Digital Transformation Strategy for SMEs in Vietnam: An Analysis of Mindset Barriers, Implementation Roadmaps, and Performance Measurement Systems (2024–2026)

The Vietnamese economy in the 2024–2025 period is undergoing a profound transformation, where the intersection of traditional business models and digital platforms creates unprecedented opportunities and challenges. According to data from the Agency for Business Registration, 2024 saw significant volatility in the enterprise landscape, with an average of over 19,000 new and returning businesses per month.¹ Total market entries and re-entries reached 233,419 units.¹ However, the economic outlook is not without its shadows; market exits climbed to 197,861 units, the majority of which were Small and Medium-sized Enterprises (SMEs) with a capital scale under 10 billion VND and less than five years of operation.¹

This reality highlights a ruthless rule of attrition: businesses lacking agility and lagging in operational modernization will inevitably fall behind. Digital transformation is no longer a luxury or a secondary option; it has become a vital imperative for enhancing competitiveness and ensuring sustainable growth.² Recognizing this trend early, the Vietnamese Government issued Decision No. 749/QD-TTg, approving the “National Digital Transformation Program through 2025, with a vision toward 2030.”⁴ The fact that 22/22 ministries and 63/63 provinces have finalized their Digital Transformation Steering Committees demonstrates a unified political commitment from central to local levels to build a comprehensive digital economy.⁵

Below is a statistical summary of the Vietnamese business landscape in 2024, serving as the foundation for analyzing the urgency of digital transformation:

While interest levels have reached new heights, the actual readiness for Industry 4.0 adoption in production and operations remains limited, specifically in supporting and processing-manufacturing industries.² The gap between ‘interest’ and ‘effective execution’ is largely driven by internal bottlenecks, chief among which is the leadership’s mindset.

Mindset and Perception Barriers: The Strategic Bottleneck for SMEs

Within the digital transformation (DX) journey, technological or financial hurdles are often less formidable than the mindset barrier. For SME owners in Vietnam, this remains the primary obstacle preventing breakthroughs and successful adaptation to the digital era.

Digital Transformation: “Cost” or “Investment”?

One of the most prevalent misconceptions among SMEs is viewing digital transformation as a luxury “cost” rather than a strategic investment.⁶ When viewed through a cost-centric lens, businesses tend to focus on minimizing expenditures, which leads to the adoption of fragmented, non-systemic solutions that lack a long-term roadmap.⁶

Conversely, an investment-oriented mindset requires firms to clearly define future value propositions: increased labor productivity, error minimization, process optimization, and, most crucially, the creation of new value for customers.⁸ Digital transformation consultants play a vital role in shaping this strategy by identifying current operational bottlenecks and recommending technologies that optimize resource allocation.⁸ Furthermore, investing in DX entails essential “hidden” costs—such as data security and cybersecurity—which should account for at least 10% of the total budget to ensure secure operations within the digital ecosystem.¹¹

Fear of Change and Cultural Resistance

Digital transformation typically involves disrupting established traditional workflows and Legacy Systems that have been in place for years.⁶ Hesitation toward novelty, the fear of shifting work habits, and the workforce’s perceived inability to adapt create significant psychological barriers. For medium and large-scale enterprises, complex organizational structures make shifting corporate culture a more taxing challenge than it is for micro-enterprises.⁶

At its core, digital transformation is not merely the deployment of new technology; it is a comprehensive Business Process Reengineering (BPR) effort that reshapes operational methods and the mindset of the entire workforce.⁹ This resistance can only be neutralized through unwavering commitment from C-suite leadership and an effective internal communication strategy.⁹

The Trap of Immediate ROI Expectations

Another common barrier is the expectation of an immediate Return on Investment (ROI), whereas digital transformation is inherently a long-term strategic evolution.¹³ The failure to see a sharp spike in net profit immediately following an ERP or CRM implementation often leads to frustration and the premature abandonment of projects.⁶

Businesses must recognize that initial benefits are frequently qualitative—such as improved operational efficiency and employee engagement—before they translate into quantitative financial metrics.¹³ Establishing short, medium, and long-term milestones is essential to maintaining organizational momentum throughout the transformation lifecycle.¹⁴

Analysis of Differences in Digital Transformation Mindset

Governmental Policy Frameworks and Support Programs

Recognizing the inherent challenges faced by SMEs, the Vietnamese Government—primarily through the Ministry of Planning and Investment (MPI) in collaboration with international organizations—has launched several practical support initiatives to accelerate the digital transition.

The National SME Digital Transformation Support Program (2021–2025)

Operating under Decision No. 12/QD-BKHĐT, this flagship program is spearheaded by the MPI and supported by USAID (via the LinkSME Project).¹⁶ The program’s targets for 2025 are highly ambitious:

• Awareness Elevation: 100% of enterprises to be reached through digital awareness and literacy campaigns.¹⁶

• Scale of Support: At least 100,000 enterprises to receive support, including access to digital readiness assessment tools, training, and solution matching.¹⁶

• Success Benchmarks: At least 100 enterprises to be developed into “Success Stories” (lighthouse projects), particularly within the manufacturing and processing sectors.¹⁶

• Expert Network: Establishment of a network comprising at least 100 specialized consulting organizations and individuals.¹⁶

The program provides tiered solution packages tailored to an enterprise’s maturity level:

1. Start Digital: For businesses initiating the digitization of basic processes.¹⁶

2. Grow Digital: For expanding businesses requiring technological optimization.¹⁶

3. Go Digital – Go Global: Supporting enterprises in scaling to international markets via cross-border e-commerce platforms.¹⁷

Ho Chi Minh City Initiatives and the Role of HUBA

Ho Chi Minh City (HCMC) currently leads the nation in the Digital Transformation Index (DTI), specifically in digital awareness and institutional frameworks.¹⁹ The digital economy contributed 22% to the city’s GRDP in 2024, with a target of 25% by 2025.²⁰

The HCMC Union of Business Associations (HUBA) and the HCMC Computer Association (HCA) have partnered with Viettel Group to provide free digital transformation support to 2,000 SMEs through 2025.²¹ Participants receive one year of free access to the Viettel-CODX Digital Office platform, enabling data digitization and workflow automation.²¹ This shift is estimated to reduce operational costs by up to 11%.²¹

For the 2025–2030 term, HUBA is prioritizing the “Dual Transition”: the intersection of Digital Transformation and Green Transformation.²³ Specialized seminars such as “Smart Factory 2025: AI for Green Factory” focus on integrating Artificial Intelligence into sustainable manufacturing, helping businesses navigate increasingly stringent ESG (Environmental, Social, and Governance) requirements.²³

Digital Transformation Roadmap and Methodology for SMEs

To overcome mindset barriers and ensure effective execution, enterprises should adopt proven scientific models and a structured roadmap.

The Three Stages of Digital Evolution

Digital transformation is not a single leap but a continuous evolution consisting of three primary stages:⁹

1. Digitization: Converting analog information (paper-based) into digital formats (electronic files). This is the foundational step for centralized data management.⁹

2. Digitalization: Leveraging technology to automate existing workflows without fundamentally changing the business model (e.g., implementing ERP, iOffice document management, or digital signatures).⁹

3. Digital Transformation: A total strategic pivot where the business and operational models are restructured around a digital data foundation to create new value for customers.⁹

Applying the ADKAR Change Management Model

To address psychological and cultural resistance, the ADKAR model (developed by Jeff Hiatt) is an effective individual-centric tool for managing change.²⁶ The ADKAR journey involves five steps:²⁶

• • Awareness: Employees must understand why the transformation is necessary. Leadership must communicate current pain points and how technology solves them, rather than simply issuing top-down mandates.²⁶

  • Desire: Fostering the motivation to participate in and support the change by highlighting personal benefits (e.g., workload reduction, streamlined tasks).²⁶

  • Knowledge: Providing specific training on how to use new tools and navigate new processes via workshops, videos, or interactive guides.²⁶

  • Ability: Ensuring employees can practically execute new skills. SMEs should implement changes in phases to allow staff time to adapt and build confidence.²⁶

  • Reinforcement: Sustaining the change through recognition, rewards for early adopters, and continuous evaluation to prevent a regression to old habits.²⁶

The 7-Step Holistic Digital Transformation Process

Based on consulting best practices from firms like FPT Digital, SMEs can follow this 7-step framework:²⁴

1. Define Objectives: Determine the core “Why” (e.g., Boosting productivity? Enhancing CX?).⁹

2. Current State Assessment: Analyze existing human capital, processes, technology, and data.⁹

3. Strategy Formulation: Develop a plan tailored to current capabilities, prioritizing high-value, low-risk digital initiatives.⁹

4. Implementation Planning: Detail the budget, resources, and timelines for each milestone.⁹

5. Infrastructure & Data Foundation: Select appropriate solutions (Cloud, AI, IoT) ensuring system interoperability.¹⁰

6. Human Capital Readiness: Train the workforce and foster an innovation-ready culture.²⁴

7. Full-scale Execution & Digitalization: Step-by-step implementation from info-digitization to business model transformation.⁹

Financial Management and Performance Measurement (ROI & KPI)

The inability to quantify results is the primary reason SME owners view DX as an expense. A robust measurement system proves the project’s tangible value.

Calculating Return on Investment (ROI)

ROI is the critical metric for evaluating the efficiency of a technology investment.¹³ Experts suggest a 5-step approach to ROI calculation:¹⁴

• Step 1: Define specific objectives and align them with ROI targets.

• Step 2: Analyze the current operational cost baseline.

• Step 3: Use a diverse set of metrics (including time savings and error reduction, not just cash).

• Step 4: Establish measurement milestones (Short-term for momentum; Long-term for net profit).

• Step 5: Continuously monitor and iterate the strategy.

Primary costs include technology acquisition, process reengineering, personnel training, and—crucially—data security expenditures.⁶

Digital Transformation Key Performance Indicators (KPIs)

Enterprises should develop SMART (Specific, Measurable, Achievable, Relevant, Time-bound) KPIs.³¹ Typical KPI groups include:

Summary of Key KPI Formulas for SMEs

• Online Sales Growth Rate: Measures the percentage increase in revenue generated specifically through digital channels over a defined period.

• Customer Satisfaction Score (CSAT): A standard metric derived from customer surveys to gauge the quality of the digital experience.

• Digital Skills Training Rate: Tracks the percentage of the workforce that has successfully completed upskilling or reskilling programs focused on digital tools.

• Return on Investment (ROI): A critical financial metric used to evaluate the efficiency and profitability of digital transformation expenditures.

Solution Ecosystems and Success Stories

Selecting technology that aligns with an organization’s scale and sector-specific requirements is a decisive factor in the success of digital transformation (DX). For Vietnamese SMEs, Cloud-native solutions and Software-as-a-Service (SaaS) are typically preferred due to their flexible cost structures and minimal hardware infrastructure requirements.

Prominent Solution Providers in Vietnam

The technological ecosystem in Vietnam has matured significantly, offering comprehensive suites for SMEs ¹⁷:

• Enterprise Resource Planning (ERP) & Finance: MISA AMIS (unified platform), VNPT ASME (SME-specific accounting), Cloudify Books.¹⁷

• Document Management & Operations: VNPT-iOffice (digital operations), SmartDOCS (document archiving).¹⁷

• Human Capital Management (HCM) & Workflow: Base.vn (Wework, Request, Workflow), Cloudify HRM.¹⁷

• Digitization & E-Signatures: SmartOCR (Optical Character Recognition), VNPT CA & SmartCA (Remote digital signing).¹⁷

• Public Digital Services: VNPT BHXH (Social insurance declarations), VNPT Invoice (E-invoicing).¹⁷

Lessons Learned from Success Stories

While these examples often feature global corporations, the core principles are highly applicable to the SME context:

• Starbucks: Achieved success through its “Digital Flywheel” strategy, utilizing AI to personalize customer experiences and optimize inventory management.³⁵ Lesson for SMEs: Customer data is your most valuable asset; leverage it to drive hyper-personalization.³⁵

• Netflix: Courageously pivoted from a traditional DVD rental model to a data-driven streaming platform—a classic case of Business Model Innovation.³⁵ Lesson for SMEs: Do not remain tethered to traditional models; be ready to pivot as market dynamics shift.³⁵

• Nike: Utilized foot-scanning apps to provide product recommendations and gather R&D data.³⁵ Lesson for SMEs: Deploy technology to solve specific customer “pain points.”

In the local context, enterprises such as Viettel, EVN, and TPBank serve as benchmarks for leveraging technology to break through productivity ceilings and optimize operations.³⁶ For an SME, success can begin with automating office functions, which has been shown to optimize 77% of activities and reduce costs by 11%.²²

Conclusion and Strategic Recommendations

Digital transformation is not a destination but a continuous journey toward value creation. To navigate mindset barriers and ensure successful execution through 2026, SMEs should prioritize the following strategic recommendations:

1. Shift from “Cost” to “Investment”: Leadership must view DX as a strategic investment. This commitment must be evidenced by active project sponsorship, appropriate budget allocation (including cybersecurity contingencies), and a commitment to the long-term roadmap.⁹

2. Prioritize People and Culture: Technology is merely an enabler; success is determined by the people using it. Adopt structured Change Management models (such as ADKAR) to ensure employees understand, desire, and are capable of implementing change.²⁶

3. Pursue “Short-Term Wins”: SMEs should avoid “boiling the ocean” with total transformation at the outset. Start by digitizing the most critical bottlenecks or departments that deliver immediate customer value to build organizational momentum.¹⁵

4. Leverage the Support Ecosystem: Maximize the resources offered by the Government and industry associations. Engaging with Ministry of Planning and Investment programs or HUBA/Viettel support packages reduces financial pressure and provides access to professional consultancy.¹⁶

5. Maintain Continuous Measurement: Implementing a robust KPI and ROI framework is mandatory for tracking progress. Data transparency empowers leadership to make agile strategic adjustments, ensuring the enterprise remains on course in a volatile digital landscape.¹⁴

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