How China’s Digital Silk Road Penetrates Vietnam Through M&A Activities: Evidence From E-commerce and Logistics

This article examines how China’s Digital Silk Road (DSR) penetrates Vietnam’s digital economy through mergers and acquisitions (M&A) activities by Chinese technology conglomerates, despite the Vietnamese government’s lack of official participation in the DSR. Using document analysis and inductive methodology, the authors analyze M&A transactions in Vietnam’s e-commerce and logistics sectors primarily from 2015 to 2024. The research reveals that three major Chinese technology giants—Alibaba, Tencent, and Jingdong—have systematically achieved market dominance through strategic acquisitions, controlling approximately 99% of Vietnam’s e-commerce market through platforms such as Shopee, Lazada, and TikTok Shop, while establishing significant influence over the logistics ecosystem through companies like GHTK, GHN, and J&T Express. This stealth integration creates a comprehensive digital dependency network that operates below the threshold of official government oversight, while achieving strategic objectives that traditionally require diplomatic agreements. These findings demonstrate that M&A activities serve as an effective tool for DSR deployment, allowing Chinese corporations to bypass political sensitivities between the two countries while penetrating Vietnam’s digital market. The study identifies significant implications for digital sovereignty, technological autonomy, and national security, while proposing solutions for Vietnam to mitigate potential risks and prepare digital infrastructure to protect the economy and digital security in the future.