Intention toward sustainable entrepreneurship in Vietnam

The urgency to mitigate the detrimental impacts of economic activities on global health, pollution and climate change has triggered extensive scholarly inquiry, underscoring the pivotal role of sustainable entrepreneurship in steering global sustainable transformation (Dean and McMullen, 2007). By harmonizing the triple bottom line – social, environmental and economic goals – sustainable entrepreneurship emerges as a critical lever for enacting systemic change (Muñoz and Cohen, 2018; Pizzi et al., 2020; Caputo and Ayoko, 2021). Despite two decades of burgeoning research positioning it as a vital subset of entrepreneurship studies, critical gaps persist, particularly concerning the role of individual entrepreneur characteristics and the overarching systemic impediments that deter the adoption of sustainable practices (Gast et al., 2017; Ferreira et al., 2022; Ramadani et al., 2022; Callagher and Garnevska, 2023). Therefore, researchers have called for further research on both positive and negative factors that may affect one’s intention to start a sustainable enterprise (Liao et al., 2022; Pinna, 2020).

Our study interrogates these gaps, particularly focusing on Vietnam, a nation exemplifying rapid economic growth juxtaposed with escalating environmental and social challenges. By doing this, we also respond to the call for further research investigating sustainable entrepreneurial intentions in developing countries (Liñán et al., 2015; Ramadani et al., 2022; Sendawula et al., 2018). Despite Vietnam’s strong economic performance, even during the peak of the COVID-19 pandemic and high levels of entrepreneurial intention, the actual adoption of sustainable business practices remains limited and misunderstood (GEM, 2022; Tien et al., 2019). This dichotomy presents a unique context to explore the factors influencing sustainable entrepreneurship, thereby addressing calls for more granular research that moves beyond mere gap spotting to problematizing existing assumptions in sustainable entrepreneurship literature (Liñán et al., 2015; Ramadani et al., 2022; Sendawula et al., 2018).

By applying the theory of planned behavior (TPB) (Ajzen, 1991) to the Vietnamese context, this study aims to elucidate the direct and indirect influences shaping the sustainable entrepreneurship intentions of university students. We complement what has been studied by Vuorio et al. (2018) regarding entrepreneurship intentions among university learners in European countries (particularly Finland and Austria). Our research seeks not only to fill the identified research gaps but also to contribute significantly to the broader discourse on sustainable entrepreneurship goals and sustainable development goals, providing insights that are vital for policy formulation and educational frameworks (United Nations’ Sustainable Development Goals [SDG] Report, 2022). Thus, this paper addresses the core question:

In the past, an organization’s success was mostly attributed to its financial performance. Entrepreneurship, in particular, is considered an engine of economic growth through innovation, job creation and technologies, and it has a positive impact on exports and GDP/per capita. In other words, entrepreneurship is seen as generating profit, wealth and economic growth, but it mostly neglects environmental and social challenges (Sarango-Lalangui et al., 2018). Entrepreneurship is crucial as a tool of economic change in developing countries. On the other hand, since the turn of the 20th century, there have been extensive debates over the environmental and social role that businesses play, especially in terms of the potentially harmful impact of the current economy on our planet. The concept of sustainable entrepreneurship has been derived from here and is described as a novel idea that integrates sustainable development with business activities (Schaltegger and Wagner, 2011).

The 1986 Brundtland Report defines sustainable development as “development to meet the needs of the present without compromising the ability of the future generations to meet their own needs” (The UN, 1987). This definition is based on three pillars, namely, ecology, society and economy, which considers the so-called three Ps: people, planet and profit (The UN, 1987). With the rise of global economic development as an urgent issue affecting sustainable development, it has been suggested that entrepreneurship should not be predicated simply on the generation of wealth. This resulted in the emergence of the sustainable entrepreneurship concept, which has gained a great deal of attention during the past decade (Muñoz and Cohen, 2018; Gast et al., 2017; Theodoraki et al., 2022).

Entrepreneurship has a relevant role in economic growth and business, but not necessarily a productive one (Baumol, 1990), being influenced by information asymmetry and prior knowledge, social networks, the entrepreneur’s personality traits and/or type of opportunity (Ardichvili et al., 2003). In emerging countries, entrepreneurship can also be seen as an alternative to poverty and unemployment.

Specifically, sustainable entrepreneurship is described as “an entrepreneurial approach to use the opportunities in a creative manner for economic advantages, society equity, environmental quality, and cultural preservation on an equal footing” (Majid and Koe, 2012). According to Shepherd and Patzelt, the objective of sustainable entrepreneurship is to:

One important question is whether the idea of starting sustainable enterprises is less attractive or more complicated to be understood and put into practice in developing countries, where the general attitude is toward escaping poverty rather than toward environmental issues.

People’s entrepreneurial intentions have been mostly investigated by two models (Vuorio et al., 2018; Maheshwari, 2021; Koe et al., 2015). The first model is the TPB, which originated in 1980 from the theory of reasoned action, which aimed to predict an individual’s intention to engage in a given behavior at a specific moment (Ajzen, 1991). Its purpose was to identify behaviors over which humans can apply self-control by means of attitudes, perceived behavioral control and subjective norms (Van Gelderen et al., 2008). The second model, the entrepreneurial event model (EEM), was developed by Shapero and Sokol (1982), to define the interaction between perceived desirability, perceived feasibility and the tendency to act that can lead to the formation of a firm of individuals (Van Gelderen et al., 2008). Although Krueger et al. (2000) consider these models to be rivals, they rather overlap substantially. Indeed, Ajzen’s attitudes and perceived behavioral control correspond to Shapero’s perceived desirability and perceived feasibility (Autio, 1997). In both models, therefore, intentions are accounted for by willingness and capacity.

Why are intentions relevant to individuals’ interest in the creation of new businesses? The existing literature suggests that the usual mindset of an entrepreneur tends to prioritize opportunities over risks (Krueger et al., 2000). As the act of identifying opportunities is obviously intentional, we should pay close attention to any entrepreneurial intentions as they allow to understand better and predict entrepreneurship.

In our study, we integrated the TPB by Ajzen (1991) and the EEM by Shapero and Sokol (1982) by considering three constructs: attitude toward behaviors, perceived feasibility and perceived desirability. According to Ajzen (1991), it is possible to accurately forecast intentions to engage in specific behaviors once we know about attitudes toward such conduct, subjective norms (perceived desirability) and perceived behavioral control (perceived feasibility); these intentions, coupled with perceptions of behavioral control, account for a substantial amount of variation in actual behavior (Ajzen, 1991; Riverola and Giones, 2012). Figure 1 represents a research model integrating the elements of the TPB and the EEM.

Sustainability entrepreneurship intention as a concept extends beyond mere entrepreneurial intent to include a specific focus on ecological and social value creation. Entrepreneurs driven by sustainability goals are influenced by their personal beliefs and the perceived societal value of their actions (Bruyere and Rappe, 2007; Parrish and Foxon, 2006). Attitudes and values toward sustainability not only motivate entrepreneurs to adopt eco-friendly practices but are also expected to significantly influence their intentions to engage in sustainable ventures (Majid and Koe, 2012). Hence, we posit that a favorable view of entrepreneurship as a career, combined with a commitment to environmental and social responsibility, fosters intentions aimed at sustainable business practices.

Our study looks at the roles played by four essential work values: altruism, intrinsic rewards, extrinsic rewards and job security because these values are strongly linked to various entrepreneurial forms and tiers, as well as various forms of value creation. Specifically, altruism and security are two additional categories of work values beyond extrinsic and intrinsic that have been recognized in research (Vuorio et al., 2018). Altruism is the philosophy and moral practice of caring about the well-being and/or happiness of other humans or animals, resulting in a material and spiritual quality of life (Krebs, 1970). Specifically, individuals with altruistic ideas are motivated by the opportunity to help others and the community at large, as well as by concern for the environment (Twenge et al., 2010). Altruistic values have an impact on various facets of sustainable entrepreneurship. For example, work values affect one’s attitude toward sustainability because they influence the emphasis placed on social and environmental factors in value creation and, consequently, the types of entrepreneurial opportunities that are recognized. Altruistic principles have been emphasized as behavior-drivers for addressing societal challenges as the desire to produce social value is crucial to social entrepreneurship (Zahra and Wright, 2016). Similar to this, past research has revealed that various altruistic values (universalism, altruism and empathy) are linked to more positive environmental attitudes, the likelihood of recognizing opportunities for sustainable development and entrepreneurial ambitions through perceived desirability and the formation of altruistic motivations in social entrepreneurship (Hockerts, 2015; Mair and Noboa, 2006; Smith et al., 2010).

Combining three different sorts of values – social, environmental and economic – is the goal of sustainable entrepreneurship (Cohen and Winn, 2007; McMullen and Shepherd, 2006; Schaltegger and Wagner, 2011). Prosocial motivation has been proposed to play a role in the identification and evaluation of entrepreneurial opportunities related to societal and environmental challenges, together with intrinsic and extrinsic motivation (Shepherd, 2015). “The identification and exploitation of economic possibilities through the production of market disequilibria that trigger the change of a sector towards an environmentally and socially more sustainable state” is how sustainable entrepreneurship is described (Hockerts and Wüstenhagen, 2010). However, conflicts in underlying values and motivations impacting an individual’s value creation aspirations are likely to appear when social, environmental and economic value creation are combined (Ferreira et al., 2022). Despite the development of three different types of value in sustainable business, there seems to be a need for balance. On the other hand, prioritizing economic gain would collide with efforts to create social and environmental benefit. Therefore, even if intrinsic incentive is a key factor in encouraging sustainable business, research has shown that power and tradition have a negative effect on people’s views toward the environment (Wesley Schultz and Zelezny, 1999). Intrinsic reward, as opposed to extrinsic reward, is seen to be a motivator of behavior toward sustainability. As was already stated, societal and environmental problems are frequently complicated, and conventional remedies do not seem to be effective (Hockerts, 2015). Due to their complexity and willingness to transform the industry they operate in, innovation and innovativeness have also been linked to social and environmental entrepreneurship (Austin et al., 2012; Hockerts and Wüstenhagen, 2010; Short et al., 2009). Therefore, we hypothesize:

Extrinsic rewards are intimately associated with the development of economic values, whereas intrinsic rewards and environmental values are positively related with environmental and social aspects of creation of value and, as a result, are positively linked to sustainable entrepreneurship intentions. Through motivation and attitudes, an individual’s work values are linked to his or her career prospects. Furthermore, values and motivations influence a person’s choice of becoming an entrepreneur. Due to the subjective nature of the decision to engage in self-employment, pursuing self-employment is likely to vary and represent various forms (Moriano and Liñán, 2013).

There appears to be a relationship between perceived entrepreneurial desirability, which characterizes the desirability of entrepreneurship as a career option, and work values, as work values drive the judgment of different alternatives through desirable goals and behaviors. According to the literature, intrinsic and extrinsic rewards are associated with more entrepreneurial ambition, but security tends to impede it. According to the findings of Douglas and Shepherd’s (2017) study, those with greater entrepreneurial aspirations tend to be less risk-averse and to value independence. Similarly, those who prefer an entrepreneurial profession tend to value security less and possess a more innovative and risk-taking attitude than those who favor corporate work. Furthermore, power and innovation are associated with greater entrepreneurial goals and are hence tied to greater perceived entrepreneurial desirability (Brenner and Cochran, 1991).

Intrinsic incentives represent the desire to perform a task for its purpose out of pure love for the activity. Most explanations of intrinsic motivation focus on the relationship between the performer and the task: individuals are viewed as intrinsically motivated to complete a task because of the involvement in the activity itself and, frequently, the difficulty it brings are sources of pleasure themselves, and finally, completing a task tend to result in a sense of fulfillment. In the working environment, intrinsic rewards are associated with learning, problem-solving and creativity. Employees with intrinsic work values are typically driven by the opportunity to solve difficult problems, be innovative and acquire new skills (Deci and Ryan, 1985). Therefore, we hypothesize that:

On the other hand, extrinsic incentives represent the motivations to accomplish an external goal or fulfill an externally imposed constraint. A variety of social-environmental elements, such as expected rewards, expected assessments, competition, surveillance, time constraints and external control over task involvement, can all foster extrinsic drive (Deci and Ryan, 1985). Therefore, extrinsic rewards relate to personal gain and an individual with extrinsic work values seeks to attain monetary benefits, power, prestige and status through their work (Twenge et al., 2010). Therefore, it is hypothesized that:

In the context of entrepreneurial intentions, both these types of work values can be recognized in the desire for success and challenge, implying youths’ willingness to take on the risks involved in starting their business (Liao et al., 2022; Ozaralli and Rivenburgh, 2016). Job security is the state of having a job that is secure and from which one is unlikely to be dismissed. Unsimilar to altruism, job security defines an individual’s preferences for employment safety, stability and harmony at work (Twenge et al., 2010). According to Douglas and Shepherd (2002), pursuing an entrepreneurial profession is connected with increased risk-taking and decreased job stability. Likewise, people who choose a path in entrepreneurial careers tend to prioritize independence and taking risks over security (Barbosa et al., 2016). Therefore, we hypothesize that:

Bandura (1977) identified self-efficacy as the relationship between profession choice and self-perceptions of individual competence in task performance. In the context of entrepreneurship, the decision to become an entrepreneur or pursue a job is related to the amount of self-efficacy; specifically, individuals with a greater level of self-efficacy tend to favor self-employment with more risks and challenging tasks (Piperopoulos and Dimov, 2015). Similarly, an individual’s confidence in his or her level of abilities, skills and knowledge impacts his or her commitment to a particular firm, which in turn affects the outcome of that business (Hechavarría et al., 2017). For instance, self-efficacy and a person’s perceived entrepreneurial feasibility are closely related because it reflects the degree to which a person believes he or she can succeed in a specific endeavor (Fitzsimmons and Douglas, 2011; Krueger, 1993). Self-efficacy is linked to both the propensity to become an entrepreneur and the likelihood of being a successful entrepreneur, as it is implied that people with higher levels of self-efficacy tend to demonstrate stronger belief in the accomplishment of their goals (Arrighetti et al., 2016). It is worth noting that this idea plays a significant role in the process of forming intentions in sustainable entrepreneurship (Piperopoulos and Dimov, 2015; Smith and Woodworth, 2012), which suggests a positive relationship between self-efficacy and SEI. It has thus been suggested that self-efficacy can help social entrepreneurs form their intentions (Smith and Woodworth, 2012). Given these considerations, the following hypothesis is put forth:

Risk-taking, independence and creativity are traits that relate to an entrepreneurial profession. As previously mentioned, perceived entrepreneurial feasibility (Krueger, 1993; Shapero and Sokol, 1982) describes the degree to which a person believes he or she can succeed as a sole proprietor. This suggests that choosing an occupation that permits an individual to act in accordance with those values is associated with success in that particular occupation. The findings of the study demonstrate the links between entrepreneurial careers and taking risks, independence and being creative (Brenner and Cochran, 1991; Douglas and Shepherd, 2017). This suggests that perceived entrepreneurial feasibility is linked to intrinsic reward and security. As taking risks is a prerequisite for entrepreneurship, it appears that valuing job security has a detrimental impact on the perceived entrepreneurial feasibility. On the other hand, innovation and independence are also closely related to entrepreneurial professions, suggesting that those who value intrinsic pleasure will view entrepreneurship as more realistic than people who do not. The following is therefore hypothesized:

The dimension of perceived entrepreneurial desirability reflects the outcome of an individual’s perceptions about the attractiveness and worthiness of entrepreneurial activities, influenced by personal attitudes, values and feelings (Riverola and Giones, 2012). In the entrepreneurial landscape, perceived desirability assesses the appeal of becoming an entrepreneur to an individual. This appeal plays a crucial role in shaping one’s intent to pursue entrepreneurial ventures. Therefore, it is hypothesized that:

Perceived entrepreneurial feasibility concerns an individual’s perception of personal capabilities and access to necessary resources to perform a behavior. In this study, it particularly refers to the perceived ability of individuals to initiate and sustain entrepreneurial ventures (Krueger, 1993; Shapero and Sokol, 1982). The perceived ease or difficulty of starting a business is a significant determinant of whether an individual decides to engage in entrepreneurship. Therefore, the following hypothesis is proposed:

Attitude toward sustainability evaluates the extent to which an individual positively or negatively assesses the idea of sustainable entrepreneurship, including considerations of the potential outcomes and ethical implications (Ajzen, 1991). Attitudes toward sustainable practices are crucial as they reflect personal values and influence behavioral intentions in the environmental context (Moriano et al., 2012). Given the increasing importance of sustainability in business, we examine how positive attitudes toward sustainability can drive entrepreneurial intentions. Thus, we hypothesize:

Quantitative methods were used to examine the relationships between the variables and theoretical constructs identified from the theoretical framework. The TPB was created to predict and explain human social behavior and to represent the foundation for interventions aimed at influencing behavior. As with other theories of this sort, the TPB can serve as a heuristic framework for guiding the formulation of research questions in qualitative studies. Nonetheless, the majority of the conventional approaches based on such theory are quantitative in character, supporting our use of quantitative research methods for this study.

Such methods also reflect a positivist approach, which assumes that scientific discoveries are founded on positive facts as opposed to subjective feelings or, in other words, on measurable observations that result in statistical analyses (Bryant, 1985). We adopted this approach with the aim of forming a generalization of the society deriving from the sample that were observed and surveyed during the research process.

Notably, we adopted a deductive reasoning method aimed at logically deriving the conclusions from a collection of theory-derived premises, with the conclusion being true if all the premises are true (Ketokivi and Mantere, 2010). In accordance with this methodology, a theory and set of hypotheses are established, followed by the formulation of a research strategy to test such hypotheses.

Due to the research’s emphasis on young adults, the age range for respondents was established between 18 and 35 years old. In addition, the context of this research is college learners, as higher education has been linked to increased entrepreneurial engagement (Lhan Ertuna and Gurel, 2011). Educational level, indeed, has a crucial impact in business: a higher degree of education has been related with a greater emphasis on social and environmental entrepreneurial goals, whereas it tends to reduce the emphasis on economic entrepreneurial goals (Hechavarría et al., 2017). Similarly, earlier research has demonstrated a link between educational programs and entrepreneurial aspirations (Kuckertz and Wagner, 2010).

In this study, we selected the basic random probability sampling technique, which involves random selection, to draw solid statistical conclusions about the target population (Zikmund, 2000). Using probability sampling, we collected sufficient data to get the most precise findings possible. A minimum observation-to-variable ratio of 5:1 is suggested by the sample-to-variable ratio (Huit et al., 2018), the research model has nine scales with average five items per scale, then the minimum sample size is 45, however, it may not be sufficient if there are outliers. Alternatively, to compute the sample size, Hair et al. (2010) developed a more acceptable sample size calculation. The number of observations to one variable (k) ratio is 5 / 1 or 10 / 1. Pj observed variables if the model has m scales. The following formula we used to determine the sample size:

The study model contains nine scales and each scale has an average of five observed variables. If k = 5 / 1, the minimum sample size is:

This means that the model needs at least 225 responses to proceed further.

The survey was generated and presented in both English and Vietnamese via Google Forms, with the terms’ definitions provided in every part. The survey was posted on different social media channels such as LinkedIn, Facebook and Instagram. The survey was collected between April and October 2022, the year in which sustainable businesses in the private sector were going to be supported by the Vietnamese government for the 2022–2025 period. We received 330 responses and 299 values were proceeded for further analysis after filtering. The data was then compiled in Microsoft Excel for JASP analysis. The procedure for data analysis includes the following steps.

The data sample consists of 330 university learners from Vietnam (Table 1). 64.2% of the respondents were female, whereas 34.2% of the respondents were male. 60.3% of the respondents were business-related major learners, 13% were studying in languages and social science fields and 10% were in engineering and technologies related majors. The minorities were arts, mathematics and environmental learners. After filtering the age range and missing values, a sample of 299 was investigated in further analyses.

Table 2 displays summary statistics of the variables included in the survey, specifically mean, variance and significance values. Significance values for each variable are validated as shown in Table 2. These findings indicate that all questionnaire items, which are used to measure six factors in the research model, are internally consistent and highly correlated.

According to Pallant (2020), a Cronbach’s alpha value above 0.6 is regarded as a highly reliable and acceptable index. Furthermore, Cronbach’s alpha values within the range of 0.60–0.80 are regarded as acceptable but moderate, values between 0.8 and 1.00 are regarded as excellent. Table 3 indicates Cronbach’s alpha values for the eight factors, including ALT, INTR, EXT, SEC, GSE, PED, PEF and ATS, SEI are 0.77, 0.774, 0.868, 0.783, 0.892, 0.887, 0.759, 0.60 and 0.799, respectively, based on the entire reliability analysis.

The Kaiser–Meyer–Olkin (KMO) test is a statistical method for evaluating the suitability of data for factor analysis. The test evaluates the sampling sufficiency for each model variable and the entire model. The statistic measures the proportion of possible common variation among variables. KMO values between 0.8 and 1 typically indicate acceptable sampling. KMO values smaller than 0.6 indicate inadequate sampling and the need for corrective action. Some scholars, however, set this threshold value at 0.5 (Budaev, 2010). In this case, the KMO measure of sampling adequacy was 0.854, which is above the recommended value of 0.6, meaning that the data are suitable for factor analysis.

Bartlett’s test is a statistical test used to compare the variances of several groups. This result displays the test statistic (X² = 10,084.165), the degrees of freedom (df = 990) and the significance level (p < 0.001). As the p-value is less than 0.001, there is substantial evidence that the between-group variances are not equal. This indicates that the groups have distinct differences. Moreover, a chi-squared test was used to examine whether observed and predicted frequencies in categorical data differ significantly. The results show the test statistic (X² = 1,582,622), the degrees of freedom (df = 621) and the significance level (p < 0.001). The fact that the p-value is less than 0.001 indicates that there is strong evidence that the observed and predicted frequencies in the data differ significantly. Last but not least, using a benchmark from the work by Ali et al. (2017), convergence validity among constructs was observed, with estimated values for corrections within constructs falling below the squared AVE threshold values. Consequently, all AVE square root values were found to be greater than the standard, proving convergent validity. This indicates that data is devoid of social desirability bias, as all constructs differed significantly and were unrelated.

The first regression model tested relationships between ATS and ALT, INTR and EXT, respectively (Table 4). The results support H1a, suggesting that ALT has a positive effect on ATS. A greater degree of altruism correlates with a more positive outlook on sustainability. Following, as hypothesized, INTR has a positive significant relationship with ATS, meaning H1b is supported. Contrary to H1c that suggests EXT has negative effect on ATS, the result found no significant relationship between these variables, hence H4c is not supported.

Second, the model of PED and job values was examined (Table 5). The model was significant with a high goodness-of fit level, with the independent variables explaining 58% of the variance in the dependent variable. As proposed previously, INTR is positively associated with PED, which supports H2a. However, H2b is rejected based on the negative relationship between EXT and PED; similar results apply to H2c for the positive correlation of SEC and PED, which are opposite to the hypotheses proposed.

The third model tested the relationship between work values (INTR and SEC), GSE and PEF (Table 6). First, results show there is no significant relationship between INTR and PEF, therefore, H3a is not supported. Results support instead H3b, which proposed a negative association between SEC and PEF, meaning when an individual’s valuation of security increases by one unit, perceived entrepreneurial feasibility decreases by 0.17 units, according to the findings. H3c is also supported, meaning that GSE has a positive effect on the PEF. Higher levels of GSE are associated with greater PEF.

The last model analyzed the relationship between TPB elements: PED, PEF, ATS and SEI (Table 7). The model is statistically significant and explains approximately 36% of the variation. The finding in Table 7 indicates that PEF and ATS have significant relationships with SEI. Although the regression model that consists of ATS witnessed an increase in goodness- of-fit to 35.5%, indicating that it is a better model (p < 0.001). Moreover, ATS has a positive and significant impact on SEI, meaning that when one unit increases in attitude toward sustainability leads to an increase by 0.37 units in sustainable entrepreneurship intentions. As we discuss in more detail below, these findings offer credence to H4a and H4c, which propose that attitude toward sustainability and perceived feasibility have a positive effect on sustainability-focused entrepreneurial intention. Surprisingly, this study reveals no correlation between PED and SEI. Consequently, H4b is not supported.

Our study shows that sustainable entrepreneurship intentions of Vietnamese students are driven by perceived entrepreneurial feasibility, which refers to an individual’s level of confidence in their ability to initiate and achieve success in a specific venture (Krueger, 1993; Shapero and Sokol, 1982); attitude toward sustainability, which represents an individual’s beliefs, values and behaviors, is related to environmental, social and economic sustainability (Ferreira et al., 2022; Ramadani et al., 2022). These findings confirm our hypotheses, validating and complementing the TPB and previous studies that investigated entrepreneurial intention through such model, especially in the field of sustainable and social entrepreneurship (Munir et al., 2018; Hockerts, 2015; van Gelderen et al., 2008).

Regarding the antecedents, work security turns out to have a negative effect on perceived entrepreneurial feasibility, meaning that a person with a higher level of employment security will consider beginning a sustainable firm as less viable. This complements previous results by Douglas and Shepherd (2017) and van Gelderen et al. (2008). Second, overall self-efficacy positively influences entrepreneurial viability. Self-efficacy refers to an individual’s confidence in their capacity to successfully complete a certain task or achieve a particular objective. Individuals with a high level of self-efficacy have a higher level of perceived entrepreneurial feasibility, indicating that they are more persistent in the face of obstacles and have a greater possibility of completing their goals in founding a sustainable enterprise. This result resonates with statements from previous studies (Smith and Woodworth, 2012; Vuorio et al., 2018; Zhao et al., 2005).

In addition, altruism and intrinsic rewards positively influence attitudes toward sustainability, another aspect supported by previous research (Fitzsimmons and Douglas, 2011; Fayolle et al., 2014; Ge et al., 2016; Shepherd and Patzelt, 2010; Schaltegger et al., 2016). We found an interconnection between sustainable attitude and altruism, which was defined as the philosophy and moral practice of caring about the well-being and/or happiness of other humans or animals, resulting in a material and spiritual quality of life (Ge et al., 2016). A person with a high level of compassion is more likely to have a positive attitude toward sustainability, according to the findings. Furthermore, the findings show that higher intrinsic rewards are associated with higher sustainability, implying that the satisfaction or pleasure derived from engaging in an activity for its own sake, rather than extrinsic rewards such as money or power, is positively associated with individuals’ beliefs, values and behaviors related to environmental, social and economic sustainability (Koe et al., 2015).

Through quantitative research, we aimed to identify the elements that drive sustainability-oriented entrepreneurial intentions of Vietnamese university learners by using a theoretical model combining the TBP and the EEM. By means of regression analysis, we examined the drivers of sustainable entrepreneurial intention as well as their antecedents. The study’s findings are reported in Table 8.

Let us consider our findings in more detail. First, the study’s findings provide support for the positive role of altruism (H1a) and intrinsic reward (H1b) on attitudes toward sustainability but not for extrinsic reward (H1c). Regarding H1a, the study demonstrates that altruism appears to play the most significant impact on attitudes toward sustainability. The literature on social and environmental entrepreneurship supports these findings (Mair and Noboa, 2006; Shepherd and Patzelt, 2010; Wesley Schultz and Zelezny, 1999; Smith et al., 2010).

While the results do not support H1c, which proposed that extrinsic rewards are associated with attitude toward sustainability, H1b was rather – and perhaps surprisingly – supported, meaning that intrinsic incentives have a positive effect on attitude toward sustainability. This finding differs from Vurio’s ones but is instead consistent with the findings of Fayolle et al. (2014), who investigated the impact of work values, motivation and intentions on SEI in Spain and with the findings of Koe et al. (2015) in Malaysia, indicating that intentions regarding the adoption of sustainable ventures are entirely driven by intrinsic rewards and attitude toward sustainability. Similarly, Fitzsimmons and Douglas (2011) conducted comparative research of potential entrepreneurs in India, China, Australia and Thailand and identified sustainability mindset and individual work values as the primary determinants of future venture selection. Ge et al. (2016) discovered that proactive behavior, altruism with sustainable mentality and entrepreneurial feasibility are the driving elements behind sustainable aspirations and the adoption of sustainable performing ventures. In the same vein, these results are consistent with research by Shepherd and Patzelt’s (2010) and Schaltegger et al. (2016) on the relationships between altruism, environmental values and sustainability goals. Based on these results, it can be inferred that a higher degree of altruism and intrinsic rewards are associated with a more favorable intention toward sustainable entrepreneurship.

Second, the outcomes of this study indicate that intrinsic rewards have favorable effects on the perceived desirability of entrepreneurship, corroborating H2a. These findings are consistent with previous research, which has demonstrated that people aspiring to be entrepreneurs or acting entrepreneurially value independence, power, innovation and risk-taking (Brenner and Cochran, 1991; Douglas and Shepherd, 2017). However, H2b and H2c are not supported because the results show opposite relationships to the hypotheses proposed. These results are similar to those of previous research about different perceptions of entrepreneurship being compatible with job security can affect entrepreneurial intentions (Randolph-Seng et al., 2015). Specifically, the author explained that entrepreneurship can offer a dependable option for achieving job security, which serves as an alternative to the conventional approach of seeking employment. On the other hand, according to Meyer and Dean's (1990) findings, many individuals view the management of numerous economic connections during the developmental phase of a new enterprise as excessively challenging and risk-oriented, in which they will not be rewarded economically or extrinsically.

In addition, H3a, H3b and H3c were tested and the results supported the relationship between self-efficacy and security with perceived entrepreneurial feasibility, whereas intrinsic rewards were not found to be associated with perceived entrepreneurial feasibility. These results are in line with prior research of sustainable entrepreneurship by Sher et al. (2020). However, a negative relationship between job security and perceived entrepreneurial feasibility (H3b) was found, meaning that an individual with higher job security level will be less likely to find starting up a business feasible. This result is consistent with previous findings demonstrating that individuals prioritizing security tend to have fewer entrepreneurial aspirations than those who emphasize freedom and creativity (Brenner and Cochran, 1991; Douglas and Shepherd, 2017; Vuorio et al., 2018). Regarding the role of self-efficacy, our findings are consistent with previous entrepreneurship literature that link self-efficacy to entrepreneurial ambitions (Schlaegel and Koenig, 2014; Zhao et al., 2005). Furthermore, recent research on sustainability intentions gives sufficient support for this study (Shepherd and Patzelt, 2010; Urban and Kujinga, 2017). Therefore, the study reveals that the greater the self-efficacy of aspiring entrepreneurs, the more ambitious their start-up sustainability goals. Likewise, prior research has pointed at self-efficacy as the most important predictor of sustainability (BarNir et al., 2011; Mair and Noboa, 2006). Consequently, our study supports the claim that self-efficacy and perceived entrepreneurial feasibility are the most significant factors in explaining sustainable start-up objectives.

Finally, in accordance with the TPB, sustainable entrepreneurial intentions are influenced by attitudes toward sustainability and perceived entrepreneurial feasibility. Findings therefore provide support for H4a and H4c. Results from GEM indicate a growing entrepreneurial ecosystem in Vietnam (GEM, 2022) plus the high level of self-efficacy (Doanh, 2021) explain the positive impact of PEF on SEI. These results are in line with other studies’ findings in the field of sustainable and social entrepreneurship (Hockerts, 2015; Urban and Kujinga, 2017; Sher et al., 2020), according to which perceived entrepreneurial desirability and feasibility have a positive effect on entrepreneurship intentions. However, contrary to Vuorio’s findings, no correlation was found between perceived entrepreneurial desirability and sustainable entrepreneurial intentions in the Vietnam case (H4b). According to existing literature, this might be due to barriers that developing countries are experiencing in adopting and implementing sustainable businesses, which may explain the different results in Vietnam compared to European countries. In particular, the limited sustainable business opportunities, lack of sustainable knowledge and information and financial barriers, are the possible causes for no significant relationship between PED and SEI (Hoogendoorn et al., 2019; Rizos et al., 2016; Sendawula et al., 2018). Moreover, this result can be explained by the finding of Fitzsimmons and Douglas (2011) reporting a negative interaction between perceived entrepreneurial feasibility and desirability in the entrepreneurship literature. Specifically, the relationship between perceived entrepreneurial desirability and the intention to start a new business is stronger when the perceived feasibility of starting a business is low and weaker when the perceived feasibility is high. As stated in Vuorio et al. (2018) study, the link between perceived entrepreneurial desirability, feasibility and intentions may be more nuanced than a straightforward linear relationship. Alternatively, the low impact of perceived entrepreneurial desirability may suggest that specific measures for the context of sustainable entrepreneurship should be established. Therefore, both perceived entrepreneurial desirability and feasibility would be more context specific (Vuorio et al., 2018).

From a theoretical standpoint, the findings presented here have significant implications for the field of sustainable entrepreneurship and contribute to our understanding of intention towards sustainable entrepreneurship in the Vietnamese context. First, this study provides a deeper understanding of the applicability of the TPB and presents a model for measuring SEI that might be applied to other types of entrepreneurships (Schaefer et al., 2015). It contributes to the existing literature on entrepreneurship by showing how various entrepreneurship intention models can be adapted to fit different contexts (Shepherd and Patzelt, 2010). In addition, the results of the study align with previous research that suggests the use of intention models in type-specific entrepreneurship intentions (Ajzen, 1991; Liao et al., 2022; Liñán and Chen, 2009). Overall, the study highlights the importance of understanding variability in entrepreneurial opportunities and how they can affect the choice of intention models, specifically in sustainable entrepreneurship (Ferreira et al., 2022; Ramadani et al., 2022). Furthermore, the study aims to develop a better understanding of the drivers of SEI and expands the scope of sustainable opportunities available to young people.

Our research findings offer valuable insights and numerous opportunities for nurturing sustainable entrepreneurship among aspiring entrepreneurs. First, the findings suggest that there is a significant correlation between sustainable entrepreneurship and an individual’s internal values, perceived feasibility and motivations. As a result, it suggests that a person’s occupational choices are strongly tied to his or her work values and that the decision to engage in sustainable enterprises is likely to change based on his or her perceptions of occupational outcomes. Thus, the findings demonstrate that work values are key stimulators and building blocks for the development of a sustainable attitude and sustainable entrepreneurship (Jahanshahi et al., 2017). Therefore, enhancing one’s capabilities and skills could be a viable strategy for promoting sustainable entrepreneurship and cultivating graduates who are committed to sustainability.

Furthermore, the study highlights the importance of instilling sustainable work values and promoting a positive attitude toward sustainable entrepreneurship among the youth in Vietnam as a developing country. By providing aspiring entrepreneurs with sustainable opportunities, it is possible to cultivate sustainability-driven work values and encourage the creation of sustainable start-ups. This can have a double-edged effect of promoting sustainable entrepreneurship and nurturing sustainable development in the country. To achieve this goal, the study suggests the need to use the experiences of successful entrepreneurs as role models and incorporate purposeful courses on sustainable entrepreneurship in the curricula. In addition, promoting sustainable venturing within existing businesses can prove to be a significant input in promoting such entrepreneurs across the country and the region. These interventions are crucial as developing countries are facing environmental challenges due to excessive greenhouse gas emissions, poor hygiene and maltreatment of natural resources such as water and air.

According to the United Nations' (2022) SDGs Report, current crises, especially the COVID-19 pandemic, climate change and conflicts, are jeopardizing the 2030 Agenda for Sustainable Development and humanity’s survival. These crises have a negative impact on a variety of areas, including nutrition, health, education, the environment and security, hurting the SDGs. The crises have halted years of progress in eradicating poverty, hunger, improving health and education and delivering basic utilities. The UN calls for immediate actions to save the SDGs and make significant development for people and the planet by 2030. Economic growth is the most powerful tool for decreasing poverty and enhancing quality of life in emerging countries. Indeed, growth has the potential to create virtuous loops of prosperity and opportunity. Strong growth and job possibilities increase incentives and contribute to the formation of a large and rising group of entrepreneurs, which should put pressure on the government to improve governance. As a result, strong economic growth supports human development, which in turn promotes economic growth. However, given the world’s pressing need for a sustainable economy, understanding how to foster sustainable entrepreneurship is now critical.

The primary contribution of this study is the empirical validation of a model of the factors that directly and indirectly influence sustainable entrepreneurship intention in the Vietnam context. This model includes attitude toward sustainability, perceived entrepreneurial desirability and feasibility with their antecedents such as job values and altruism. This study has identified all positive and negative connections between these variables, with the exception of perceived entrepreneurial desirability. Nonetheless, this also indicates that this research can cover academic gaps, contribute to the body of knowledge and provide insights for future references.

This study has limitations relating to the specific context and sample analyzed. First, the hypothesized relationships in this study are restricted to a specific entrepreneurial setting, namely, sustainable entrepreneurship and sustainable value creation. Future studies should further investigate such relationships across different entrepreneurial opportunities and forms of entrepreneurship to give additional evidence for the identified relationships. Second, the scope of the study is restricted to young individuals enrolled in higher education; investigating similar questions in diverse samples (e.g. individuals of diverse age groups, nonstudents and individuals who already are entrepreneurs) would strengthen the model. Third, the data sample is limited; to generalize the results, research in larger samples is required.

Future research might also expand upon cultural variables by investigating the intention of sustainable entrepreneurship in various cultural contexts. It would be useful, for instance, to assess potential differences in the TPB elements in different cultural settings. Second, it would be interesting to investigate the changes in sustainable entrepreneurial intention at different stages of Vietnam’s economic development since it might affect the shifts in perceived desirability and perceived feasibility. Finally, a qualitative approach might be used to get a more in-depth knowledge of the experiences and perceptions of sustainable entrepreneurship in the context of Vietnamese learners.