Factors affecting the effectiveness of digital transformation in small and medium-sized enterprises in Vietnam

Digital transformation has become a strategic imperative for small and medium-sized enterprises (SMEs) in Vietnam amid an increasingly data-driven, technology-intensive, and adaptive competitive landscape. This article examines the determinants of digital transformation effectiveness in SMEs from a business management perspective, drawing on a synthesis of the literature, policy analysis, and theoretical frameworks, including the Technology - Organization -Environment (TOE) framework, the Resource-Based View (RBV), and dynamic capabilities theory. The findings indicate that the effectiveness of digital transformation extends beyond technological investment, encompassing digital leadership, human capital, financial capacity, the degree of data and process standardization, as well as the broader institutional environment and supporting ecosystem. Overall, the study provides a comprehensive understanding of the multidimensional factors shaping digital transformation outcomes in Vietnamese SMEs.