Factors Affecting the Financial Performance of Listed Construction Companies in Vietnam during the Digital Transformation Era

In the context of rapid digital transformation in the construction industry, listed construction companies in Vietnam are facing increasing competitive pressure, fluctuations in material costs, greater requirements for financial transparency, and stricter demands on project progress. Financial performance has therefore become a critical indicator reflecting a firm's health and its ability to create value for shareholders. This study identifies and measures the factors influencing the financial performance of 112 listed construction companies during the period 2023–2025. Using a regression model and statistical testing through SPSS26, the findings reveal five key determinants that significantly affect ROE, including: (1) firm size, (2) asset structure, (3) capital structure, (4) growth rate, and (5) asset turnover. The study provides managerial implications to support construction enterprises in optimizing financial performance amid the ongoing digital transformation.