This dissertation investigates the key drivers of enterprise digitalization and their impact on financial performance. It examines how these factors influence digital maturity and technology adoption, ultimately shaping competitiveness. The study has three main objectives: (1) reviewing relevant theories on enterprise performance in the digital era, (2) identifying factors affecting digitalization capabilities, and (3) analyzing the relationship between digitalization and financial performance in Vietnam. Two methodologies are employed: (1) PLS-SEM analysis using survey data to assess digital transformation complexities and (2) semi-structured expert interviews to explore stakeholder perspectives on digitalization's financial impact. The findings highlight four key conclusions:

1. Resource importance: IT infrastructure, digital skills, and leadership are essential for digitalization.
2. Indirect financial impact: Digitalization enhances financial performance through technology adoption rather than direct resource investment.
3. Targeted strategies: Specific digital technologies drive financial gains, whereas broad digitalization efforts do not guarantee success.
4. Sector insensitivity: Digitalization benefits all industries equally, supporting sector-agnostic digital transformation strategies. For Vietnamese enterprises, three novel insights emerge: (1) technology adoption mediates financial success when supported by strategic IT investment, (2) targeted digitalization is more effective than broad implementation, and (3) digitalization’s benefits apply universally across industries, encouraging standardized policy approaches.