INFORMATION TRANSPARENCY IN THE DEVELOPMENT OF THE GREEN BOND MARKET  IN LISTED FIRMS IN VIETNAM

Abstract

This study investigates information transparency in the development of the green bond market among listed firms in Vietnam within the context of digital transformation, artificial intelligence, and increasing global financial integration. Using primary survey data collected from 305 financial professionals and accountants, the study applies reliability analysis and exploratory factor analysis (EFA) to assess the measurement of transparency. The results indicate that information transparency remains at a moderate level, with mean values ranging from 2.984 to 3.482. The measurement scale demonstrates acceptable reliability (Cronbach’s Alpha = 0.763) and construct validity (KMO = 0.754; explained variance = 58.504%). The findings highlight that compliance with international disclosure standards and consistency in financial and environmental reporting are critical components of transparency. From a theoretical perspective, the study supports signaling and agency theories in explaining the role of transparency in reducing information asymmetry. Practically, the results suggest that firms should adopt digital technologies and AI-based reporting systems to enhance disclosure quality, while policymakers should strengthen ESG-related regulatory frameworks. The study contributes to the literature on sustainable finance by providing firm-level evidence from an emerging market context.