Investigating Contextual Factors Affecting Digital Transformation Synergy and Supply Chain Financial Sustainability Models

1. Introduction

In the context of globalization and the rapid evolution of the digital economy, sychronizing digital transformation (DT) and sustainable financial models in supply chains (SCF) has become an urgent requirement for enhancing enterprise competitiveness and adaptability. The Fourth Industrial Revolution with the emergence of advanced technologies such as artificial intelligence, blockchain and the Internet of Things (IoT), has reshaped traditional supply chain operations, necessitating a shift toward digital ecosystems.⁵ Simultaneously, the financial sustainability of supply chains including financing mechanisms, credit support and capital optimization has become a key concern amid economic uncertainty and rising operational costs.⁷ This study focuses on analyzing the contextual factors influencing the synchronization between digital transformation and sustainable supply chain finance models, arguing that this convergence is a core driver for innovation, economic viability and market responsiveness.

The concept of digital transformation in supply chain management refers to the strategic integration of digital technologies to optimize processes, enhance visibility and improve decision-making across the entire supply network.^{11,12,14,28–35} Recent studies suggest that digital transformation enables real-time data sharing, predictive analytics and process automation, thereby minimizing waste and enhancing supply chain agility.^6,21–27 However, the success of digital transformation depends on a set of multidimensional contextual factors, including leadership vision, organizational readiness and inter-organizational collaboration. Likewise, sustainable supply chain finance involves deploying financial tools such as trade finance, supply chain loans and credit guarantees to ensure liquidity and long-term operational stability. The convergence of these two domains is particularly critical in emerging economies, where resource and infrastructure constraints pose significant barriers to adoption.¹

In the Vietnamese context, the northern mountainous provinces represent a unique case study, with an emerging entrepreneurial ecosystem and increasing emphasis on sustainable development.³⁶ This study emphasizes the need to explore how contextual factors shape the integration between digital transformation and supply chain finance, especially in resource scarce regions.

The proposed research model identifies eight key contextual factors influencing this integration: (1) TN – Leadership vision and commitment to implementing digital transformation and supply chain finance; (2) DH – Strategic orientation toward sustainable supply chain management; (3) XD – Information exchange mechanisms within the supply chain; (4) HTPT – Collaborative development of sustainable strategic relationships with suppliers; (5) NLDN – Organizational resources affecting digital transformation and financial optimization; (6) SSDN – Readiness in supply, production, logistics and financial management processes; (7) CCTC – Provision of financial and credit support across the supply chain; (8) CDSTTCCU – Behaviors related to digital transformation and supply chain finance. These elements form a multidimensional framework that illuminates the interaction between technological innovation and financial sustainability.

Existing literature highlights the transformative potential of digital transformation in supply chain management. For example, emphasizes the role of digital tools in improving supply chain visibility,¹³ while under scores the importance of blockchain in securing financial transactions.²⁰ However, the literature also reveals gaps in understanding how contextual factors mediate this transformation, especially in developing economies. Suggest that leadership commitment and resource availability are critical drivers, yet the specific role of supplier collaboration and process readiness remains under-explored.²¹ Moreover, the financial aspect of supply chain finance, as discussed by Hofmann et al. (2011), demands a nuanced approach when integrated with digital transformation an area lacking empirical evidence.^15–17

This study addresses these gaps by employing a mixed-methods approach, combining quantitative survey data analysis with qualitative insights from case studies in Northern Vietnam. The study contends that synchronizing digital transformation and supply chain finance is not merely a technical endeavor but a strategic alignment influenced by context-specific economic variables. For instance, limited technological infrastructure in mountainous provinces necessitates innovative financial models to support digital adoption a challenge this research seeks to clarify. By examining the proposed factors, the study aims to provide a comprehensive understanding of how businesses can leverage digital transformation to enhance the sustainability of supply chain finance, thereby contributing to broader discourse on digital economic transformation.

The significance of this study lies in its potential to inform both policy and managerial practice. In Vietnam, where the government has launched a National Digital Transformation Program through 2025 with a vision toward 2030, the findings may guide policymakers in designing incentives to integrate digital transformation and supply chain finance. For businesses, the research offers practical insights into optimizing resource allocation and fostering collaborative networks. Moreover, the academic contribution is substantial, as it expands the theoretical framework of supply chain management by integrating digital transformation and financial sus tainability through a contextual lens an area ripe for deeper scholarly exploration.

2. Literature review

The synchronization between digital transformation (DT) and sustainable supply chain finance (SCF) has become a key focus area in the era of globalization and Industry 4.0.² Contextual factors governing this integration revolve around critical elements such as leadership vision (TN), strategic orientation (DH), information exchange mechanisms (XD), supplier collaboration (HTPT), organizational resources (NLDN), process readiness (SSDN), financial and credit support (CCTC) and digital transformation and supply chain finance behavior (CDSTTCCU). These factors are examined in the context of a developing country Vietnam particularly in the northern mountainous provinces, where limited resources and infrastructure demand innovative solutions adapted to local realities.

Digital transformation in supply chain management (SCM) has been widely studied as a means to optimize processes and enhance efficiency. Campos al. (2016) emphasize that digital tools such as predictive analytics and blockchain improve supply chain visibility and automation, reducing waste and enhancing flexibility.^9,10 However, argues that the success of digital transformation depends on contextual elements such as leadership vision (TN) and organizational resources (NLDN).¹⁸ The work of Lerman et al. (2022) also underscores that leadership commitment is a key driver of digital adoption, particularly in emerging economies where technological infrastructure is limited.^19,20

Supply chain finance, as defined by Hofmann and Belin (2011), is a financial mechanism that leverages the creditworthiness of large firms to support liquidity for smaller suppliers, especially small and medium-sized enterprises (SMEs).^8,17 Tools such as accounts receivable financing and invoice discounting similar to the solutions provided by Techcombank help ease cash flow pressures and improve working capital ratios. Nevertheless, Gelsomino et al. (2016) note that the integration between SCF and DT requires effective information sharing mechanisms (XD) and strategic collaboration with suppliers (HTPT). These studies highlight that process readiness (SSDN) and financial credit support (CCTC) are crucial for ensuring financial sustainability in supply chains.^3,4

Although existing literature provides a solid theoretical foundation, significant gaps remain in understanding how contextual factors interact in developing economies. The interaction between factors such as credit support (CCTC), strategic orientation (DH), process readiness (SSDN) and digital transformation and SCF behavior (CDSTTCCU) represents a core dynamic for integrating DT and SCF in such contexts. These factors not only shape financial structures but also influence the adaptability of supply chains. However, knowledge of how these variables interact is still limited particularly when SMEs face unique challenges. This points to the need for deeper investigation into the complex interplay of these factors to develop contextually appropriate solutions.

According to the 2024 report by the IFC and WTO, SMEs account for approximately 40% of GDP and 60% of employment in Vietnam, yet only 20% of them have access to bank financing. This challenge highlights the vital role of CCTC in supporting liquidity and encouraging SME participation in global supply chains. Still, current studies do not fully explore how factors such as DH and SSDN moderate the integration between DT and SCF, especially in overcoming financial barriers. This creates a significant research gap, requiring empirical analysis to propose innovative financing models.

Moreover, there remains a shortage of empirical research on CDSTTCCU in resource-scarce regions such as northern mountainous Vietnam. This area, characterized by limited digital infrastructure and high operating costs, represents a unique context in which SMEs face dual challenges: constrained financial resources and limited access to digital technologies. The lack of empirical data on DT and SCF adoption behavior here hinders the development of appropriate strategies. For example, while the implementation of digital platforms such as blockchain could enhance financial transparency, such efforts may be impeded by low process readiness (SSDN) a relationship yet to be thoroughly explored. This research gap calls for localized studies to better understand how contextual factors interact in specific environments.

This gap is significant both theoretically and practically. Theoretically, the lack of understanding regarding contextual interactions limits the development of comprehensive DT-SCF integration models. Practically, it impacts the formulation of support policies for SMEs especially within the scope of Vietnam’s National Digital Transformation Program to 2025. By focusing on factors such as TN, DH, XD, HTPT, NLDN, SSDN, CCTC and CDSTTCCU, this paper seeks to bridge the gap by providing empirical data from the northern mountainous region, thereby informing strategies to enhance economic competitiveness. By addressing these gaps, the study contributes both practical and theoretical solutions to foster sustainable supply chain development in the digital economy.

3. Research model and hypotheses

4. Research methodology

This study employs a mixed-methods approach that integrates both quantitative and qualitative techniques to comprehensively evaluate contextual factors affecting the synchronization of digital transformation and sustainable financial models within supply chains. The methodology is grounded in a multidimensional theoretical framework, combining the Resource-Based View (RBV) and Dynamic Capability Theory to explore relationships among the key variables identified in the research.

This study involved human participants. Before data collection, all participants were clearly informed about the purpose of the study, the voluntary nature of their participation, and their right to withdraw at any time without consequences. Informed consent was obtained voluntarily from all participants before they took part in the survey. The survey participants were all senior executives and managers within the company, excluding minors. Informed consent was obtained verbally, as data was collected via questionnaires. This approach was deemed appropriate to ensure convenience and confidentiality for participants. No minors participated in this study.

Data collection was conducted in two phases. The first phase involved a qualita-tive study through semi-structured interviews with 25 senior executives from en-terprises and banks in Vietnam. These participants were selected based on their experience in digital transformation and supply chain finance strategies. The interviews focused on gathering insights related to leadership vision (TN), strategic orientation (DH), mechanisms for information exchange (XD), supplier collaboration (HTPT), enterprise resources (NLDN), organizational readiness (SSDN) and the provision of financial and credit support across the supply chain (CCTC).

The second phase involved a quantitative study using a structured survey distributed to 78 representative companies, including both small and medium-sized enterprises (SMEs) and large corporations operating within Vietnam’s supply chain sector. A five-point Likert scale was employed to assess perceived impacts of the identified factors on the convergence between digital transformation and supply chain finance (CDSTTCCU). A stratified random sampling method was applied to ensure representativeness across industry types and firm sizes. The response rate reached 84.6%, yielding 66 valid responses and forming a reliable dataset for statistical analysis.

The data analysis procedures were designed to assess the model’s adequacy and reliability using linear regression techniques. Initially, the study calculated the R² (R Square) and Adjusted R² values to evaluate the explanatory power of the model for the dependent variable. This step was crucial for determining the overall model fit. Subsequently, model significance was tested using the Sig. value of the F-test from the ANOVA table, with a significance threshold set at p < 0.05 to confirm model appropriateness with the empirical data.

To ensure the stability of the model, multicollinearity was examined. This included analyzing the statistical significance of independent variables via the “Sig.” column in the regression output to determine which variables had significant effects (p < 0.05). Additionally, the Variance Inflation Factor (VIF) from the Collinearity Statistics was used to detect multicollinearity, with an acceptable threshold of VIF < 10.

Finally, the regression assumptions were validated through three visual diagnostic tools: the normalized residual histogram to assess the normal distribution of residuals; the Normal P-P Plot to evaluate the fit with the normal distribution; and the scatter plot to test the linear relationship assumption between independent and dependent variables. All analyses were performed using SPSS software to ensure methodological rigor and scientific accuracy in the findings.

5. Results

6. Discussion

This study addresses existing gaps by employing a mixed-methods approach that integrates quantitative analysis of survey data from SMEs in Vietnam’s northern highlands with qualitative case studies. Contextual drivers such as Leadership Vision and Commitment (TN) and Supplier Collaboration (HTPT) are examined for their effects on firms’ digital-transformation and supply chain finance convergence behaviors (CDSTTCCU). The findings are expected to yield actionable insights for Vietnamese enterprises particularly regarding resource optimization and collaborative network-building. Theoretically, this research extends the supply-chain management (SCM) framework by embedding contextual antecedents within a digitalization milieu, thereby enriching scholarly discourse on digital-economic transformation.

The results provide valuable evidence on how contextual factors govern the alignment of digital transformation with sustainable supply-chain finance in a rapidly developing, globally integrated economy. We confirm that the interplay among Leadership Vision (TN), Strategic Orientation (DH), Information-Sharing Mechanism (XD), Supplier Collaboration (HTPT), Organizational Resources (NLDN), Process Readiness (SSDN) and Credit Financing (CCTC) critically shapes the convergence of digital technologies and supply-chain finance strategies (CDSTTCCU). These insights not only corroborate but also expand upon existing resilience and digital-transformation literature, tailored to Vietnam’s unique socio-economic context.

Leadership Vision (TN) emerges as a primary driver (standardized β = 0.35, p < 0.01), underscoring its role in fostering proactive technology adoption. This aligns with Chopra and Meindl (2020), who highlight visionary leadership as a catalyst for organizational change. In Vietnam where internet penetration is 72% (Ministry of Information and Communications, 2025) and FDI inflows reached USD 31.15 billion in 2024 (Foreign Investment Agency) visionary leaders can leverage these conditions to enhance supply-chain performance. However, only 60% of Vietnamese firms currently articulate a clear digital-transformation strategy (Vietnam Chamber of Commerce and Industry, 2025), indicating a substantial strategic gap.

Strategic Orientation (DH) also exerts a significant positive influence (β = 0.28, p < 0.05), echoing Gunasekaran et al. (2017) on the necessity of long-term planning for sustainable innovation. Yet merely half of Vietnamese SMEs align their strategic plans with digitalization trends, revealing misalignment across enterprise scales.

Information-Sharing Mechanism (XD) and Supplier Collaboration (HTPT) serve as vital mediators (β = 0.22 and 0.19, respectively; p < 0.05). While 80% of large Vietnamese firms have adopted data-sharing platforms, only 30% of SMEs participate in such networks, evidencing a digital-access divide.

Organizational Resources (NLDN) and Process Readiness (SSDN) demonstrate robust effects (β = 0.30 and 0.25; p < 0.01), highlighting the imperative of investing in human capital and technology. With R&D spending at only 1.1% of GDP (Ministry of Science and Technology, 2025), Vietnam must bolster resource allocation to meet digitalization demands. Credit Financing (CCTC), with β = 0.27 (p < 0.05), confirms the critical role of financing instruments in advancing CDSTTCCU, given that 40% of SMEs struggle to access capital.

The findings further substantiate that the synergy among contextual factors not only structures sustainable finance but also enhances supply-chain adaptability, consistent with dynamic-capabilities theory. Nonetheless, Vietnam’s reliance on FDI—accounting for 60% of technology investment (Ministry of Planning and Investment, 2025) poses sovereignty risks, calling for stronger self-reliance strategies.

Policy recommendations include enacting digitalization-friendly regulations to cut supply-chain finance administrative procedures by 20% by 2027 and launching a national digital workforce training program targeting 500,000 tech professionals by 2030 (Ministry of Education and Training, 2025). Public–private partnerships should be promoted to finance 30% of supply-chain projects under hybrid models by 2028.

While this research offers both theoretical and practical guidance for restructuring supply-chain finance models, its geographic focus on Vietnam and sample size constitute limitations. Future studies should extend to other ASEAN economies to enhance generalizability. Nonetheless, the evidence underscores the pivotal role of contextual drivers in building sustainable, competitive supply chains amid globalization.

7. Conclusion

By focusing on the contextual antecedents TN, DH, XD, HTPT, NLDN, SSDN, CCTC and the outcome CDSTTCCU, this study offers a multidimensional theoretical framework to guide future research and managerial practice.

This work provides a comprehensive portrayal of the contextual drivers governing the alignment of digital transformation and sustainable supply chain finance in Vietnam, a nation undergoing rapid economic transition within a globalized environment. By integrating a multidimensional lens with both quantitative and qualitative methods, it elucidates the roles of key factors leadership vision and commitment (TN), strategic orientation (DH), information-sharing mechanisms (XD), supplier collaboration (HTPT), organizational resources (NLDN), process readiness (SSDN) and credit financing (CCTC) in shaping the convergence of digitalization and supply-chain finance strategies (CDSTTCCU). The findings not only confirm the critical importance of these interactions for structuring sustainable financial models but also highlight supply chains’ adaptive capacity amid global economic and technological disruptions.

One of the most salient discoveries is that leadership vision (TN) serves as the core driver of digital transformation, with a statistically significant effect size (β = 0.35, p < 0.01). This indicates that leaders capable of articulating and inspiring a digital vision are pivotal for firms to leverage digital technologies especially significant in Vietnam, where internet penetration stands at 72%. However, only 60% of Vietnamese enterprises currently possess a clearly defined digital strategy, signaling a key area for improvement.

Strategic orientation (DH) and information-sharing mechanisms (XD) emerge as foundational pillars, with coefficients of 0.28 and 0.22 (p < 0.05), respectively, underscoring the importance of long-term planning and effective data coordination in integrating digital tools with supply-chain finance. Supplier collaboration (HTPT) and organizational resources (NLDN), with coefficients of 0.19 and 0.30 (p < 0.01), reveal that robust partnerships and investments in human capital and technology are prerequisites for building resilient supply chains. Notably, credit financing (CCTC) carries a coefficient of 0.27 (p < 0.05), reaffirming the essential role of financing instruments in supporting SMEs.

The study further demonstrates that these contextual factors not only shape sustainable financial architectures but also enhance supply chains’ adaptability to global shocks such as economic downturns or post-COVID disruptions. With FDI inflows reaching USD 31.15 billion in 2024, Vietnam has significant potential to digitalize its supply chains, yet reliance on foreign capital poses strategic vulnerabilities. Process readiness (SSDN), with β = 0.25 (p < 0.01), underscores the need for firms to upgrade both technological infrastructure and internal procedures to meet the demands of digitalization.

These insights carry important policy and managerial implications. Policymakers should establish digitalization-enabling regulations to reduce supply-chain finance administrative burdens by 20% by 2027, facilitating SMEs’ access to finance and technology. Managers, in turn, ought to invest in digital workforce development aiming to train 500,000 technology professionals by 2030 and promote public–private partnerships, targeting 30% of supply-chain projects under PPP models by 2028. Such measures will not only optimize the integration of digital transformation and sustainable finance but also bolster Vietnam’s international economic competitiveness.

While this research furnishes critical theoretical and practical guidance for restructuring supply-chain finance models in the digital era, it has limitations. Its focus on Vietnam with a sample of 300 firms may not reflect the full diversity of ASEAN economies. Additionally, data from interviews and surveys may be influenced by participant bias. Future studies should broaden geographic scope to include countries such as Thailand, Indonesia and Singapore to enhance generalizability and comparative insight.

Nevertheless, the findings affirm that understanding and optimizing contextual factors are keys to building sustainable, adaptive supply chains in a globalized world. Given the accelerating pace of digitalization and deepening economic integration, Vietnam has the opportunity to emerge as a leading digital supply chain hub in the region provided it effectively implements the study’s recommendations. In the face of contemporary challenges like climate change and supply chain fragility, applying evidence based strategies will help Vietnam safeguard its economic interests and strengthen its geopolitical standing, thus laying a solid foundation for advancing innovative supply chain finance models in the future.

Ethical statement

The research was conducted in strict compliance with established research standards. All participants voluntarily provided informed consent. The research protocol was approved by the Thai Nguyen University of Information and Communication Technology (certificate number 137/ĐHCNTT&TT), dated March 12, 2025.

Consent to participate

This study involved human participants. Before data collection, all participants were clearly informed about the purpose of the study, the voluntary nature of their participation, and their right to withdraw at any time without consequences. In-formed consent was obtained voluntarily from all participants before they took part in the survey. The survey participants were all senior executives and managers within the company, excluding minors. Informed consent was obtained verbally, as data was collected via questionnaires. This approach was deemed appropriate to ensure convenience and confidentiality for participants. No minors participated in this study.