<![CDATA[Sustainable e-commerce development has become a critical issue for emerging economies as digital markets expand rapidly, alongside growing concerns about regulatory effectiveness, trust, and resource efficiency. This study investigates the key factors influencing sustainable e-commerce development in Vietnam by explicitly integrating Institutional Theory, the Technology–Organization–Environment (TOE) framework, and the Resource-Based View (RBV) into a unified structural equation modeling (SEM) framework. Institutional Theory is operationalized through regulatory quality, capturing the role of formal rules and enforcement mechanisms in shaping market stability and legitimacy. The TOE framework is reflected in digital infrastructure, government support, and competitive pressure, which together represent technological readiness and environmental conditions. RBV is operationalized through resource availability and management capacity, emphasizing firms’ internal capabilities to sustain long-term e-commerce performance. In addition, trust is incorporated as both a direct determinant and a moderating mechanism that strengthens the effectiveness of institutional and organizational factors. A mixed-method research design was employed. The qualitative phase involved in-depth discussions with 35 policymakers, business managers, and e-commerce platform managers to refine the theoretical integration and measurement scales. Based on these insights, a structured questionnaire was administered to frequent online shoppers in Ho Chi Minh City and Dong Nai Province, yielding 653 valid responses. SEM results indicate that regulatory quality, digital infrastructure, government support, competitive pressure, resource availability, and trust all have significant positive effects on sustainable e-commerce development. Resource availability and regulatory quality exert the strongest impacts, while trust and management capacity significantly moderate the effects of regulatory quality and resource availability, respectively. By explicitly mapping institutional, technological, organizational, and relational constructs into a coherent SEM framework, this study provides a theoretically grounded and empirically validated model of sustainable e-commerce development in an emerging economy context. The findings offer valuable implications for policymakers and practitioners seeking to foster a resilient, trustworthy, and sustainable e-commerce ecosystem in Vietnam and similar developing economies.]]>
