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.^1,36

In the Vietnamese context, the northern mountainous provinces represent a unique case study, with an emerging entrepreneurial ecosystem and increasing emphasis on sustainable development. 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 alignment between digital transformation (DT) and sustainable supply chain finance (SCF) has attracted increasing attention as an integrated approach in the context of globalization and Industry 4.0.² Rather than treating these as two parallel domains, recent studies suggest that meaningful outcomes tend to emerge only when DT and SCF reinforce each other under specific contextual conditions. This perspective calls for a more systematic examination of a set of interrelated factors, including leadership vision (TN), strategic orientation (DH), information sharing mechanisms (XD), supplier collaboration (HTPT), organizational resources (NLDN), process readiness (SSDN), financial and credit support (CCTC), and firms’ behavioral engagement with DT and SCF practices (CDSTTCCU). These dimensions are particularly relevant in the Vietnamese context especially in Northern mountainous regions where resource constraints mean that integration does not occur organically but is highly dependent on organizational and environmental conditions.

In the domain of digital transformation in supply chains, earlier studies largely emphasized the role of technology in operational optimization. Tools such as predictive analytics and blockchain have been shown to enhance visibility, improve automation, and reduce inefficiencies.^9,10,18 However, a closer reading of this literature suggests that these outcomes cannot be attributed to technology alone. Campos et al., for instance, also highlight the importance of leadership vision (TN) and organizational resources (NLDN) as enabling conditions for technology to deliver value. This argument is reinforced by later work (e.g., Lerman et al., 2022; Kurniawan et al., 2024), which positions leadership commitment as a key lever for digital transformation, particularly in emerging economies where infrastructural limitations persist.^19,20 In this sense, DT is less about the presence of technology per se and more about an organization’s capacity to absorb and effectively deploy it.

From the perspective of supply chain finance, Hofmann et al. (2011) and Caniato et al. (2019) conceptualize SCF as a mechanism through which the credit strength of large firms can be leveraged to improve liquidity for smaller suppliers, especially SMEs.^8,17 Instruments such as receivables financing and invoice discounting have proven useful in easing cash flow constraints. That said, Gelsomino et al. (2016) point out that SCF cannot function effectively in the absence of robust information-sharing mechanisms (XD) and strong inter-firm collaboration (HTPT).¹⁵ This reveals a clear point of convergence: effective SCF requires transparent and reliable information, which in turn depends heavily on the level of digital transformation. At the same time, factors such as process readiness (SSDN) and financial support (CCTC) are frequently highlighted as foundational conditions for sustaining financial performance.^3,4

When these two strands of literature are considered together, a common limitation becomes apparent. Much of the existing work examines individual factors in isolation rather than exploring how they interact within a broader system. Variables such as CCTC, DH, SSDN, and CDSTTCCU have been identified, yet their interdependencies remain insufficiently understood. In practice, these elements do not operate independently; they may reinforce or weaken one another. For example, financial support (CCTC) may have limited impact if firms lack adequate process readiness (SSDN), or if strategic orientation (DH) is unclear.

This gap is even more evident in developing economy settings. According to a 2024 report by the IFC and WTO, SMEs in Vietnam account for approximately 40% of GDP and 60% of employment, yet only about 20% have access to formal bank financing. While this underscores the importance of financial support mechanisms (CCTC), it also raises a critical question: why do similar policies yield different outcomes across firms? A plausible explanation lies in variations in strategic orientation, process readiness, and organizational capacity. However, current studies have not sufficiently examined the moderating role of these factors in the DT–SCF relationship.

In addition, empirical evidence on firms’ DT–SCF-related behaviors (CDSTTCCU) remains limited in specific contexts such as Northern mountainous regions of Vietnam. These areas face clear constraints in both digital infrastructure and financial resources, making the processes of digital transformation and supply chain integration more challenging than in urban settings. For instance, while adopting digital platforms such as blockchain may improve financial transparency, the actual benefits depend heavily on process readiness (SSDN) a factor that has not been adequately tested in this context. The lack of empirical data partly explains why policy recommendations often remain general and difficult to operationalize.

Taken together, these observations point to a gap on both theoretical and practical fronts. Theoretically, existing models do not fully capture how contextual factors interact to generate DT–SCF synergy. Practically, this limits the ability to design targeted interventions for SMEs, particularly within national digital transformation initiatives. In response, this study focuses on TN, DH, XD, HTPT, NLDN, SSDN, CCTC, and CDSTTCCU to examine how these factors interact within the Vietnamese context. Drawing on empirical evidence from Northern mountainous regions, the study aims to clarify the mechanisms through which DT and SCF reinforce each other, thereby contributing to both theory development and policy implications for sustainable supply chain practices.

3. Research model and hypotheses

In the context of digital transformation (DT) increasingly reshaping supply chain operations, the development of sustainable supply chain finance (SCF) models is no longer purely a matter of financial tools but is closely tied to firms’ internal capabilities. This suggests that the effectiveness of SCF depends on how organizational factors are configured and managed within a digital environment. From this perspective, the research model is developed using an integrative approach, drawing on the resource-based view (RBV) proposed by Wernerfelt (1984),³¹ building on Penrose (1959),²⁷ and incorporating recent studies on digital transformation in logistics and supply chain finance. This approach helps explain how internal resources and capabilities contribute to competitive advantage, while also clarifying the mechanisms through which DT and SCF may reinforce each other.

The model is designed to identify contextual factors influencing digital transformation and supply chain finance behavior (CDSTTCCU) ( Table 1). Rather than examining these factors in isolation, CDSTTCCU is treated as an aggregated outcome that reflects the extent to which digital technologies are meaningfully integrated into financial and supply chain activities. Accordingly, seven independent variables are included: leadership vision and commitment (TN), strategic orientation (DH), information exchange mechanisms (XD), supplier collaboration (HTPT), organizational resources (NLDN), process readiness (SSDN), and financial and credit support (CCTC). These variables are selected not only based on prior literature but also because they represent core operational conditions within firms.

More specifically, leadership vision and commitment (TN) act as a driving force that initiates and guides transformation efforts, while strategic orientation (DH) translates this vision into concrete supply chain management practices aligned with sustainability goals. Information exchange mechanisms (XD) and supplier collaboration (HTPT) provide the foundation for data connectivity and coordination across the supply chain. At the same time, organizational resources (NLDN) and process readiness (SSDN) reflect the firm’s capacity to absorb and implement digital solutions. Financial and credit support (CCTC), in turn, ensures liquidity and supports financial flows throughout the supply chain. Based on this structure, CDSTTCCU is specified as the dependent variable, capturing the combined effect of these contextual factors.

Building on this logic, the hypotheses are formulated to test the direct effects of each contextual factor on CDSTTCCU. Specifically, TN, DH, XD, HTPT, NLDN, SSDN, and CCTC are all expected to have positive impacts on digital transformation and supply chain finance behavior. This setup allows the study to assess the relative importance of each factor within an integrated framework, thereby shedding light on how the synergy between DT and SCF emerges in practice.

4. Research methodology

This study adopts a mixed-method approach to capture both contextual depth and empirical validation. Rather than combining qualitative and quantitative methods in parallel, the research is designed as a sequential explanatory process. In this design, the qualitative phase serves to refine constructs and contextualize the model, while the quantitative phase is used to test the proposed hypotheses.

In the first stage, qualitative data were collected through 25 semi-structured interviews with senior managers from firms and banks in Vietnam. Participants were selected based on their experience with digital transformation and supply chain finance strategies, ensuring that the insights reflect actual managerial practices. The interviews focused on key factors including TN, DH, XD, HTPT, NLDN, SSDN, and CCTC, allowing the study to better understand how these elements are interpreted and applied in practice. Importantly, findings from this stage are not treated as standalone evidence but are used to refine the measurement scales and improve the contextual relevance of the survey instrument.

In the second stage, a structured survey was conducted with 78 firms, yielding 66 valid responses, corresponding to a response rate of 84.6%. The sample includes both small and medium-sized enterprises (SMEs) and large firms, selected using a stratified sampling approach to ensure representation across industries and firm sizes. A five-point Likert scale was employed to measure perceptions of the identified factors and their influence on CDSTTCCU, consistent with prior research in organizational behavior and digital transformation.

For data analysis, multiple linear regression was applied to test the research model. The analysis followed a step-by-step procedure to ensure methodological rigor. First, model fit was assessed using R² and adjusted R², indicating the explanatory power of the independent variables. Next, the overall significance of the model was evaluated using the F-test from the ANOVA table, with a significance threshold of p < 0.05. Subsequently, the significance of each independent variable was examined based on their respective p-values, allowing for the identification of statistically meaningful relationships.

To ensure the robustness of the results, multicollinearity was assessed using variance inflation factors (VIF), with a threshold of VIF < 10. In addition, key regression assumptions were examined using diagnostic plots, including histograms of standardized residuals, normal probability (P–P) plots, and scatterplots, to verify normality and linearity conditions. All analyses were conducted using SPSS, ensuring consistency and reliability in data processing.

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 offer important reference points for both policymakers and managers. Drawing on the empirical findings, policymakers may consider introducing regulations that facilitate digitalization, with the aim of reducing administrative burdens in supply chain finance by approximately 20% by 2027. Such efforts could help small and medium-sized enterprises (SMEs) improve their access to financial resources and digital technologies. At the firm level, managers may prioritize investments in digital human capital development for instance, targeting the training of around 500,000 technology-skilled workers by 2030, while also promoting collaborative arrangements such as public private partnerships (PPP), with a view to increasing the share of supply chain projects implemented under PPP models to about 30% by 2028.

While this study provides several theoretical and practical implications for advancing supply chain finance models in the digital era, certain limitations remain. Future research could extend the geographical scope to countries such as Thailand, Indonesia, and Singapore in order to enhance comparability and generalizability.

Overall, the findings highlight the importance of understanding and improving contextual factors associated with CDSTTCCU within the scope of this study. In the context of accelerating digitalization and economic integration, Vietnam holds considerable potential to strengthen its position within digital supply chain networks, provided that appropriate strategies are effectively implemented.

Amid ongoing challenges such as climate change and supply chain disruptions, adopting evidence-based strategies informed by empirical research may assist both firms and policymakers in enhancing resilience. In turn, this could contribute to shaping more sustainable 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.