The knowledge economy system shifts focus on the significance of intellectual capital. Moreover, the concept itself has gained generous amount of recognition at global level due to the increasing pressure from competitors, stakeholders, and environmental forces. Indeed, its antecedents and consequences have been assessed by scholars. However, the assessment appears to be inexhaustive with respect to meaningful frameworks. With the help of preceding literature, the present paper designed a model which involves green intellectual capital, green innovation, environmental knowledge, green social behavior, and learning outcomes. The model stipulates that green intellectual capital makes green innovation possible which further results in competitive advantage in the presence of environmental knowledge as a mediator as green social behavior and learning outcomes as a moderator. Interestingly the model acknowledges the proposed relationship through the empirical evidence collected from 382 Vietnamese textile and garment enterprises. The findings provide deeper insights regarding the issue that how firms could extract maximum benefits from their green assets and capabilities in the form of intellectual capital and green innovation.