This study examines the transformation toward digital banking in connection with the restructuring of business models of Vietnamese commercial banks in the context of the digital economy. Based on theories of digital transformation, digital banking, and banking business models, the study adopts a qualitative approach combined with secondary data analysis from official reports of the State Bank of Vietnam, NAPAS, and commercial banks. The findings indicate that digital transformation has significantly changed service delivery methods, expanded customer bases, diversified revenue sources, and improved operational efficiency. However, the process also poses challenges related to cybersecurity, digital human resources, and high technology investment costs. The study concludes that digital banking transformation should be regarded as a comprehensive business model restructuring process to ensure efficiency and sustainable development of the Vietnamese banking system
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