Page 722 - ISC PROCEEDINGS 21.4

HUMAN CAPITAL, BEHAVIOURAL FACTORS, AND GRADUATE
EMPLOYABILITY IN THE DIGITAL ECONOMY: A CONCEPTUAL FRAMEWORK
WITH PILOT EVIDENCE FROM VIETNAM

Tran Nam Quoc* 1

1 Banking University of Ho Chi Minh City, Vietnam.
(*E-mail: quoctn@hub.edu.vn)

ABSTRACT
The rapid expansion of the digital economy, accelerated by artificial intelligence (AI)
and automation, has fundamentally reshaped the competencies required for graduate
employment in emerging economies. This study proposes a multilayered theoretical
framework for graduate employability in the digital economy, integrating human capital
theory, signalling theory, the CareerEDGE model, and behavioural economics perspectives
including self-efficacy, present bias, and cognitive biases. The framework identifies four
interacting layers: (1) university training and institutional context, (2) student capabilities
encompassing domain knowledge, digital–AI competencies, and behavioural skills, (3) a
behavioural–perceptual layer capturing self-efficacy and perceived employer demand,
and (4) self-perceived employability outcomes. The framework is contextualised for
Vietnam and illustrated with pilot data from 99 business students in Ho Chi Minh City.
Regression analysis indicates that professional knowledge (β = 0.320, p = 0.001),
professional skills (β = 0.384, p < 0.001), and professional attitude (β = 0.190, p = 0.010)
jointly explain 93.2% of the variance in self-perceived employer-demand alignment.
Implications for curriculum reform, career guidance, and human-capital policy in
Vietnam's digital transformation are discussed.
Keywords: Graduate employability; digital economy; human capital; behavioural
economics; self-efficacy; Vietnam; conceptual framework.

1. Introduction
The global economy is undergoing a profound structural transformation driven by
digitalization, artificial intelligence, and data-intensive technologies. In Vietnam, the
digital economy contributed approximately 14.02% of GDP in 2025, equivalent to roughly
US$72.1 billion, up from 12.87% in 2021. GDP per capita exceeded US$5,000, and the
digital economy's average growth rate reached 12.1% annually during 2021–2025. This
transformation has created both unprecedented opportunities and severe skills
mismatches: nearly 70% of Vietnamese graduates are not considered job-ready by
employers, while the IT sector alone faces a shortfall of approximately 150,000 engineers.
The Prime Minister's pledge to train 100,000 AI engineers underscores the urgency of
aligning higher education with the demands of the new economy.
Understanding and enhancing graduate employability, defined as the set of
achievements, understanding, and personal attributes that make graduates more likely to
gain and sustain employment commensurate with their qualifications (Yorke, 2006), has
become a critical policy and educational priority. Although a substantial body of research
has examined the determinants of graduate employability in developed economies,
several gaps remain.

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