Although emerging economies are increasingly adopting digital solutions, integrating these technologies with circular construction practices remains relatively unexplored, which could impede the sector’s transformation. This study addresses this gap by investigating the complex risk landscape, identifying 23 critical concerns through a quantitative approach. Utilizing data collected from 248 construction professionals in Vietnam, this study scrutinized and assessed these risks using reliability testing, Kruskal-Wallis test, exploratory factor analysis, relative importance index, and risk mapping techniques. The results revealed the differences in how clients, contractors, and consultants perceived digital transformation risks for circular construction. In addition, the findings indicated the most significant risks, including negative returns on investments, income loss, competition, legal uncertainties, cyberattacks, and high digitization costs. Furthermore, a comparative analysis showed that countries with similar socioeconomic and cultural backgrounds may exhibit markedly different risk profiles. Theoretically, this work bridges circularity and digitalization, offering theoretical insights into risk dynamics in emerging economies. Moreover, the practical implications are substantial, providing valuable strategies for decision-makers and stakeholders in Vietnam and beyond, paving the way for a more resilient and sustainable future for the construction industry.