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153 publications, shows that the literature on digital sustainability has gradually shifted
from a narrow concern with efficiency and automation toward broader questions of long-
term economic, social and environmental value creation. Similarly, Melo et al. (2023),
through a review of 74 studies on SMEs, point out that most prior studies have
emphasized operational performance and competitiveness, while the integration of the
three pillars of sustainability remains relatively limited. These studies are valuable in
showing that digital transformation can create significant business benefits, but they also
reveal a limitation in the literature: the sustainability implications of digital
transformation are still insufficiently conceptualized, especially in SME settings.
Recent empirical research has moved further by examining the mechanisms linking
digital transformation with sustainable outcomes. Li et al. (2022) find that the relationship
is not linear, because the effects of digital transformation are conditioned by firms’
dynamic capabilities and may be constrained by organizational inertia. Lu, Li and Yuen
(2023) demonstrate that digital capability, digital flexibility and the alignment between
digital technologies and business strategy significantly influence sustainable innovation
and sustainability outcomes. Merín-Rodríguez, Dasí and Alegre (2024) also confirm that
digital transformation can improve SME performance through the mediating role of
business model innovation. Taken together, these studies suggest that digital
transformation does not automatically generate sustainable value. Its effect depends on
whether firms possess the organizational capacity to learn, adapt and redesign their
processes and business models in line with longer-term development goals.
In Vietnam, the literature is more fragmented and generally falls into two broad
streams. The first stream focuses on enterprise readiness and implementation conditions
for digital transformation. At the policy level, the Enterprise Digital Transformation
Support Program for the period 2021–2025 sets the objective that by 2025, 100% of
enterprises will improve their awareness of digital transformation and at least 100,000
enterprises will receive support. However, survey evidence on more than 1,000
enterprises, of which 96.7% are SMEs, shows that most firms remain at an early stage of
digital transformation. Specifically, 48.8% have tried certain digital solutions but later
discontinued them; only 6.2% have clearly defined digital transformation goals; 20% have
not allocated a budget for digital transformation; and 56.3% have fewer than three
employees in charge of digital transformation strategies. These findings provide an
important picture of readiness gaps, but they mainly remain descriptive and do not
sufficiently explain how digital transformation may translate into broader development
outcomes.
The second stream of literature focuses on sustainable development, green growth
and ESG requirements. UNDP (2024) emphasizes that ESG is increasingly shaping
corporate strategy, investor expectations and competitiveness in international markets.
At the national level, Vietnam has issued the National Green Growth Strategy for 2021–
2030 under Decision No. 1658/QĐ-TTg and the Circular Economy Development Project
under Decision No. 687/QĐ-TTg. In addition, an official report from the Ministry of
Planning and Investment shows that in 2023 Vietnam scored 73.3 points and ranked 55th
out of 166 countries on the SDG Index. These policy and institutional developments
indicate that Vietnamese enterprises are operating in a context where digitalization can
no longer be separated from requirements related to transparency, efficiency, resource
optimization and sustainable development.

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