Thi Ngoc Anh Ngo

Type of the article: Research Article

Abstract
This study investigates the critical drivers of sustainable performance among agricultural startups (agri-startups) in Vietnam, a nation highly vulnerable to climate change. The research uses the Resource-Based View and Institutional Theory to model how green finance – including green credit incentives, green venture capital availability, and institutional support – influences perceived sustainable startup performance through eco-innovation capability. Furthermore, the moderating role of climate change risk perception is explored. Data were collected via an online Google Forms survey conducted from September to December 2025 across Vietnam. The study purposefully sampled 282 founders and senior managers (directors, head/deputy heads of departments) of agri-startups, as these leaders are the primary decision-makers directly responsible for strategic financial acquisitions and green innovation initiatives. Analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with a Reflective-Formative higher-order construct technique, the quantitative results (n = 282) reveal that green credit incentives, green venture capital, and institutional support are positively associated with eco-innovation capability (R2 = 23.7%). This capability, in turn, acts as a vital driver of holistic sustainable performance (R2 = 26.1%). Notably, climate change risk perception significantly moderates the relationship between eco-innovation and performance (β = 0.259, p < 0.001). The findings suggest that ensuring startup survival and sustainable growth highlights the need for policymakers to prioritize accessible green credit and institutional frameworks over generalized support. Concurrently, venture capitalists must evaluate founders’ climate risk awareness as a critical metric for funding resilient agricultural ventures.

Acknowledgment
The authors gratefully acknowledge financial support from the Science and Technology Program for New Rural Development, 2021–2025 (Second Round), Government of Viet Nam, under project code 738/QĐ-NNN-VPĐP. We also thank Ho Chi Minh National Academy of Politics, Vietnam, for facilitating access to survey respondents and supporting the research activities of this study.