Green brand equity becomes increasingly important in green marketing. Increased green brand equity may promote customer’s purchasing behavior. This paper investigates the relationship between green brand equity and its driving forces, namely, green trust, green brand image and green satisfaction. The study uses a questionnaire-based survey to obtain data from university students who had some experience of purchasing green items in Ho Chi Minh City. A structural equation modeling approach is used to confirm the proposed hypotheses. The results indicate that green trust and green brand image positively affected green brand equity. Moreover, the association between green brand equity and green brand image is partially mediated by green trust. It is also found that the association between green brand equity and green satisfaction was partially mediated by green trust. Thus, activities to promote green trust, green satisfaction, and green brand image are useful in improving green brand equity.