This study provides a qualitative literature review on the relationship between green finance and firm performance in Ho Chi Minh City (HCM) through the aggregation of academic knowledge, key themes, and research gaps to develop a conceptual framework for informing future empirical studies. The reviews covers peer-reviewed journals, reports, and policy papers published from 2020 to 2025 focusing on green finance practices such as green credit, green bonds and ESG investing, and their impacts on financial, environmental, and operational performance. The findings are organized across core dimensions of green finance and performance, with a critical evaluation of methodologies and academically contributions. The proposed conceptual framework details the direct and indirect impacts of green finance on firm performance, financial outcomes, environmental impacts, and stakeholder perceptions. Five hypotheses that relate to the performance of CSR, the commitment of management, environmental performance, intangible capital and green innovation are able to improve financial performance. This framework aims to deepen understanding of green finance in Vietnamese businesses and promote its integration into operations. The study advocates a balanced approach to profitability, sustainability, and stakeholder trust, contributing to the discourse on sustainable development in emerging economies.