Sustainable Finance in Vietnamese Listed Companies: A Systematic Review and Future Research Agenda in the Era of Digital Transformation and Artificial Intelligence

Sustainable finance has become an increasingly important research area as firms face growing pressure to integrate environmental, social, and governance (ESG) considerations into financial decision-making processes. In the context of digital transformation, artificial intelligence (AI), financial technology (FinTech), and international economic integration, sustainable finance plays a critical role in enhancing corporate resilience, transparency, and long-term value creation. This study aims to systematically review the existing literature on sustainable finance in Vietnamese listed companies and identify future research directions. Drawing upon key theoretical perspectives, including stakeholder theory, legitimacy theory, institutional theory, and sustainable development theory, the study synthesizes prior research related to ESG disclosure, sustainability reporting, green finance, sustainable investment, environmental accounting, corporate governance, and firm performance. Using a systematic literature review approach, the study analyzes relevant publications to identify major research themes, methodological trends, and emerging issues. The findings indicate that sustainable finance research in Vietnam has grown substantially but remains fragmented across multiple domains. Limited attention has been devoted to AI-enabled ESG analytics, climate-related financial risks, sustainable FinTech, and IFRS sustainability disclosure standards. The study contributes by identifying research gaps and proposing a future research agenda to support the development of sustainable finance in Vietnam’s capital market.