The rapid globalization of sustainability standards has created increasing pressure for FDI enterprises in emerging economies to adopt ESG practices. This study investigates the determinants of ESG adoption intention among foreign-invested firms in Vietnam by integrating the Theory of Planned Behavior and Institutional Theory to capture both internal decision-making processes and external institutional pressures. Using survey data from 380 managers and applying structural equation modeling, the study provides robust empirical evidence on the drivers of ESG adoption. The results show that attitude toward ESG, global market pressure, and perceived benefits are the most influential determinants of adoption intention. Domestic regulatory pressure, stakeholder influence, top management commitment, organizational readiness, perceived barriers, and perceived behavioral control also exert significant effects, although with smaller magnitudes. Attitude toward ESG plays a partial mediating role, indicating that institutional and organizational factors influence adoption both directly and through managerial evaluations. In addition, cultural distance weakens, while dependence on global value chains strengthens, the effect of global market pressure on ESG adoption intention. These findings extend existing research by demonstrating how behavioral and institutional mechanisms jointly shape ESG adoption in emerging economies, particularly in the context of foreign-invested firms facing dual pressures. Practically, the study highlights the need to better align domestic regulatory frameworks with global standards and to strengthen organizational capacity and strategic awareness within firms. ESG adoption, therefore, should be understood not only as a compliance response but as a critical pathway to competitiveness and long-term resilience. • ATT, GMP, and PB are the strongest drivers of ESG adoption in FDI firms. • Managerial attitudes partially mediate institutional and organizational effects. • Global market pressure outweighs domestic regulation in shaping ESG intention. • Cultural distance weakens, while GVC dependence strengthens ESG responses. • Aligning policy, mindset, and value chains is key to scaling ESG adoption.
Le Huy Huan (Fri,) studied this question.