Facing the demand from the Vietnamese Government to transition to more environmentally friendly fuels, coal-fired thermal power plants are encountering many challenges. However, this also presents a significant opportunity for them to aim for higher goals, namely green and sustainable development. In this paper, we utilize contingency theory, resource-based view, and previous studies to identify factors that significantly influence the application of balanced scorecard (BSC). We use both qualitative and quantitative research methods, conducting direct surveys at 18 coal-fired thermal power plants and obtaining 198 valid questionnaires. We then aggregated the data in Microsoft Excel and used Smart PLS software to analyze the results. The research results show that culture and strategy do not have much influence. In contrast, top management support, technology, structure, and human resources have significant impacts on the application of BSC. Furthermore, BSC has a substantial effect on enhancing organizational performance in Vietnamese coal-fired thermal power plants. Additionally, the authors provide several theoretical and managerial implications, as well as propose some directions for future research.

Keywords: Balanced scorecard (BSC), Coal-fired, Thermal Power Plant, Organizational Performance, Resource-Based View