The Fourth Industrial Revolution is opening up new opportunities and challenges for all industries, professions, and fields, aiming to bring humanity more optimal tools and services. During the Fourth Industrial Revolution, digital transformation has been one of the most critical problems. Artificial Intelligence (AI) and the Internet of Things (IoT) are two technologies that have the potential to cause the biggest breakout to evolve in the educational domain. In recent years, digital transformation has seen implementation across all sectors, including education, healthcare, agriculture, transportation, and other smart ecosystems. Among those areas, education, especially higher education, is among the most challenging due to the diversity in training programs, duration, and subjects. The Internet of Things makes it possible to create smart and ubiquitous learning environments, while artificial intelligence can completely transform the way we learn and teach. In this paper, we present the digital transformation process in higher education in Vietnam and internationally and analyze some characteristics of Vietnamese higher education in the digital transformation process. Moreover, we present the vision, approach, and challenges to digital transformation at universities of low- and middle-income countries from the perspective of the Hung Yen University of Technology and Education in Vietnam.