Business model transformation among Vietnamese enterprises in the context of the digital economy

This study examines business model transformation among Vietnamese enterprises in the digital economy, emphasizing changes in value creation, customer engagement, operations, and competitiveness. Based on a theoretical review of the digital economy and digital business models, the study identifies major challenges involving technological capabilities, data governance, digital human resources, cybersecurity, and dependence on intermediary platforms. The findings indicate that digital transformation should not be limited to adopting individual technologies or expanding online sales. Instead, enterprises must strategically redesign how they create, deliver, and capture value while developing internal data capabilities and direct customer relationships. The study proposes policy and managerial recommendations to strengthen technological infrastructure, workforce capabilities, cybersecurity, data governance, organizational innovation, and enterprises’ capacity to undertake substantive, sustainable, and adaptive business model transformation.