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The results of the testing and regression analysis measuring the impact of digital
economy factors on sustainable development (Table 8) indicate that all relationships
between the independent variables and sustainable development are statistically
significant. Therefore, all hypotheses are accepted. The standardized regression equation
is as follows:
SDG = 0,375 x DI + 0,272xEC + 0,078xIN + 0,074x FI + Ɛ

5. Discussion
Based on the current status of digital economy indicators in sustainable
development in Vietnam during the 2020–2025 period, the digital economy has
increasingly become a new growth driver, gradually replacing the resource-based growth
model. This transition is reflected in the rapid growth of the ICT sector, expanded
nationwide Internet access, significant improvements in the Digital Transformation Index
(DTI), booming e-commerce, and support for economic restructuring. Digital payments
and digital finance have grown strongly; the Human Development Index (HDI) has
recovered and remained at a relatively high level; and digital infrastructure and the
electronic financial ecosystem have developed rapidly.
The role of the digital economy in sustainable development in Vietnam can be
reflected in four core functions: reducing emissions intensity per GDP, promoting green
transformation among enterprises, enhancing transparency and environmental
governance, and supporting the implementation of international commitments.
However, several limitations and challenges remain. The share of the digital
economy in GDP increased slowly during 2020–2024; the digital gap among localities
remains significant; and although e-commerce has grown rapidly, it has not yet been
closely integrated with the green economy or clearly demonstrated its impact on
emissions reduction or environmental improvement. The digital workforce has grown
slowly, leading to potential skill shortages. The HDI has not experienced a breakthrough
proportional to the pace of digitalization, and sustainability remains unstable, with limited
evidence of deep innovation and digital productivity gains.
Regarding the impact of digital economy factors on sustainable development,
regression results indicate that digital transformation (DI) has the strongest and most
statistically significant effect on SDGs (β = 0.375; p < 0.001). This confirms the central role
of the digital economy in promoting sustainable development by improving resource
efficiency, enhancing transparency, and supporting data-driven governance. Economic
growth (EC) also has a positive and statistically significant impact (β = 0.272; p = 0.001).
Although theory suggests that growth may have dual effects, the findings indicate that,
during the analyzed period, economic growth in Vietnam has supported SDGs, reflecting a
shift toward a technology-driven and quality-oriented growth model. Internet
infrastructure (IN) and Fintech (FI) both have positive but relatively smaller effects (β =
0.078 and β = 0.074, respectively). This suggests that connectivity infrastructure and
financial technology mainly play supportive roles and become more effective when
integrated into comprehensive digital transformation processes.
Overall, the results emphasize that digital transformation is the most critical
structural driver of sustainable development, while economic growth must be closely
linked to technological advancement and quality improvement to generate long-term
positive impacts

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