The impact of energy consumption, foreign direct investment, and education on human well-being: Evidence from the Vietnamese economy

Abstract

This paper examines the impact of energy consumption, Foreign Direct Investment (FDI), and education on human well-being in Vietnam. To realize the aim of this research, a human well-being model was established using the Autoregressive Distributed Lag (ARDL) method to evaluate and study focused on the period 1990 - 2020. The results reveal evidence of the long-run positive relationships between human well-being, foreign direct investment, education, and urbanization. In addition, urbanization increases human well-being in the short run. Conversely, foreign direct investment and education reduce human well-being in the short run. Although energy consumption is expected to impact human well-being, the study found no evidence to suggest that energy consumption significantly impacts human well-being in the short and long run. Besides, the results of this study may be of great importance for policymakers and decision-makers in developing policies that attract foreign direct investment capital, education, and urbanization and contribute to the improvement of human well-being in Vietnam.