Impact of digital technology investment on bank performance in Vietnam
Date Published:
02/12/2025
Online Published:
25/11/2025
Section:
Finance, Banking, Accounting, and Auditing
Main Article Content
Abstract
This study examines the impact of digital technology investment on the performance of Vietnamese commercial banks, drawing on the productivity paradox theory proposed by Solow (1987), which suggests that technological progress may not immediately generate productivity gains. Panel data from 22 listed banks covering 2018–2023 were collected from disclosed statements. The Generalized Least Squares method was employed to estimate both contemporaneous and lagged effects of digital technology investment, with analysis spanning the pre-pandemic and COVID-19 periods. Results reveal that digital technology investment has a negative effect on bank performance in both periods, reflecting a paradoxical outcome where rising digital expenditures coincide with declining profitability. Evidence also suggests lagged effects, indicating that the benefits of digital adoption may materialize only in the longer term. The study enriches the literature by extending the productivity paradox debate to Vietnam, an emerging market undergoing rapid and policy-driven digitalization, while challenging the assumption that digital transformation consistently improves performance. Banks should enhance workforce digital skills, and policymakers should promote broader digital literacy to enable the sector to fully harness the transformative potential of technology for sustainable growth.
Keywords
Digital technology investment; Performance; Commercial bank; Vietnam
Article Details
Field of Economic (JEL Codes)
G20 - General - Financial Institutions and Services, M15 - IT Management - Business Administration, O32 - Management of Technological Innovation and R&D - Innovation • Research and Development • Technological Change • Intellectual Property Rights
References
Al-Amarneh, A., Yaseen, H., Bani Atta, A., & Khalaf, L. (2023). Nexus between information technology investment and bank performance: The case of Jordan. Banks and Bank Systems, 18(1), 68–76. https://doi.org/10.21511/bbs.18(1).2023.06
Al‐Matari, E. M. (2021). The determinants of bank profitability of GCC: The role of bank liquidity as moderating variable - Further analysis. International Journal of Finance & Economics, 26(1), 1–13. https://doi.org/10.1002/ijfe.2485
Alqararah, A. E., Shehadeh, M., & Yaseen, H. (2025). The Role of Digital Transformation Capabilities in Improving Banking Performance in Jordanian Commercial Banks. Journal of Risk and Financial Management, 18(4), 196–218. https://doi.org/10.3390/jrfm18040196
Annor, L. D. J., Agyapong, E. K., Robaina, M., Vieira, E., & Anarfo, E. B. (2024). Information technology investment and rural bank performance in Ghana: the moderating role of ICT diffusion and financial development. Journal of Economic and Administrative Sciences. https://doi.org/10.1108/JEAS-07-2023-0171
Athanasoglou, P. P., Brissimis, S. N., & Delis, M. D. (2008). Bank-specific, industry-specific and macroeconomic determinants of bank profitability. Journal of International Financial Markets, Institutions and Money, 18(2), 121–136. https://doi.org/10.1016/j.intfin.2006.07.001
Bagna, E., Cotta Ramusino, E., & Denicolai, S. (2021). Innovation through Patents and Intangible Assets: Effects on Growth and Profitability of European Companies. Journal of Open Innovation: Technology, Market, and Complexity, 7(4), 1–19. https://doi.org/10.3390/joitmc7040220
Bao, Z., & Huang, D. (2021). Shadow Banking in a Crisis: Evidence from Fintech During COVID-19. Journal of Financial and Quantitative Analysis, 56(7), 2320–2355. https://doi.org/10.1017/S0022109021000430
Bashayreh, A., & Wadi, R. M. A. (2021). The Effect of Fintech on Banks’ Performance: Jordan Case. In The Importance of New Technologies and Entrepreneurship in Business Development: In The Context of Economic Diversity in Developing Countries (pp. 812–821). Springer, Cham. https://doi.org/10.1007/978-3-030-69221-6_62
Batten, J., & Vo, X. V. (2019). Determinants of Bank Profitability—Evidence from Vietnam. Emerging Markets Finance and Trade, 55(6), 1417–1428. https://doi.org/10.1080/1540496X.2018.1524326
Beccalli, E. (2007). Does IT investment improve bank performance? Evidence from Europe. Journal of Banking & Finance, 31(7), 2205–2230. https://doi.org/10.1016/j.jbankfin.2006.10.022
Berger, A. N., & Demirgüç-Kunt, A. (2021). Banking Research in the Time of COVID-19. Journal of Financial Stability, 1–97. https://doi.org/10.1016/j.jfs.2021.100939
Berger, A. N., & DeYoung, R. (1997). Problem loans and cost efficiency in commercial banks. Journal of Banking & Finance, 21(6), 849–870. https://doi.org/10.1016/S0378-4266(97)00003-4
Brynjolfsson, E., & Hitt, L. M. (1998). Beyond the productivity paradox. Communications of the ACM, 41(8), 49–55. https://doi.org/10.1145/280324.280332
Campanella, F., Della Peruta, M. R., & Del Giudice, M. (2017). The effects of technological innovation on the banking sector. Journal of the Knowledge Economy, 8(1), 356–368. https://doi.org/10.1007/s13132-015-0326-8
Chhaidar, A., Abdelhedi, M., & Abdelkafi, I. (2022). The Effect of Financial Technology Investment Level on European Banks’ Profitability. Journal of the Knowledge Economy, 1–23. https://doi.org/10.1007/s13132-022-00992-1
Chi, M., & Tan, G. (2021). Central bank digital currency: Practice in some countries and recommendations to Vietnam. Journal of Economic and Banking Studies, 02(Vol-02), 15–26. https://vjol.info.vn/index.php/TCHVNH-Hanoi/article/view/66121
Citterio, A., King, T., & Locatelli, R. (2024). Is digital transformation profitable for banks? Evidence from Europe. Finance Research Letters, 70(June), 106269. https://doi.org/10.1016/j.frl.2024.106269
Degorce, V., & Monnet, E. (2021). The Great Depression, banking crisis , and Keynes ’ paradox of thrift (Issue 74). https://www.suerf.org/wp-content/uploads/2023/12/f_8f7fe48f0ffd0d5572f0d34af4723004_23231_suerf.pdf
Del Gaudio, B. L., Porzio, C., Sampagnaro, G., & Verdoliva, V. (2021). How do mobile, internet and ICT diffusion affect the banking industry? An empirical analysis. European Management Journal, 39(3), 327–332. https://doi.org/10.1016/j.emj.2020.07.003
Demertzis, M., & Claeys, G. (2021). The productivity paradox: policy lessons from MICROPROD. In Policy Contribution (Issue 1/21). https://cordis.europa.eu/project/id/822390.
Devlin, J. F. (1995). Technology and innovation in retail banking distribution. International Journal of Bank Marketing, 13(4), 19–25. https://doi.org/10.1108/02652329510082915
Dicuonzo, G., Donofrio, F., Fusco, A., & Dell’Atti, V. (2021). Blockchain Technology: Opportunities and Challenges for Small and Large Banks During COVID-19. International Journal of Innovation and Technology Management, 18(4). https://doi.org/10.1142/S0219877021400010
Dong, C. Van, & Truong, H. Q. (2024). Impacts of the COVID-19 pandemic on international trade in developing countries: evidence from Vietnam. International Journal of Emerging Markets, 19(5), 1113–1134. https://doi.org/10.1108/IJOEM-09-2021-1395
Dos Santos, B., & Sussman, L. (2000). Improving the return on IT investment: the productivity paradox. International Journal of Information Management, 20(6), 429–440. https://doi.org/10.1016/S0268-4012(00)00037-2
Ekata, G. E. (2012). The IT Productivity Paradox: Evidence from the Nigerian Banking Industry. The Electronic Journal of Information Systems in Developing Countries, 51(1), 1–25. https://doi.org/10.1002/j.1681-4835.2012.tb00361.x
Elsaid, H. M. (2021). A review of literature directions regarding the impact of fintech firms on the banking industry. Qualitative Research in Financial Markets, ahead-of-print(ahead-of-print), 1–19. https://doi.org/10.1108/QRFM-10-2020-0197
FiinResearch. (2020). Vietnam Banking Report 2020. https://fiinresearch.vn/Store/ReportDetails?id=135773
FiinResearch. (2021). Vietnam Banking Report 2021. https://fiinresearch.vn/Store/ReportDetails?id=149687
Fox, K. J. (2012). Problems with (dis)aggregating productivity, and another productivity paradox. Journal of Productivity Analysis, 37(3), 249–259. https://doi.org/10.1007/s11123-011-0250-2
Fu, J., & Mishra, M. (2022). Fintech in the time of COVID−19: Technological adoption during crises. Journal of Financial Intermediation, 50, 100945. https://doi.org/10.1016/j.jfi.2021.100945
Ghosh, S. (2021). Bank performance, ownership and stability: Does technology spending matter? Journal of Banking and Financial Technology, 5(2), 117–133. https://doi.org/10.1007/s42786-021-00034-5
Glushchenko, M., Hodasevich, N., & Kaufman, N. (2019). Innovative financial technologies as a factor of competitiveness in the banking. SHS Web of Conferences, 69, 1–5. https://doi.org/10.1051/shsconf/20196900043
Gomber, P., Kauffman, R. J., Parker, C., & Weber, B. W. (2018). On the Fintech Revolution: Interpreting the Forces of Innovation, Disruption, and Transformation in Financial Services. Journal of Management Information Systems, 35(1), 220–265. https://doi.org/10.1080/07421222.2018.1440766
Gujarati, D. N., & Porter, D. C. (2009). Basic econometrics. Douglas Reiner, McGraw-Hill/Irwin.
Gupta, S. D., Raychaudhuri, A., & Haldar, S. K. (2018). Information technology and profitability: evidence from Indian banking sector. International Journal of Emerging Markets, 13(5), 1070–1087. https://doi.org/10.1108/IJoEM-06-2017-0211
Haapio, H., Mero, J., Karjaluoto, H., & Shaikh, A. A. (2021). Implications of the COVID-19 pandemic on market orientation in retail banking. Journal of Financial Services Marketing, 26(4), 205–214. https://doi.org/10.1057/s41264-021-00099-9
Hajli, M., Sims, J. M., & Ibragimov, V. (2015). Information technology (IT) productivity paradox in the 21st century. International Journal of Productivity and Performance Management, 64(4), 457–478. https://doi.org/10.1108/IJPPM-12-2012-0129
Hansen, L. P. (1982). Large sample properties of Generalized method of moments estimators. Econometrica, 50(4), 1029–1054. https://www.jstor.org/stable/pdf/1912775.pdf
Harris, L. (2001). The IT productivity paradox‐evidence from the UK retail banking industry. New Technology, Work and Employment, 16(1), 35–48. https://doi.org/10.1111/1468-005X.00075
Ho, S. J., & Mallick, S. K. (2010). The impact of information technology on the banking industry. Journal of the Operational Research Society, 61(2), 211–221. https://doi.org/10.1057/jors.2008.128
Humeedat, M. M. (2025). Information Technology Investment in Banks: Does the Size Proxy Matter? Global Business & Finance Review, 30(7), 56–64. https://doi.org/10.17549/gbfr.2025.30.7.56
Kriebel, J., & Debener, J. (2020). Measuring the effect of digitalization efforts on bank performance. Academy of Management Proceedings, 1–24. https://doi.org/10.5465/AMBPP.2020.22004abstract
Kwan, A., Lin, C., Pursiainen, V., & Tai, M. (2023). Stress Testing Banks’ Digital Capabilities: Evidence from the COVID-19 Pandemic. Journal of Financial and Quantitative Analysis, 72192841, 1–29. https://doi.org/10.1017/S0022109023000662
Martin-Oliver, A., & Salas-Fumas, V. (2011). IT Investment and Intangibles: Evidence from Banks. Review of Income and Wealth, 57(3), 513–535. https://doi.org/10.1111/j.1475-4991.2010.00408.x
Menicucci, E., & Paolucci, G. (2016). The determinants of bank profitability: empirical evidence from European banking sector. Journal of Financial Reporting and Accounting, 14(1), 86–115. https://doi.org/10.1108/JFRA-05-2015-0060
Ngo, T. T. A., Tran, T. N. T., Bui, T. M. X., & Le, N. Q. (2024). Digitization adoption in developing countries: Investigating the factors affecting intention to use digital currency in Vietnam. Journal of Infrastructure, Policy and Development, 8(7), 1–20. https://doi.org/10.24294/jipd.v8i7.5967
Nguyen, M. H., Quoc, K., Nguyen, T., My, H., Le, D., D, V. T. Le, Kim, T., & Nguyen, C. (2023). Corporate Social Responsibility, Board of Directors’ Affect Financial Performance: Evidence in Vietnam. Journal of Professional Business Review, 8(8), 1–15.
Nguyen, M. S. (2022). Impact of the COVID-19 pandemic on bank efficiency in Vietnam. Banks and Bank Systems, 17(1), 13–23. https://doi.org/10.21511/bbs.17(1).2022.02
Nguyen, T. P., & Dang, T. L. P. (2018). Digital Banking in Vietnam Current Situation and Recommendations. International Journal of Innovation and Research in Educational Sciences, 5(4), 418–420.
Nguyen-Thi-Huong, L., Nguyen-Viet, H., Nguyen-Phuong, A., & Van Nguyen, D. (2023). How does digital transformation impact bank performance? Cogent Economics & Finance, 11(1). https://doi.org/10.1080/23322039.2023.2217582
Pasiouras, F., & Kosmidou, K. (2007). Factors influencing the profitability of domestic and foreign commercial banks in the European Union. Research in International Business and Finance, 21(2), 222–237. https://doi.org/10.1016/j.ribaf.2006.03.007
Pham, T. P., Popesko, B., Hoang, S. D., & Tran, T. B. (2023). Impact of the Mobile Banking Application Ratings on the Vietnamese Bank Service Income. Comparative Economic Research, 26(1), 171–186. https://doi.org/10.18778/1508-2008.26.09
Pham, T. P., Popesko, B., Quddus, A., & Nguyen, T. K. N. (2021). Innovation and Bank Efficiency in Vietnam and Pakistan. Scientific Papers of the University of Pardubice, Series D: Faculty of Economics and Administration, 29(2), 1–11. https://doi.org/10.46585/sp29021184
Phan, D. H. B., Narayan, P. K., Rahman, R. E., & Hutabarat, A. R. (2020). Do financial technology firms influence bank performance? Pacific-Basin Finance Journal, 62, 1–13. https://doi.org/10.1016/j.pacfin.2019.101210
Porfírio, A. J., Felício, A. J., & Carrilho, T. (2024). Factors affecting digital transformation in banking. Journal of Business Research, 171(February 2023), 1–9. https://doi.org/10.1016/j.jbusres.2023.114393
Shanmugam, K. R., & Nigam, R. (2020). Impact of technology on the financial performance of Indian commercial banks: a clustering based approach. Innovation and Development, 10(3), 433–449. https://doi.org/10.1080/2157930X.2019.1685792
Shu, W., & Strassmann, P. A. (2005). Does information technology provide banks with profit? Information & Management, 42(5), 781–787. https://doi.org/10.1016/j.im.2003.06.007
Solow, R. M. (1987). We’d better watch out. In New York Times Book Review. Sociology. http://ci.nii.ac.jp/naid/10007455139/en/
Stratopoulos, T., & Dehning, B. (2000). Does successful investment in information technology solve the productivity paradox? Information & Management, 38(2), 103–117. https://doi.org/10.1016/S0378-7206(00)00058-6
Sun, S., & Guo, L. (2022). Digital transformation, green innovation and the Solow productivity paradox. PLOS ONE, 17(7), e0270928. https://doi.org/10.1371/journal.pone.0270928
Theiri, S., & Hadoussa, S. (2024). Digitization effects on banks’ financial performance: the case of an African country. Competitiveness Review: An International Business Journal, 34(1), 144–162. https://doi.org/10.1108/CR-10-2022-0147
Tran, P. T. T., Le, T. T. H., & Phan, N. H. T. (2023). Digital Transformation of the Banking Industry in Developing Countries. International Journal of Professional Business Review, 8(5), 1–24. https://doi.org/10.26668/businessreview/2023.v8i5.1503
Triplett, J. E. (1999). The Solow Productivity Paradox: What do Computers do to Productivity? The Canadian Journal of Economics / Revue Canadienne d’Economique, 32(2), 309–334. https://doi.org/10.2307/136425
Vargo, D., Zhu, L., Benwell, B., & Yan, Z. (2021). Digital technology use during COVID ‐19 pandemic: A rapid review. Human Behavior and Emerging Technologies, 3(1), 13–24. https://doi.org/10.1002/hbe2.242
Wooldridge, J. M. (2001). Applications of generalized method of moments estimation. Journal of Economic Perspectives, 15(4), 87–100. https://doi.org/10.1257/jep.15.4.87
Al‐Matari, E. M. (2021). The determinants of bank profitability of GCC: The role of bank liquidity as moderating variable - Further analysis. International Journal of Finance & Economics, 26(1), 1–13. https://doi.org/10.1002/ijfe.2485
Alqararah, A. E., Shehadeh, M., & Yaseen, H. (2025). The Role of Digital Transformation Capabilities in Improving Banking Performance in Jordanian Commercial Banks. Journal of Risk and Financial Management, 18(4), 196–218. https://doi.org/10.3390/jrfm18040196
Annor, L. D. J., Agyapong, E. K., Robaina, M., Vieira, E., & Anarfo, E. B. (2024). Information technology investment and rural bank performance in Ghana: the moderating role of ICT diffusion and financial development. Journal of Economic and Administrative Sciences. https://doi.org/10.1108/JEAS-07-2023-0171
Athanasoglou, P. P., Brissimis, S. N., & Delis, M. D. (2008). Bank-specific, industry-specific and macroeconomic determinants of bank profitability. Journal of International Financial Markets, Institutions and Money, 18(2), 121–136. https://doi.org/10.1016/j.intfin.2006.07.001
Bagna, E., Cotta Ramusino, E., & Denicolai, S. (2021). Innovation through Patents and Intangible Assets: Effects on Growth and Profitability of European Companies. Journal of Open Innovation: Technology, Market, and Complexity, 7(4), 1–19. https://doi.org/10.3390/joitmc7040220
Bao, Z., & Huang, D. (2021). Shadow Banking in a Crisis: Evidence from Fintech During COVID-19. Journal of Financial and Quantitative Analysis, 56(7), 2320–2355. https://doi.org/10.1017/S0022109021000430
Bashayreh, A., & Wadi, R. M. A. (2021). The Effect of Fintech on Banks’ Performance: Jordan Case. In The Importance of New Technologies and Entrepreneurship in Business Development: In The Context of Economic Diversity in Developing Countries (pp. 812–821). Springer, Cham. https://doi.org/10.1007/978-3-030-69221-6_62
Batten, J., & Vo, X. V. (2019). Determinants of Bank Profitability—Evidence from Vietnam. Emerging Markets Finance and Trade, 55(6), 1417–1428. https://doi.org/10.1080/1540496X.2018.1524326
Beccalli, E. (2007). Does IT investment improve bank performance? Evidence from Europe. Journal of Banking & Finance, 31(7), 2205–2230. https://doi.org/10.1016/j.jbankfin.2006.10.022
Berger, A. N., & Demirgüç-Kunt, A. (2021). Banking Research in the Time of COVID-19. Journal of Financial Stability, 1–97. https://doi.org/10.1016/j.jfs.2021.100939
Berger, A. N., & DeYoung, R. (1997). Problem loans and cost efficiency in commercial banks. Journal of Banking & Finance, 21(6), 849–870. https://doi.org/10.1016/S0378-4266(97)00003-4
Brynjolfsson, E., & Hitt, L. M. (1998). Beyond the productivity paradox. Communications of the ACM, 41(8), 49–55. https://doi.org/10.1145/280324.280332
Campanella, F., Della Peruta, M. R., & Del Giudice, M. (2017). The effects of technological innovation on the banking sector. Journal of the Knowledge Economy, 8(1), 356–368. https://doi.org/10.1007/s13132-015-0326-8
Chhaidar, A., Abdelhedi, M., & Abdelkafi, I. (2022). The Effect of Financial Technology Investment Level on European Banks’ Profitability. Journal of the Knowledge Economy, 1–23. https://doi.org/10.1007/s13132-022-00992-1
Chi, M., & Tan, G. (2021). Central bank digital currency: Practice in some countries and recommendations to Vietnam. Journal of Economic and Banking Studies, 02(Vol-02), 15–26. https://vjol.info.vn/index.php/TCHVNH-Hanoi/article/view/66121
Citterio, A., King, T., & Locatelli, R. (2024). Is digital transformation profitable for banks? Evidence from Europe. Finance Research Letters, 70(June), 106269. https://doi.org/10.1016/j.frl.2024.106269
Degorce, V., & Monnet, E. (2021). The Great Depression, banking crisis , and Keynes ’ paradox of thrift (Issue 74). https://www.suerf.org/wp-content/uploads/2023/12/f_8f7fe48f0ffd0d5572f0d34af4723004_23231_suerf.pdf
Del Gaudio, B. L., Porzio, C., Sampagnaro, G., & Verdoliva, V. (2021). How do mobile, internet and ICT diffusion affect the banking industry? An empirical analysis. European Management Journal, 39(3), 327–332. https://doi.org/10.1016/j.emj.2020.07.003
Demertzis, M., & Claeys, G. (2021). The productivity paradox: policy lessons from MICROPROD. In Policy Contribution (Issue 1/21). https://cordis.europa.eu/project/id/822390.
Devlin, J. F. (1995). Technology and innovation in retail banking distribution. International Journal of Bank Marketing, 13(4), 19–25. https://doi.org/10.1108/02652329510082915
Dicuonzo, G., Donofrio, F., Fusco, A., & Dell’Atti, V. (2021). Blockchain Technology: Opportunities and Challenges for Small and Large Banks During COVID-19. International Journal of Innovation and Technology Management, 18(4). https://doi.org/10.1142/S0219877021400010
Dong, C. Van, & Truong, H. Q. (2024). Impacts of the COVID-19 pandemic on international trade in developing countries: evidence from Vietnam. International Journal of Emerging Markets, 19(5), 1113–1134. https://doi.org/10.1108/IJOEM-09-2021-1395
Dos Santos, B., & Sussman, L. (2000). Improving the return on IT investment: the productivity paradox. International Journal of Information Management, 20(6), 429–440. https://doi.org/10.1016/S0268-4012(00)00037-2
Ekata, G. E. (2012). The IT Productivity Paradox: Evidence from the Nigerian Banking Industry. The Electronic Journal of Information Systems in Developing Countries, 51(1), 1–25. https://doi.org/10.1002/j.1681-4835.2012.tb00361.x
Elsaid, H. M. (2021). A review of literature directions regarding the impact of fintech firms on the banking industry. Qualitative Research in Financial Markets, ahead-of-print(ahead-of-print), 1–19. https://doi.org/10.1108/QRFM-10-2020-0197
FiinResearch. (2020). Vietnam Banking Report 2020. https://fiinresearch.vn/Store/ReportDetails?id=135773
FiinResearch. (2021). Vietnam Banking Report 2021. https://fiinresearch.vn/Store/ReportDetails?id=149687
Fox, K. J. (2012). Problems with (dis)aggregating productivity, and another productivity paradox. Journal of Productivity Analysis, 37(3), 249–259. https://doi.org/10.1007/s11123-011-0250-2
Fu, J., & Mishra, M. (2022). Fintech in the time of COVID−19: Technological adoption during crises. Journal of Financial Intermediation, 50, 100945. https://doi.org/10.1016/j.jfi.2021.100945
Ghosh, S. (2021). Bank performance, ownership and stability: Does technology spending matter? Journal of Banking and Financial Technology, 5(2), 117–133. https://doi.org/10.1007/s42786-021-00034-5
Glushchenko, M., Hodasevich, N., & Kaufman, N. (2019). Innovative financial technologies as a factor of competitiveness in the banking. SHS Web of Conferences, 69, 1–5. https://doi.org/10.1051/shsconf/20196900043
Gomber, P., Kauffman, R. J., Parker, C., & Weber, B. W. (2018). On the Fintech Revolution: Interpreting the Forces of Innovation, Disruption, and Transformation in Financial Services. Journal of Management Information Systems, 35(1), 220–265. https://doi.org/10.1080/07421222.2018.1440766
Gujarati, D. N., & Porter, D. C. (2009). Basic econometrics. Douglas Reiner, McGraw-Hill/Irwin.
Gupta, S. D., Raychaudhuri, A., & Haldar, S. K. (2018). Information technology and profitability: evidence from Indian banking sector. International Journal of Emerging Markets, 13(5), 1070–1087. https://doi.org/10.1108/IJoEM-06-2017-0211
Haapio, H., Mero, J., Karjaluoto, H., & Shaikh, A. A. (2021). Implications of the COVID-19 pandemic on market orientation in retail banking. Journal of Financial Services Marketing, 26(4), 205–214. https://doi.org/10.1057/s41264-021-00099-9
Hajli, M., Sims, J. M., & Ibragimov, V. (2015). Information technology (IT) productivity paradox in the 21st century. International Journal of Productivity and Performance Management, 64(4), 457–478. https://doi.org/10.1108/IJPPM-12-2012-0129
Hansen, L. P. (1982). Large sample properties of Generalized method of moments estimators. Econometrica, 50(4), 1029–1054. https://www.jstor.org/stable/pdf/1912775.pdf
Harris, L. (2001). The IT productivity paradox‐evidence from the UK retail banking industry. New Technology, Work and Employment, 16(1), 35–48. https://doi.org/10.1111/1468-005X.00075
Ho, S. J., & Mallick, S. K. (2010). The impact of information technology on the banking industry. Journal of the Operational Research Society, 61(2), 211–221. https://doi.org/10.1057/jors.2008.128
Humeedat, M. M. (2025). Information Technology Investment in Banks: Does the Size Proxy Matter? Global Business & Finance Review, 30(7), 56–64. https://doi.org/10.17549/gbfr.2025.30.7.56
Kriebel, J., & Debener, J. (2020). Measuring the effect of digitalization efforts on bank performance. Academy of Management Proceedings, 1–24. https://doi.org/10.5465/AMBPP.2020.22004abstract
Kwan, A., Lin, C., Pursiainen, V., & Tai, M. (2023). Stress Testing Banks’ Digital Capabilities: Evidence from the COVID-19 Pandemic. Journal of Financial and Quantitative Analysis, 72192841, 1–29. https://doi.org/10.1017/S0022109023000662
Martin-Oliver, A., & Salas-Fumas, V. (2011). IT Investment and Intangibles: Evidence from Banks. Review of Income and Wealth, 57(3), 513–535. https://doi.org/10.1111/j.1475-4991.2010.00408.x
Menicucci, E., & Paolucci, G. (2016). The determinants of bank profitability: empirical evidence from European banking sector. Journal of Financial Reporting and Accounting, 14(1), 86–115. https://doi.org/10.1108/JFRA-05-2015-0060
Ngo, T. T. A., Tran, T. N. T., Bui, T. M. X., & Le, N. Q. (2024). Digitization adoption in developing countries: Investigating the factors affecting intention to use digital currency in Vietnam. Journal of Infrastructure, Policy and Development, 8(7), 1–20. https://doi.org/10.24294/jipd.v8i7.5967
Nguyen, M. H., Quoc, K., Nguyen, T., My, H., Le, D., D, V. T. Le, Kim, T., & Nguyen, C. (2023). Corporate Social Responsibility, Board of Directors’ Affect Financial Performance: Evidence in Vietnam. Journal of Professional Business Review, 8(8), 1–15.
Nguyen, M. S. (2022). Impact of the COVID-19 pandemic on bank efficiency in Vietnam. Banks and Bank Systems, 17(1), 13–23. https://doi.org/10.21511/bbs.17(1).2022.02
Nguyen, T. P., & Dang, T. L. P. (2018). Digital Banking in Vietnam Current Situation and Recommendations. International Journal of Innovation and Research in Educational Sciences, 5(4), 418–420.
Nguyen-Thi-Huong, L., Nguyen-Viet, H., Nguyen-Phuong, A., & Van Nguyen, D. (2023). How does digital transformation impact bank performance? Cogent Economics & Finance, 11(1). https://doi.org/10.1080/23322039.2023.2217582
Pasiouras, F., & Kosmidou, K. (2007). Factors influencing the profitability of domestic and foreign commercial banks in the European Union. Research in International Business and Finance, 21(2), 222–237. https://doi.org/10.1016/j.ribaf.2006.03.007
Pham, T. P., Popesko, B., Hoang, S. D., & Tran, T. B. (2023). Impact of the Mobile Banking Application Ratings on the Vietnamese Bank Service Income. Comparative Economic Research, 26(1), 171–186. https://doi.org/10.18778/1508-2008.26.09
Pham, T. P., Popesko, B., Quddus, A., & Nguyen, T. K. N. (2021). Innovation and Bank Efficiency in Vietnam and Pakistan. Scientific Papers of the University of Pardubice, Series D: Faculty of Economics and Administration, 29(2), 1–11. https://doi.org/10.46585/sp29021184
Phan, D. H. B., Narayan, P. K., Rahman, R. E., & Hutabarat, A. R. (2020). Do financial technology firms influence bank performance? Pacific-Basin Finance Journal, 62, 1–13. https://doi.org/10.1016/j.pacfin.2019.101210
Porfírio, A. J., Felício, A. J., & Carrilho, T. (2024). Factors affecting digital transformation in banking. Journal of Business Research, 171(February 2023), 1–9. https://doi.org/10.1016/j.jbusres.2023.114393
Shanmugam, K. R., & Nigam, R. (2020). Impact of technology on the financial performance of Indian commercial banks: a clustering based approach. Innovation and Development, 10(3), 433–449. https://doi.org/10.1080/2157930X.2019.1685792
Shu, W., & Strassmann, P. A. (2005). Does information technology provide banks with profit? Information & Management, 42(5), 781–787. https://doi.org/10.1016/j.im.2003.06.007
Solow, R. M. (1987). We’d better watch out. In New York Times Book Review. Sociology. http://ci.nii.ac.jp/naid/10007455139/en/
Stratopoulos, T., & Dehning, B. (2000). Does successful investment in information technology solve the productivity paradox? Information & Management, 38(2), 103–117. https://doi.org/10.1016/S0378-7206(00)00058-6
Sun, S., & Guo, L. (2022). Digital transformation, green innovation and the Solow productivity paradox. PLOS ONE, 17(7), e0270928. https://doi.org/10.1371/journal.pone.0270928
Theiri, S., & Hadoussa, S. (2024). Digitization effects on banks’ financial performance: the case of an African country. Competitiveness Review: An International Business Journal, 34(1), 144–162. https://doi.org/10.1108/CR-10-2022-0147
Tran, P. T. T., Le, T. T. H., & Phan, N. H. T. (2023). Digital Transformation of the Banking Industry in Developing Countries. International Journal of Professional Business Review, 8(5), 1–24. https://doi.org/10.26668/businessreview/2023.v8i5.1503
Triplett, J. E. (1999). The Solow Productivity Paradox: What do Computers do to Productivity? The Canadian Journal of Economics / Revue Canadienne d’Economique, 32(2), 309–334. https://doi.org/10.2307/136425
Vargo, D., Zhu, L., Benwell, B., & Yan, Z. (2021). Digital technology use during COVID ‐19 pandemic: A rapid review. Human Behavior and Emerging Technologies, 3(1), 13–24. https://doi.org/10.1002/hbe2.242
Wooldridge, J. M. (2001). Applications of generalized method of moments estimation. Journal of Economic Perspectives, 15(4), 87–100. https://doi.org/10.1257/jep.15.4.87
How to Cite
Tien, P. P., Tran, B. T., Nguyen, N. D., & Nguyen, T. L. (2025). Impact of digital technology investment on bank performance in Vietnam. Journal of Finance - Marketing Research, 3(4), 126-142. https://doi.org/10.52932/jfmr.v3i4en.747