RESUMEN
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.
RESUMEN
In the context of the thriving real estate market in developing countries like Vietnam, understanding consumer preferences and effectively addressing them through a comprehensive multi-criteria decision-making (MCDM) framework is paramount for real estate providers. This study presents a two-stage MCDM model that integrates the Delphi technique and the Technique for Order Preference by Similarity to Ideal Solution (TOPSIS) based on Spherical Fuzzy Sets (SFSs). Initially, the SF-Delphi technique validates critical criteria influencing customers' apartment selection in Vietnam. Secondly, the SF-TOPSIS method evaluates the top ten apartment providers. To ensure robustness and validity, a comparative analysis compares the results with those from the Intuitionistic Fuzzy TOPSIS (IF-TOPSIS) and Fuzzy TOPSIS (F-TOPSIS) methods. Subsequently, five rank correlation coefficients (Spearman, Kendall, Goodman-Kruskal, Weighted rank measure of correlation, Weighted Similarity) are used to assess the relationships between various TOPSIS techniques applied to apartment suppliers in Vietnam. The correlation coefficients demonstrate strong agreement among the TOPSIS methods, with the smallest coefficient being 0.7778, surpassing the threshold of 0.7. This high level of consistency confirms the efficacy of the proposed TOPSIS approach with different Fuzzy Sets in reliably evaluating customers' preferences for apartment suppliers. Notably, the legal aspect's prominence underscores its critical role in shaping customer choices, emphasizing the significance of considering legal factors in the context of apartment supply and demand in Vietnam. Furthermore, using SFSs makes this approach particularly suited to capture consumer perceptions within the dynamic and uncertain business environment characterized by volatility, uncertainty, complexity, and ambiguity (VUCA).