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This finding strengthens the theoretical contribution of the study. It shows that TOE
helps explain the conditions under which digital transformation emerges, but dynamic
capability theory is essential for explaining why the outcomes of transformation differ
across firms. The results suggest that digital transformation creates opportunities, but
dynamic capability determines whether those opportunities are converted into
sustainable development value.
4. Conclusion
The study shows that the sustainable development of small and medium-sized
enterprises (SMEs) in Vietnam during the 2021–2025 digital transformation period
depends not only on technological readiness but also on organizational capacity,
adaptability and external support conditions. SMEs have made positive progress in basic
digital infrastructure, leadership awareness and commitment and have begun to
recognize the benefits of digital transformation in improving operational efficiency and
competitiveness. However, limitations in digital skills, data management, investment
resources, innovation capacity and the integration of digital transformation with social
and environmental goals indicate that the process remains uneven and relatively shallow.
The study suggests that for digital transformation to become a driver of sustainable
development, SMEs need to move beyond isolated technology adoption toward digital
governance aligned with long-term strategies, particularly by strengthening data
capabilities, human resources and internal innovation. At the same time, government
support mechanisms should be more practical and accessible, especially in areas such as
strategic guidance, training, financing and digital infrastructure. With clear direction and
adequate resources, digital transformation can help SMEs enhance competitiveness,
improve adaptability and achieve more sustainable growth in the digital economy.

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