Analyzing the influencing factors of green credit cards towards consumers in vietnam Analyzing the influencing factors of green credit cards towards consumers in vietnam
INTRODUCTION
Background of the study
At COP26 in Glasgow, Vietnam, alongside nearly 150 nations, committed to achieving net-zero emissions by 2050, highlighting a significant response to pollution-induced environmental changes The country also joined over 100 nations in pledging to reduce global methane emissions by 2030 compared to 2010 levels Additionally, Vietnam signed the Glasgow Leaders’ Declaration on Forests and Land Use with 141 other countries and was among nearly 50 nations that endorsed the COP26 Coal to Clean Power Transition Statement.
Vietnam's economy has experienced significant growth, with a projected GDP increase of 5.05% and a per capita income rise to $4,284 in 2023, leading to a heightened demand for financial services, particularly credit cards This economic expansion has sparked interest across various sectors, including finance, in sustainable development goals (SDGs) To address environmental pollution and align with global commitments, Vietnam is focusing on implementing green finance policies Additionally, the government is promoting green growth initiatives to combat climate change and support sustainable socio-economic development, as highlighted by the Prime Minister's "National Strategy on Green Growth for 2011."
2020 Period with a Vision to 2050" and the"Development Strategy for the Vietnam Banking Industry to 2025" on 8 August 2018 (Ngọc, 2023)
Despite global economic growth, sustainable development remains a significant challenge Various initiatives have emerged to foster sustainable finance and eco-friendly practices in developed nations For example, Barclays Bank in the UK has introduced green credit cards that offer lower interest rates for purchases of environmentally friendly products, supporting a low-carbon economy and energy efficiency Similarly, Sweden's DConomy and Mastercard have collaborated to create the DO Card, aimed at helping customers offset their carbon footprints.
South Korea's Global Citizen Challenge (GCC) initiatives aim to encourage sustainable lifestyles and promote responsible consumption behaviors Essentially, GCCs focus on fostering consumer behavioral changes that lead to the adoption of more environmentally friendly products.
Transitioning to a green lifestyle can often be seen as inconvenient and costly, especially for those accustomed to modern conveniences Despite the importance of this issue, it has not garnered sufficient attention, highlighting the need for further research and practical solutions to encourage sustainable living and address environmental challenges in Vietnam.
Research objective
This research aims to investigate the factors that affect individuals' intentions to adopt green credit cards (GCC) To achieve this goal, it is crucial to address and analyze specific questions related to these influences.
Scope of the study
As Vietnam's financial market expands and competition heightens, exploring the development of green credit cards (GCC) has become essential This research aims to assess the potential impact and viability of GCC in the evolving business landscape.
The study "Analyzing the Influencing Factors of Green Credit Cards Towards Consumers in Vietnam" addresses the pressing climate and environmental pollution issues in the country, highlighting the necessity for effective strategies to promote a greener environment This research provides essential insights into consumer behavior, awareness, and the critical elements needed to support the shift towards a sustainable and eco-friendly payment system in Vietnam.
Significance of the study
This research significantly enhances the understanding of Green Credit Cards (GCCs) by extending the Theory of Planned Behavior (TPB) It offers both theoretical insights and practical implications, contributing to the expanding body of knowledge in this area.
The Theory of Planned Behavior (TPB) has been revised to enhance the understanding of sustainable consumption behavior by incorporating constructs such as environmental concern and environmental knowledge, which better reflect consumer attitudes towards intentions to engage in green consumer choices (GCCs) This research adds to the existing literature on the intention-behavior gap in sustainable consumption, as identified by Sheeran (2002) Additionally, the study explores how sources of perceived behavioral control and subjective norms can either facilitate or obstruct the conversion of pro-environmental attitudes into actual pro-environmental behaviors.
This research highlights the importance of understanding consumer behavior to effectively promote green finance and sustainable development in Vietnam By identifying key drivers of consumer attitudes towards green financial products, universities and policymakers can create targeted marketing campaigns and educational programs that align with Vietnam's sustainability goals The study aims to establish a robust green finance ecosystem, offering theoretical insights that pave the way for practical guidance in adopting green consumer choices, ultimately contributing to a more sustainable future.
LITERATURE REVIEW
Related Theory
The concept of Green Consumer Credit (GCC) in Vietnam remains relatively unclear due to its novelty, leading to a scarcity of scientific research on the topic While consumer sentiments regarding GCC have been evaluated in studies conducted in Korea, the factors influencing these sentiments may not be applicable to the Vietnamese context, particularly since Korea introduced green credit cards in 2011 under different policies than those in Vietnam This study aims to identify the primary drivers of GCC in Vietnam, addressing the existing research gap.
The first chapter outlines the study's objective and significance, focusing on the intention to utilize green credit cards To achieve this aim, the research necessitates an appropriate theoretical framework to direct the data collection and analysis process.
Scottish psychologist Ajzen developed the Theory of Planned Behavior (TPB), building on the earlier Theory of Reasoned Action (Ajzen & Fishbein, 2000) This theory highlights the connection between beliefs and behavior, emphasizing that intentions are the key predictors of an individual's actions Ajzen identifies three critical components that influence behavioral intentions: the individual's attitude toward the behavior, the subjective norms surrounding it, and their perceived behavioral control.
Environmental concern and knowledge, aside from familiarity with GCC, have not been thoroughly examined as influential factors in shaping GCC users' intentions and behaviors Customers who prioritize environmental values are more likely to effectively use and adopt GCC Furthermore, increasing sustainability awareness can significantly enhance consumer knowledge, leading to better engagement with eco-friendly practices.
This study enhances the understanding of sustainability concepts that can promote sustainable development, as highlighted by Maichum et al (2016) Utilizing the Theory of Planned Behavior (TPB) model, it incorporates two additional factors—Environmental Concern (EC) and Environmental Knowledge (EK)—to analyze the behaviors of consumers who engage with green products and services, as discussed by Nguyễn et al (2022).
2.1.2.2 Extended Theory of Planned Behavior
Green credit card services serve as a key intermediary linking service evaluations to GCC loyalty, where lower evaluations of green credit card services correlate with stronger positive or negative effects on GCC loyalty.
Taneja and Ali (2021) investigated the factors influencing customer intention toward environmentally sustainable banking services in India, finding that environmental awareness significantly predicts perceived environmental outcomes, trust, and behavioral intention Furthermore, both trust and environmental awareness strongly shape customer attitudes The study underscores potential avenues for future research in this motivational area and provides valuable theoretical and managerial insights.
Figure 1: A research model for determinants of customers’ intentions toward environmentally sustainable banking
A study by Lan & Anh (2023) examined the acceptance of green banking services among individual consumers in Hanoi City, Vietnam, utilizing exploratory factor analysis (EFA) and multiple regression analysis Grounded in the Technology Acceptance Model (TAM) and the Theory of Planned Behavior (TPB), the research identified independent variables such as perceived usefulness (PCE), perceived ease of use (PEU), social community influence (COL), attitude towards green banking services (AGB), environmental concern (PEC), and trust in banking (TIB) The dependent variable, green banking service acceptance behavior (IU), was significantly influenced by the environmental concern (PEC) factor, highlighting its crucial role in the adoption of green banking among consumers in Hanoi City.
In Hanoi, factors such as Perceived Consumer Effectiveness (PCE), Customer Online Learning (COL), and Attitude towards Green Banking (AGB) significantly encourage consumers to adopt green banking practices Notably, Customer Online Learning (COL) plays a crucial role in enhancing this adoption behavior To promote green banking effectively, it is essential to present the concept in a straightforward manner, ensuring that it is easy for customers to comprehend.
Figure 2: A research model for factors influencing individual customers' acceptance of green banking services in Hanoi City
This study utilized the extended Theory of Planned Behavior (TPB) model, as developed by Maichum et al (2016), to examine the purchase intentions of Thai consumers regarding green products.
(2016) The extended model grows on the original TPB model, and includes
This study identifies 16 key variables that influence the motivation for green purchasing behavior among Thai consumers aged 18 and older, all of whom possess at least a secondary school education This demographic was selected to ensure that participants have the cognitive abilities and environmental awareness necessary to comprehend relevant issues and make informed purchasing decisions.
Research indicates that environmental concern significantly influences consumer attitudes toward green products, aligning with previous studies Additionally, this concern impacts consumers' perceived behavioral control, affecting their confidence in making eco-friendly purchasing decisions Consumers who are more environmentally conscious often feel more empowered in their buying choices and exhibit increased confidence in their ability to identify and purchase sustainable products.
A strong correlation exists between environmental concern and consumers' intentions to purchase green products, indicating that when sustainability is prioritized, consumers are more likely to opt for eco-friendly options over traditional ones However, the study reveals that environmental concern does not directly impact subjective norms, suggesting that while individuals may feel personally driven to buy green products, they do not perceive social pressure influencing their purchasing decisions.
The study reveals that awareness of environmental issues does not directly influence the intention to buy green products; instead, it impacts purchasing behavior indirectly through attitudes, subjective norms, and perceived behavioral control As consumers gain more knowledge about environmental problems, they develop more positive attitudes toward green products, feel a greater sense of personal control over their purchasing decisions, and may even alter their subjective norms.
Figure 3: A research model investigating the purchase intention of Green
Literature review
Commercial bank credit cards permit cardholders to make transactions up to a predetermined credit limit set by the issuer These cards allow users to access the bank's funds for purchasing goods and services within that limit When cardholders utilize their credit, they must repay the borrowed amount within a specified timeframe, along with any applicable interest or fees.
Credit cards serve as a convenient alternative to cash for transactions and can positively impact a cardholder's credit score when used responsibly A strong credit score is crucial for securing loans at favorable interest rates, which is essential for significant future investments such as purchasing a home, acquiring a vehicle, or starting a business (Huyền, 2021).
Credit cards enhance the buying experience by allowing customers to spread out their spending over time and easily monitor transactions They offer unmatched convenience for transferring money quickly between users, making cash increasingly obsolete in today's society The preference for cashless payment options stems from factors like convenience, speed, and ease of use Additionally, the security of credit cards is paramount, as users can carry a card instead of cash, while also enjoying various benefits that come with credit card usage.
Now, here are all the reasons I prefer credit cards to debit cards these days The first point refers to the government's push for domestic credit cards (Government,
As of August 2023, Vietnam has issued only 800,000 credit cards, highlighting the country's low adoption rate compared to its population This underscores the need for increased research and development in domestic credit card offerings, which could have a more significant impact on the market than debit cards Ultimately, credit cards provide substantial benefits to individuals, making their expansion in Vietnam essential.
The GCC credit card, based in South Korea, operates on a unique points system known as green points, which users can accumulate through eco-friendly purchases and sustainable living choices By using the GCC card for transactions related to green products, customers earn reward points that can be redeemed for cash, discounts, or donated to eco-friendly NGOs based on their spending Users can also gain green points by saving on utility bills, utilizing public transportation, or purchasing environmentally friendly products.
The Gulf Cooperation Councils (GCCs) are actively promoting eco-innovation and environmental protection while facilitating the transition to a low-carbon economy They have established a marketplace for low-carbon products and services, incentivizing users with Eco-money points for making sustainable purchases and engaging in energy-saving activities.
In 2016, a study highlighted that consumers engaging in eco-friendly behaviors, such as purchasing bicycle insurance or opting for low-carbon vehicles, benefit from reduced insurance rates and favorable personal loan terms This trend underscores the growing incentive for individuals to choose environmentally friendly products and services.
GCC holders enjoy benefits such as improved access to public facilities, including parks and transportation Various governments have established GCC programs aimed at encouraging sustainable living by offering financial incentives for eco-friendly choices For instance, South Korea launched its GCC initiative in July 2011, amassing 18.48 million subscribers by 2018 This program allows participants to earn points that can be redeemed for low-carbon products, public transport, and conservation of water, energy, and gas.
This study defines GCC based on South Korean standards due to the notable similarities between South Korea and Vietnam in terms of environmental challenges Both nations are grappling with significant environmental degradation, as South Korea's rapid industrialization and urbanization have led to severe ecological damage, a situation mirrored by alarming pollution levels in Vietnam.
Second, both governments are moving aggressively toward green growth The Prime Minister implements "National Strategy on Green Growth for the period
From 2011 to 2020, Vietnam has focused on building a green economy, supported by various government decrees related to green bonds, credit, and stocks Similarly, South Korea has significantly advanced green growth through three strategic plans: the first (2009–2013) laid the groundwork for green initiatives, the second (2014–2018) aimed at creating a low-carbon economy and resilient living environment, and the third (2019–2023) seeks to establish a "Comprehensive Green Nation." Additionally, there has been a notable increase in the demand for green products, as highlighted in recent reports on green consumption.
20 products in the country is expected to grow 15% annually over the period from
From 2021 to 2023, Nielsen reported that 60% of consumers trust eco-friendly products to deliver on their promises, while 55% are willing to adjust their consumption habits for a more sustainable lifestyle In comparison, South Korea has been adopting a green lifestyle since earlier, with a study revealing that the total value of green purchases in the country reached $2 billion in 2013, highlighting a significant demand for environmentally friendly products.
2018, Korea had a total of 15,542 products offered by 3,650 companies, which are estimated to reduce CO2 by 3.1 million tons (Hương&Yến, 2018)
Pagiaslis & Krontalis (2014) highlight that "Environmental Concern" significantly influences green consumer behavior regarding biofuels This concern shapes beliefs that affect environmental knowledge, attitudes towards biofuels, and intentions for production and consumption While there is a strong correlation between environmental concern and eco-friendly actions, knowledge about specific renewable energy solutions like biofuels remains low, particularly among consumers who are aware of environmental threats but lack detailed understanding Demographic factors also impact these behaviors, with women generally showing more concern than men, and older generations being more environmentally conscious yet less familiar with specific solutions Additionally, socioeconomic factors such as income and education further influence these attitudes and behaviors.
Understanding sustainability can enhance positive attitudes towards eco-friendly products when individuals are environmentally conscious; however, they require additional support to translate concern into action Targeted education and effective communication from policymakers and marketers are essential to ensure that these concerns lead to informed, sustainable choices Furthermore, well-planned strategies utilizing fear-based or efficacy-focused messaging could amplify environmental awareness and promote green behaviors.
The study underscores a weak connection between environmental concern and specific knowledge, revealing a gap in existing literature and emphasizing the necessity for further research Future investigations should explore cross-cultural perspectives, incorporate additional moderators such as personal values, and examine the impact of fear appeals on behavior change Ultimately, the research highlights the importance of fostering environmental concern while addressing the barriers that hinder effective responses.
Examining Shaping Factors of Green Consumer Behavior Pagiaslis & Krontalis,
The 2014 article examines how environmental awareness, knowledge, and beliefs influence green consumer behavior The authors conclude that a consumer's understanding of environmental issues significantly shapes their attitudes and actions towards sustainable practices Key elements, such as awareness of environmental challenges, the benefits of green products, and the negative impacts of unsustainable consumption, are identified as foundational to pro-environmental behavior Additionally, the study demonstrates that increased environmental knowledge fosters positive attitudes towards green products and encourages sustainable consumption habits.
Research design
The individual's attitude is a key predictor of consumer behavioral intentions, influencing their likelihood to adopt and invest in green products (Ajjzen & Fishbein, 2000) Positive attitudes towards eco-friendly products significantly drive consumers' intentions to engage with and purchase these items Given that GCC is environmentally conscious, we propose that this positive perception enhances the adoption of green products.
H1: Attitude towards using green credit card has a positive effect on behavioral intentions for GCC
Social norms, also known as subjective norms, influence our decisions by creating social pressures that encourage or discourage certain behaviors In Vietnam, these norms play a significant role in shaping attitudes towards environmental protection Research indicates that environmental behavior is often viewed through a moral lens, highlighting the strong impact of subjective norms on intentions to consume green products and services (Onwezen et al., 2014; Xu et al., 2022; Zukin & Maguire, 2004).
H2: Subjective norms have a positive effect on GCC behavioral intentions
Perceived behavioral control is an individual’s perception of the ease or difficulty of performing a particular behavior (Ajzen, 1991)
Perceived behavioral control has a positive influence on GCC's behavioral intentions
Green knowledge significantly enhances consumers' positive attitudes towards green credit card services Increased awareness of renewable practices influences consumers' purchasing and usage behaviors regarding green products As a result, heightened green awareness among customers can lead to more favorable consumption behaviors towards eco-friendly products and services (Kim & Son, 2021; Ali et al., 2015).
H4: Environmental perception has a positive impact on attitudes toward green credit card
Individuals' actions are influenced by their acquired knowledge, leading those who are environmentally literate to engage in eco-friendly behaviors and activities.
H5: Enhanced environmental knowledge positively influences subjective norms by increasing an individual's perception of social expectations to engage in pro- environmental behaviors
Raising awareness of social norms related to pro-environmental behavior enhances environmental literacy, which in turn strengthens subjective norms As individuals gain a deeper understanding of environmental complexities, they begin to perceive these issues in moral terms Environmental education clarifies the impact of our actions on nature and highlights the societal values surrounding environmental stewardship Consequently, individuals with high environmental knowledge are more likely to adopt social norms related to environmental protection as their own, aligning their behaviors with communal expectations This internalization process, fueled by a better understanding of environmental issues, directs individuals towards actions that reflect societal norms regarding environmental behavior Furthermore, education and access to reliable environmental information are crucial for fostering a society that is not only aware of environmental challenges but also motivated to act in accordance with strong social norms.
Environmental knowledge enhances perceived behavioral control, significantly impacting consumers' intentions to buy eco-friendly products As individuals become more aware of environmental issues, their likelihood of purchasing sustainable items increases (Lee et al., 2012).
H7: There is a positive effect of environmental awareness on behavior intention towards GCC
Environmental concern refers to an individual's awareness of and active participation in addressing environmental issues (Wu & Chen, 2014) This awareness significantly influences consumers' perceptions of green products, shaping their purchasing decisions and commitment to sustainable practices.
& services has a positive correlation with their environmental concern
H8: There is a positive effect of environmental concerns on attitude towards green credit card services
One well-known and prominent factor in green product and service marketing is environmental sensitivity
H9: Environmental concern positively influences subjective norms by enhancing the salience and perceived importance of pro-environmental social expectations
Environmental concern significantly enhances awareness of social norms and their importance in promoting eco-friendly behavior When individuals are genuinely concerned about the environment, they become more attuned to societal expectations that advocate for conservation and protection This heightened sensitivity, fueled by environmental concern, not only fosters a personal sense of responsibility but also encourages adherence to socially approved actions that benefit the environment People with strong environmental concerns are more receptive to pro-environmental messages from their communities and peers, leading to a deeper internalization of these social norms Consequently, cultivating an attitude of environmental stewardship in individuals is essential for reinforcing the subjective norms that support environmental protection, ultimately increasing community willingness to engage in environmentally friendly actions.
H10: Concern for the environment positively influences perceived behavioural control
Environmental concerns significantly shape consumer decisions, leading to a growing preference for eco-friendly products and services This shift not only benefits the planet but also reflects a heightened awareness among customers regarding environmental issues (Salimi, 2019; Mostafa, 2009).
Environmental concern significantly impacts the behavioral intentions of consumers in the GCC region Research by Maichum et al (2016) and Taneja and Ali (2021) supports this theory by examining the motivations driving these intentions Additionally, Stern's work further emphasizes the relationship between environmental awareness and consumer behavior.
Recent research indicates that the extended model of planned behavior is highly effective in understanding customer behavior towards green credit cards (GCCs) in Vietnam's emerging environmental psychology sector This model highlights key factors influencing consumer attitudes, including perceptions of green credit card services, social norms, and the perceived ability to engage with these offerings.
The methodology utilized quantitative methods and questionnaires to gather raw data from research participants This strategy streamlined the access to and collection of information, effectively reducing the likelihood of data duplication The survey specifically targeted individuals who were both studying and working.
Hanoi, Vietnam, with its dense population and significant multimedia influence, has made financial services more accessible An online survey was conducted using a four-part questionnaire that gathered demographic information, assessed awareness of green financing, evaluated understanding of green credit cards (GCC), and explored the potential for developing green credit cards in Vietnam The survey was distributed via Google Forms to reach the targeted participants effectively.
METHODS
Data collection
Sample size requirements vary be the method of analysis used According to Hair
Jr et al (2014), the first one is 10 times rule from minimum sample size in PLS- SEM approach
To ensure robust statistical analysis, the minimum sample size should be at least ten times the maximum number of observed variables in the scale structure In this case, the demographic variable has the highest number of observed variables, totaling five Therefore, a sample size of at least 50 participants is necessary for accurate results.
The second rule specifies that the sample size should be 10 times the number of impact paths that deliver the highest incoming paths for the scale structure However, in this model, each scale structure has only one incoming path, indicating that the minimum required sample size would be 10.
The first rule mandates a minimum sample size of 50, while the second rule requires only 43 Therefore, to ensure the model's validity and reliability, the first rule's sample size of 50 is chosen.
The study's sample size of 172 exceeds the minimum requirements, enhancing the reliability of factor analysis for product samples A larger sample size fosters a stronger sense of community and leads to more accurate research findings.
3.1.2 Data collection methods - Investigation through questionnaires
Translation: This is a paraphrased and elaborated version of your passage
The research team conducted a survey using questionnaires to enable a quantitative analysis of responses, focusing on individuals' understanding, behaviors, and attitudes towards GCC, as well as exploring its development potential The questionnaire was systematically designed through a five-step process to ensure consistency and reliability in the data collected.
The first stage entailed the research team identifying a questionnaire framework, tilting between the interpretive or inductive approach, as outlined by Spector
(1992) Following a literature review, the researchers settled on the interpretive approach, since they could use pre-existing theoretical models and frameworks from past studies on the relevant research topic
In the second step, we focused on developing questionnaire items and selecting an appropriate scale format This process was informed by insights from previous research, enabling us to design a questionnaire that effectively addresses the key variables relevant to our inquiry.
The research team assessed a sample of each questionnaire item for accuracy, relevance, and clarity To enhance the questionnaire's validity, additional expert feedback was solicited, leading to modifications such as confirmations, removals, or additions of specific items These adjustments significantly improved the quality and reliability of the instrument.
The fourth section focuses on the reliability and validity of the questionnaire, utilizing Cronbach’s alpha to evaluate internal consistency A preliminary survey involving 30 participants was conducted to assess the validity of 27 questionnaire items through factor analysis, following Spector's (1992) guidelines.
The final step involved a thorough revision process to address any lingering concerns in the questionnaire Once finalized, data was gathered through a comprehensive online survey, serving as the foundation for subsequent analysis This systematic approach ensured that the questionnaire adhered to established methods while effectively extracting significant findings from the study.
I am very concerned about the state of the world’s environment
I am willing to reduce my consumption to help protect the environment
I care about the environment every time I make a purchase
I often use green products with the desire to protect the environment
I prefer to check the eco-labels and certifications on green products before purchase
I want to have a deeper insight into the inputs, processes, and impacts of products before the purchase
I would prefer to gain substantial information on green products before purchase
It is a good idea to adopt GCCs AT1 (Ajzen,
It is desirable to adopt GCCs AT2
I like the idea of adopting GCCs AT3
People who influence my behavior think that I should adopt GCCs
People who are important to me think that I should adopt GCCs
Promotions by banks can affect my usage of GCCs SN3
Using GCCs is completely up to me PB1 (Ajzen,
I have all the necessary resources to adopt GCCs PB2
I am confident that if I want to, I can adopt GCCs easily PB3
I will consider switching from normal CC to GCC for ecological reasons
(Maichum et al., 2016; Taneja & Ali, 2021)
I intend to use GCC because of its positive environmental contribution
I predict I will adopt and use GCC in the future BI3
I intend to adopt and use GCC in the future BI4
I would patronize and recommend the use of GCC to others
The questionnaire was structured based on the Theory of Planned Behavior (TPB) established by Ajzen in 1985, with measurement scales customized to align with the current research context and objectives.
The research model incorporates six key measurement constructs: Environmental Concern (EC), Environmental Knowledge (EK), and Attitude (AT), which are based on the works of Ajzen (1980, 1985) and Ajzen & Fishbein (2000) Additionally, Subjective Norms (SN) are evaluated using frameworks from Ajzen (1985), Chan & Lau (2001), and Venkatesh & Davis (2000, 2003) Data for Perceived Behavioral Control (PB) were also adapted from these established sources.
Ajzen (1985), Chen & Chang (2012), Yadav & Pathak (2017) Finally, BI was incorporated as a dependent variable in the model
The study assessed behavioral intention (BI) using five items (BI1–BI5) based on the framework by Chiu & Wang (2008) Independent variables included Environmental Concern (EC), measured with four items (EC1–EC4), and Environmental Knowledge (EK), assessed through three items (EK1–EK3) Additionally, attitude was evaluated using three items (AT1–AT3), while Subjective Norms (SN) and Perceived Behavioral Control (PB) were each measured with three items (SN1–SN3 and PB1–PB3).
Participants' responses were assessed using a structured questionnaire, employing a 5-point Likert scale to gauge their level of agreement or disagreement with specific statements This scale ranged from 1 to 5, where 1 indicated strong disagreement.
The study utilized a scale ranging from "Completely disagree" to "Completely agree" to accurately define and capture the constructs being investigated This approach ensured that the collected data effectively addressed the research questions posed in the study.
3.1.3 Data processing and analysis methods
The initial phase of the data analysis process involves conducting a frequency analysis of demographic data, which allows researchers to evaluate the overall characteristics of the study sample A frequency statistics table illustrates the distribution and percentage of key demographic variables, including sex, age group, income level, marital status, and education This crucial step validates the sample by identifying any significant biases toward specific groups and ensuring that the sample size is adequate, thus preventing data cell errors.
Data validation
After the official data collection process, the authors checked and cleaned the data using Excel software version 2016 The coding of demographic variables and 5- point - Likert scale coding was performed
RESULTS
Descriptive Statistics
The statistics of sample are presented in Table 1 based on age, gender, income, marital status, and educational level Overall sample = 172 respondents
Age: Subjects are split into the following age groups: under 18 years old (2.3%), 18–29 years old (79.7%), 30–39 years old (7.6%), 40–49 years old (5.8%), 50–59 years old (3.5%), and 60 years old (1.2%)
Income: Income levels are in the following categories: Below 5 million VND (41.9%), 5–10 million VND (19.8%), 10–20 million VND (17.4%), 20–50 million VND (13.4%), above 50 million VND (7.6%)
Marital Status: 70.3% are single, 29.7% are married
Educational Level: Most respondents hold a college/university degree (55.2%), followed by postgraduate education (42.4%) and high school education (2.3%)
Testing the measurement model
Table 3: Factor loading value of the scale
AT BI EC EK PB SN
The outer loading factor index is crucial for evaluating the reliability of measurement scales within a research model Items with an outer loading below 0.4 should be removed, as they lack a meaningful connection to the latent construct Conversely, items exceeding an outer loading of 0.7 should remain in the model For values between 0.4 and 0.7, the decision to retain or remove them should be based on whether it enhances the composite reliability coefficient or the average variance extracted (Bagozzi et al., 1991; Hair et al., 2011).
The results of the KMO and Bartlett’s tests confirm the reliability of the measurement scales, as indicated by individual observed variable loadings exceeding 0.7 This demonstrates that the scales are both reliable and valid, justifying their retention in the research model for effectively measuring the latent variables.
Table 4: Composite reliability coefficient value and Cronbach's alpha value
The study evaluates the internal consistency reliability of measurement scales using Composite Reliability and Cronbach’s Alpha Hair et al (2017) indicate that values of 0.7 or higher demonstrate adequate reliability As shown in Table 3, all factors in the research model meet this criterion, with Cronbach’s Alpha values ranging from 0.834 to 0.921 and composite reliability values from 0.900 to 0.941, indicating that the scales exhibit high stability and reliability.
Table 5: Average extracted variance value
The Average Variance Extracted (AVE) values for all constructs in the research model exceed the 0.5 threshold, ranging from 0.750 to 0.792, confirming adherence to convergent validity criteria as outlined by Hair et al (2017) This indicates that the measured variables exhibit a strong correlation with their corresponding latent constructs Additionally, the high factor loadings suggest that the measurement scales effectively capture the variance of the latent variables, ensuring that each set of observed variables accurately reflects its relevant latent construct.
44 the claims that the measurement model is accurately configured and that the constructs have substantial, significant relationships with their indicator variables
AT BI EC EK PB SN
The HTMT ratio, as outlined by Henseler et al (2014), indicates discriminant validity when it is below 0.9, signifying that the measured factors are distinct and not correlated A ratio of 0.9 or higher suggests significant overlap among constructs, making differentiation ineffective The findings presented in Table 4.6 clearly demonstrate the discriminant validity of the variables in this study, confirming that the factors are genuinely different and exhibit no excessive correlation.
AT BI EC EK PB SN
The model demonstrates an absence of multicollinearity, as indicated by VIF values below 5 (Hair et al., 2017) Table 6 illustrates the VIF results for all factors, including AT, BI, and EC.
According to the recommendations of Hair et al (2017), all variables, including EK, PB, and SN, meet the upper limit criteria for Variance Inflation Factor (VIF) For example, the VIF for AT is recorded at 1.563.
The values for EC and EK range from 1.271 to 1.586, while the VIF for PB and SN are 1.356 and 1.275, respectively Low VIF values indicate that the explanatory variables in the model are relatively independent, contributing to the overall stability of the model.
Source: Authors proposed R² is an indicator of how much variation the model can predict, where the closer to
The R² value, which indicates the goodness of fit for a model, varies based on the research context and model complexity, with commonly accepted thresholds being 0.75 for substantial, 0.50 for moderate, and 0.25 for weak relationships In consumer research, an R² of 0.20 is viewed as high In this study, the R² values for the constructs of Attitude (AT), Behavioral Intention (BI), Perceived Behavior (PB), and Subjective Norm (SN) are reported as 0.279, 0.582, 0.167, and 0.213, respectively.
AT BI EC EK PB SN
To evaluate dependent variables, R² values are analyzed, while the impact of an independent variable on the dependent variable is determined by the change in R² when the independent variable is removed from the model Cohen's f² values are categorized as small (0.02), medium (0.15), and large (0.35), with f² values below 0.02 indicating no effect of the independent variable on the dependent variable The results presented in Table 4.8 illustrate these findings.
AT: Medium impact on BI, f² = 0.135
EC: Has small effect on AT (f² = 0.046), BI (f² = 0.033), PB (f² = 0.031) and SN (f²
EK: A large effect on AT (f² = 0.175), and a medium effect size on BI (f² = 0.077) and a small effect size on PB (f² = 0.081) and SN (f² = 0.048)
PB: Small effect on BI (f² = 0.057)
Does f² = 0.099 mean medium effect on BI
Researchers commonly utilize the p-value to assess significance levels, indicating the likelihood of an error when rejecting a hypothesis In marketing research, a p-value threshold of 5% is frequently applied, while exploratory studies may adopt a higher threshold of 10% (Hair et al., 2017).
The results in Table 9 assess the relationships in the research model based on the p- value at a 5% significance level
● Specifically, AT -> BI has an impact coefficient of 0.297 and a p-value of
0.000, confirming that attitudes toward using GCC positively and significantly influence behavioral intention to use GCC This indicates that when consumers have a more positive attitude, their behavioral intentions become stronger
The findings indicate that environmental concern significantly influences attitude (p = 0.019), subjective norms (p = 0.000), and perceived behavioral control (p = 0.044) However, the relationship between environmental concern and behavioral intention is not statistically significant (p = 0.124), suggesting that environmental concern does not directly lead to behavioral intention.
48 concern has indirect effects through other factors, it does not directly influence behavioral intention to use GCC
● The EK factor (environmental knowledge) has a significant impact within the model The relationship EK -> AT has the strongest impact coefficient
(0.401, p = 0.000), demonstrating that environmental knowledge plays a crucial role in shaping positive attitudes toward using GCC Additionally,
Environmental knowledge significantly impacts behavioral intention, perceived behavioral control, and subjective norms, with p-values of 0.026, 0.005, and 0.025 respectively This highlights the importance of environmental knowledge in fostering positive behaviors towards climate change.
Statistical analysis reveals significant relationships between perceived behavioral control (PB) and behavioral intention (BI) (p = 0.004), as well as between subjective norms (SN) and BI (p = 0.004) This indicates that a stronger sense of control and positive influence from others enhance consumers' intentions to engage with GCC.
The findings presented in Table 9 indicate that the majority of relationships in the model meet theoretical expectations, with the exception of the EC -> BI relationship, which lacks statistical significance This highlights the importance of knowledge and attitude in promoting the intention to utilize GCC.
DISCUSSION AND CONCLUSION
Discussion
Our study reveals that attitude (AT), subjective norms (SN), and perceived behavioral control are key predictors of consumers' intentions to adopt green credit cards in Vietnam Notably, environmental knowledge significantly enhances AT, aligning with Pagiaslis & Krontalis (2014), who highlight its role in fostering positive attitudes towards green products However, contrasting findings from Lan & Anh (2023) suggest that while environmental knowledge is important, it alone may not fully support a green financial attitude They expand the framework by incorporating perceived ease of use, perceived usefulness, and trust in banking from Davis's Technology Acceptance Model (1989), indicating that additional factors like technological convenience and institutional trust are crucial for driving consumer adoption of green banking services.
Environmental concern does not significantly influence behavioral intention, as indicated by the statistically insignificant path between environmental concern (EC) and behavioral intention (BI) at p = 0.124, which contradicts Salimi's findings.
In 2019, environmental consciousness (EC) emerged as a significant predictor of green consumer behavior, particularly among the Vietnamese, who show a strong concern for environmental issues However, challenges such as financial constraints, distrust in green financial products, and a lack of awareness about sustainable banking options hinder their pro-environmental actions This highlights the necessity for structural support, including improved product availability, accessibility, and affordability, to effectively translate intrinsic motivation into tangible behavioral changes.
Perceived behavioral control significantly influences the intention to adopt green consumer cards (GCCs), as highlighted by Chen & Chang (2012), who found that consumers' confidence in their purchasing decisions directly impacts their willingness to buy green products If consumers view GCCs as difficult to obtain or use due to high costs, inadequate rewards, or complex application processes, their intention to adopt these cards diminishes Therefore, it is essential to eliminate barriers to GCC adoption by simplifying procedures, offering financial incentives, and enhancing consumer awareness.
These findings enhance the ongoing discussion in sustainable finance by highlighting the interplay of cognitive, normative, and control-based factors in shaping green financial behavior The research builds on earlier theories that concentrated solely on attitudes or social influences, demonstrating the necessity of a multi-dimensional approach While knowledge and attitudes serve as foundational elements, additional external factors such as financial accessibility, technological convenience, and trust are crucial for facilitating the process of behavioral change.
Implication
This study identifies key factors influencing consumer adoption of green consumer choices (GCCs), offering valuable insights for government policymakers, financial institutions, marketers, and environmental organizations.
5.2.1 Improving Awareness and Education for Consumers
Research highlights the substantial impact of environmental knowledge (EK) on attitudes (AT) and behavioral intentions (BI), indicating that consumer awareness is crucial for the adoption of green consumer choices (GCC) However, simply having this knowledge is insufficient; effective behavioral interventions are essential Public awareness campaigns should emphasize the benefits of GCCs, including lower interest rates, exclusive eco-friendly rewards, and their contribution to reducing individual carbon footprints.
According to (2021), knowledge-driven campaigns are more effective to influence consumer decision if they include interactive elements (for example) gamification or reward/encourage sustainable behavior
5.2.2 Using Social Influence to Reinforce Subjective Norms
Social norms (SN) play a crucial role in the adoption of green consumer choices (GCC), highlighting the importance of leveraging social influence and peer endorsements Collaborating with influencers, environmental activists, and corporate leaders can help normalize GCC usage Research by Venkatesh & Davis (2000; 2003) supports this approach, showing that subjective norms significantly affect the adoption of new financial technologies perceived as socially beneficial Additionally, promoting GCCs within corporate sustainability initiatives and incentivizing their inclusion in payroll systems can further drive their widespread acceptance.
5.2.3 Addressing Barriers to Perceived Behavioral Control
To enhance consumer beliefs regarding the adoption of Green Credit Cards (GCCs), it is crucial to address the barriers that hinder their acceptance Many consumers perceive drawbacks such as higher fees, limited availability, and unclear benefits, which can overshadow the potential advantages of switching to GCCs Therefore, banks must take these concerns into account to encourage wider adoption.
To enhance customer engagement, consider providing attractive financial incentives like reduced annual fees or cashback on eco-friendly purchases Simplifying the application process through digital onboarding and pre-approval can improve user experience Additionally, partnering with retail chains to offer exclusive discounts in categories such as groceries and pharmacies can further drive customer loyalty.
However, by overcoming these psychological and structural barriers, financial institutions can improve consumer confidence as well as perceived ease of use to drive greater GCC adoption
Limitation
This study contributes to our understanding of consumer behavior towards GCCs, but has several limitations to address in future research:
The study's focus on Vietnam may restrict the global applicability of its findings regarding consumer behavior towards green finance, which is significantly shaped by cultural, economic, and regulatory factors To enhance understanding of how green consumer choices are affected by socio-economic and cultural contexts, future research should compare these influences across different countries and societies.
The research utilizes cross-sectional data to assess consumer attitudes and intentions at a single point in time However, factors such as policy changes, economic fluctuations, and advancements in green finance technologies may influence green consumer behavior Conducting a longitudinal study that tracks consumer sentiment over time could provide a more comprehensive understanding of trends in green consumer behavior and the adoption of green consumer choices.
The study focuses primarily on cognitive and social factors, overlooking emotional and psychological drivers such as eco-guilt, eco-pride, and intrinsic motivation Mostafa (2009) found that consumers with a strong emotional connection to sustainability are more inclined to embrace green financial habits Future research should incorporate psychometric analysis to explore the influence of emotions on the adoption of green consumer behavior.
5.3.4 Consideration of Technological and Digital Banking Factors
As fintech and mobile banking continue to expand their market presence, it is essential to explore how digital payment models, blockchain-driven green financing, and AI-powered financial advisory tools influence the adoption of these technologies in the Gulf Cooperation Council (GCC) region Future studies should focus on these innovative financial solutions and their implications for market growth.
54 behavioral economics on TAM models to try and understand the holistic view of the digital transformation of green finance.
Contribution
This study enhances the understanding of Green Consumer Behavior (GCC) adoption in Vietnam by examining the influence of environmental concern (EC) and environmental knowledge (EK) within the framework of the Theory of Planned Behavior (TPB) It provides valuable theoretical insights, methodological improvements, and practical implications for promoting sustainable consumer practices.
This study enhances the Theory of Planned Behavior (TPB) by incorporating Environmental Awareness (ENV) and Knowledge (KNOW), contributing to the Sustainable Asset Management (SAM) and consumer behavior literature in Vietnam, particularly in the context of sustainable finance amidst the current economic climate Unlike previous research that primarily focused on financial and technological factors in the adoption of Green Consumer Choices (GCC), this study highlights the crucial role of ecological awareness and knowledge in shaping consumer attitudes The findings reveal that Environmental Concern (EC) and Environmental Knowledge (EK) significantly influence consumers' attitudes, subjective norms, and perceived behavioral control (PB), ultimately affecting their Behavioral Intention (BI) to adopt GCCs This aligns with the work of Maichum et al and Taneja & Ali (2021), emphasizing the importance of environmental awareness in sustainable financial decision-making Notably, our research suggests that EC influences attitudes and norms indirectly, indicating that while consumers prioritize environmental well-being, their choice to adopt GCCs is often driven by external motivations and perceived ease of adoption.
We utilized PLS-SEM to analyze data from a sample of 172 domestic respondents, validating the robustness of our conceptual framework In contrast to prior studies that primarily focus on banking customers in developed economies (Campiglio), our research offers new insights into this area.
This study explores the adoption of Green Consumerism (GCC) in Vietnam, a developing nation, adding valuable insights to existing literature The research employs Composite Reliability (CR), Average Variance Extracted (AVE), and HTMT ratio analysis, confirming the reliability and discriminant validity of the proposed model High reliability scores indicate that the extended Theory of Planned Behavior (TPB) model is robust Additionally, the study identifies varying levels of GCC adoption among different consumer segments, considering demographic factors such as age, income, and education Notably, younger respondents aged 18-29 with higher education and moderate-to-high income show a greater inclination towards GCC, aligning with previous research on green consumer behavior by Yadav & Pathak (2017).
The findings highlight the importance of promoting Green Credit Cards (GCC) in Vietnam for policymakers, financial institutions, and environmental organizations Banks should enhance their marketing strategies to emphasize the environmental advantages of GCCs while leveraging social norms Features like real-time carbon footprint tracking and rewards for sustainable spending should be incorporated into mobile banking and fintech solutions Policymakers are encouraged to consider tax incentives for banks promoting GCCs, akin to the green finance initiatives in the EU and South Korea Additionally, public awareness campaigns are essential to educate consumers on the impact of GCCs on achieving Sustainable Development Goals (SDGs) To address perceived behavioral control, banks should simplify the application process and provide clear guidelines on the benefits of GCCs Furthermore, integrating sustainability education into financial literacy programs can enhance environmental knowledge and foster a positive attitude towards GCC adoption.
This study highlights the need for further investigation into psychological and emotional factors, such as eco-guilt and eco-pride, which significantly influence green behaviors (Mostafa, 2009; Onwezen et al., 2014) Conducting a longitudinal study could provide deeper insights into the evolving attitudes of consumers towards environmental sustainability.
The study highlights the evolving behaviors towards Green Consumer Credit (GCC) in Vietnam, where acceptance is still emerging It emphasizes the potential of blockchain, AI, and digital banking solutions in enhancing GCC adoption The findings provide valuable theoretical insights and practical applications by identifying specific barriers to GCC in Vietnam By integrating environmental and behavioral factors, the study creates a roadmap for financial institutions and policymakers to foster sustainable financial behaviors, thereby supporting the growth of Vietnam's green economy.
Conclusion
This study employs an extended Theory of Planned Behavior (TPB) framework to analyze the factors influencing consumer adoption of Green Consumer Choices (GCCs) in Vietnam The results reveal that attitudes, subjective norms, and perceived behavioral control play significant roles in shaping behavioral intentions towards GCCs While environmental knowledge is crucial for fostering a positive attitude, environmental concern does not significantly affect behavioral intention, highlighting the need for more systematic interventions and policy actions To enhance GCC adoption, policymakers and financial institutions should promote knowledge transfer from adopters to non-adopters, leverage social influences, and address perceived risks associated with GCC adoption Additionally, Vietnam should aim for a sustainable financial ecosystem through measures such as education, public incentives in the banking sector, and improved accessibility.
Future research should adopt a broader perspective beyond the limitations observed in studies conducted in Vietnam, incorporating longitudinal data, psychological insights, technological advancements, and innovative models of green finance within the digital banking sector With appropriate interventions, Green Consumption Campaigns (GCCs) can effectively promote sustainable consumption and contribute to the growth of a green economy.
Nhân tố nhân khẩu học
Bạn bao nhiều tuổi? o Dưới 18 tuổi o Từ 18 đến 29 tuổi o Từ 30 đến 39 tuổi o Từ 40 đến 49 tuổi o Từ 50 đến 59 tuổi o Trên 60 tuổi Giới tính của bạn là gì? o Nam o Nữ
Tổng thu nhập hàng tháng của bạn nằm trong khoảng nào? o Dưới 5 triệu o Từ 5 đến 10 triệu o Từ 10 đến 20 triệu o Từ 20 đến 50 triệu o Trên 50 triệu
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58 o Khác Trình độ học vấn của bạn là gì? o Tốt nghiệp trung học cơ sở o Tốt nghiệp Trung học Phổ thông o Tốt nghiệp Đại học
Mối quan tâm về môi trường
Tôi rất quan tâm đến tình trạng môi trường thế giới
Tôi sẵn sàng giảm mức tiêu thụ để bảo vệ môi trường
Tôi quan tâm đến môi trường mỗi khi mua hàng
Tôi thường sử dụng các sản phẩm xanh với mong muốn bảo vệ môi trường
Kiến thức về môi trường
Tôi thích kiểm tra nhãn sinh thái và chứng nhận trên các sản phẩm xanh trước khi mua
Tôi muốn có cái nhìn sâu sắc hơn về các yếu tố đầu vào, quy trình và tác động của sản phẩm trước khi mua
Tôi muốn có thông tin đáng kể về các sản phẩm xanh trước khi mua
Thái độ Áp dụng GCC là một ý tưởng hay Nên áp dụng GCC
Tôi thích ý tưởng áp dụng GCC
Những người ảnh hưởng đến hành vi của tôi nghĩ rằng tôi nên áp dụng GCC
Những người quan trọng với tôi nghĩ rằng tôi nên áp dụng GCC
Các chương trình khuyến mãi của ngân hàng có thể ảnh hưởng đến việc tôi sử dụng GCC
Kiểm soát hành vi nhận thức Việc sử dụng GCC hoàn toàn tùy thuộc vào tôi
Tôi có tất cả các nguồn lực cần thiết để áp dụng GCC
Tôi tin rằng nếu muốn, tôi có thể dễ dàng áp dụng GCC Ý định hành vi
Tôi sẽ cân nhắc chuyển từ CC thông thường sang GCC vì lý do sinh thái
Tôi dự định sử dụng GCC vì đóng góp tích cực của nó đối với môi trường
Tôi dự định sẽ áp dụng và sử dụng GCC trong tương lai
Tôi muốn áp dụng và sử dụng GCC trong tương lai
Tôi sẽ ủng hộ và giới thiệu việc sử dụng GCC cho những người khác
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