How innovation capacity moderates the drivers of global supply chain restructuring in Vietnam

This study investigates the drivers of global supply chain restructuring (GSCR) in Vietnam using an integrated theoretical framework grounded in the Technology–Organization–Environment (TOE) model, Supply Chain Resilience (SCRes) theory, Stakeholder Theory, Institutional Theory, and Dynamic Capabilities Theory. Based on PLS-SEM analysis of 309 firms, the findings confirm that economic and market fluctuations (ECO) are the strongest driver of GSCR, followed by environmental and sustainability pressures (ENV), policies and institutions (POL), and technological readiness and adoption orientation (TECH). The core contribution of the study lies in identifying innovation capacity (INNO) as a key moderating mechanism, functioning as a strategic filter that transforms exogenous pressures into substantive restructuring actions. The results further support the view that GSCR represents a bounce-forward transformation process, through which firms establish a more adaptive and efficient post-disruption equilibrium. These findings provide important implications for managers seeking to strengthen internal capabilities and adapt more proactively to global market shocks.