策，市场,Financial,容量,和意识，有38个离散指标代表潜在障碍。首先,采用对16名专家的模糊德尔菲调查，提取32个指标用于进一步分析。然后，模糊DEMATEL建模评估障碍之间的相互关系和相互作用。最后,DANP用于获得关键障碍的相对重要性。结果揭示了作为薄弱的监管框架和基础设施(PO1)的五个最强大的障碍，绿色债券发行指南和模板(PO2)的可用性有限，绿色债券发行人(PO3)的激励措施或税收优惠不足，与国际绿色债券标准(PO5)的协调和一致性有限，投资者对绿色项目的质量和信誉缺乏信心（AW4），和发行人之间的能力限制，特别是在较小的组织或政府机构（CA1）。该研究为更广泛的绿色金融文献做出了贡献，并为促进越南和其他发展中经济体的可持续金融实践提供了宝贵的见解。
