diff --git a/packages/webpack5/__tests__/index.spec.ts b/packages/webpack5/__tests__/index.spec.ts
index 40931b186..2639d91ed 100644
--- a/packages/webpack5/__tests__/index.spec.ts
+++ b/packages/webpack5/__tests__/index.spec.ts
@@ -15,7 +15,7 @@ describe('@nativescript/webpack', () => {
 		expect(webpack.resolveConfig).toBeInstanceOf(Function);
 	});
 
-	it('applies chain configs', () => {
+	it('applies chain configs', async () => {
 		webpack.useConfig(false);
 
 		const chainFn = jest.fn();
@@ -26,13 +26,13 @@ describe('@nativescript/webpack', () => {
 
 		// chainFn should only be called when
 		// resolving a chainable config
-		const config = webpack.resolveChainableConfig();
+		const config = await webpack.resolveChainableConfig();
 
 		expect(chainFn).toHaveBeenCalledTimes(1);
 		expect(chainFn).toHaveBeenCalledWith(config, {});
 	});
 
-	it('applies chain configs in the right order', () => {
+	it('applies chain configs in the right order', async () => {
 		webpack.useConfig(false);
 		let lastCalled = false;
 
@@ -52,26 +52,29 @@ describe('@nativescript/webpack', () => {
 		});
 		webpack.chainWebpack(chainFnNormal);
 
-		webpack.resolveChainableConfig();
+		await webpack.resolveChainableConfig();
 	});
 
-	it('prints plugin name that has a chain function that throws an error', () => {
+	it('prints plugin name that has a chain function that throws an error', async () => {
 		webpack.useConfig(false);
 		webpack.setCurrentPlugin('test-plugin');
 		const chainFn = jest.fn(() => {
 			throw new Error('something wrong');
 		});
 		webpack.chainWebpack(chainFn);
+		let resolvable: Promise<any>;
 
 		// should not throw
-		expect(() => webpack.resolveChainableConfig()).not.toThrow();
+		expect(() => (resolvable = webpack.resolveChainableConfig())).not.toThrow();
+		expect(resolvable).resolves.toBeDefined();
+		await resolvable;
 
 		expect(
 			'Unable to apply chain function from: test-plugin'
 		).toHaveBeenWarned();
 	});
 
-	it('applies merge configs', () => {
+	it('applies merge configs', async () => {
 		const dummyEnv = { foo: true };
 		webpack.init(dummyEnv);
 		webpack.useConfig(false);
@@ -82,20 +85,20 @@ describe('@nativescript/webpack', () => {
 		// mergeFn should not be called yet
 		expect(mergeFn).not.toHaveBeenCalled();
 
-		const config = webpack.resolveChainableConfig();
+		const config = await webpack.resolveChainableConfig();
 
 		// mergeFn should not be called yet
 		expect(mergeFn).not.toHaveBeenCalled();
 
 		// mergeFn should only be called when
 		// resolving the final config
-		webpack.resolveConfig();
+		await webpack.resolveConfig();
 
 		expect(mergeFn).toHaveBeenCalledTimes(1);
 		expect(mergeFn).toHaveBeenCalledWith(config.toConfig(), dummyEnv);
 	});
 
-	it('merges mutate config', () => {
+	it('merges mutate config', async () => {
 		const dummyEnv = { foo: true };
 		webpack.init(dummyEnv);
 		webpack.useConfig(false);
@@ -104,12 +107,12 @@ describe('@nativescript/webpack', () => {
 			(config as any).mutated = true;
 		});
 
-		expect(webpack.resolveConfig()).toMatchObject({
+		expect(await webpack.resolveConfig()).toMatchObject({
 			mutated: true,
 		});
 	});
 
-	it('merges returned config', () => {
+	it('merges returned config', async () => {
 		const dummyEnv = { foo: true };
 		webpack.init(dummyEnv);
 		webpack.useConfig(false);
@@ -120,12 +123,12 @@ describe('@nativescript/webpack', () => {
 			};
 		});
 
-		expect(webpack.resolveConfig()).toMatchObject({
+		expect(await webpack.resolveConfig()).toMatchObject({
 			returned: true,
 		});
 	});
 
-	it('merges objects', () => {
+	it('merges objects', async () => {
 		const dummyEnv = { foo: true };
 		webpack.init(dummyEnv);
 		webpack.useConfig(false);
@@ -134,7 +137,7 @@ describe('@nativescript/webpack', () => {
 			object: true,
 		} as any);
 
-		expect(webpack.resolveConfig()).toMatchObject({
+		expect(await webpack.resolveConfig()).toMatchObject({
 			object: true,
 		});
 	});
diff --git a/packages/webpack5/src/helpers/externalConfigs.ts b/packages/webpack5/src/helpers/externalConfigs.ts
index 3dc2a5d83..b355a5c49 100644
--- a/packages/webpack5/src/helpers/externalConfigs.ts
+++ b/packages/webpack5/src/helpers/externalConfigs.ts
@@ -9,12 +9,12 @@ import * as lib from '../index';
 /**
  * @internal
  */
-export function applyExternalConfigs() {
-	getAllDependencies().forEach((dependency) => {
+export async function applyExternalConfigs() {
+	for (const dependency of getAllDependencies()) {
 		const packagePath = getDependencyPath(dependency);
 
 		if (!packagePath) {
-			return;
+			continue;
 		}
 
 		const configPath = path.join(packagePath, 'nativescript.webpack.js');
@@ -27,7 +27,7 @@ export function applyExternalConfigs() {
 
 				if (typeof externalConfig === 'function') {
 					info('Applying external config...');
-					externalConfig(lib);
+					await externalConfig(lib);
 				} else if (externalConfig) {
 					info('Merging external config...');
 					lib.mergeWebpack(externalConfig);
@@ -43,7 +43,7 @@ export function applyExternalConfigs() {
 				`);
 			}
 		}
-	});
+	}
 
 	clearCurrentPlugin();
 }
diff --git a/packages/webpack5/src/index.ts b/packages/webpack5/src/index.ts
index a8ca9ffe7..d9e606684 100644
--- a/packages/webpack5/src/index.ts
+++ b/packages/webpack5/src/index.ts
@@ -159,7 +159,7 @@ export function mergeWebpack(
 /**
  * Resolve a new instance of the internal chain config with all chain functions applied.
  */
-export function resolveChainableConfig(): Config {
+export async function resolveChainableConfig(): Promise<Config> {
 	const config = new Config();
 
 	if (!explicitUseConfig) {
@@ -168,7 +168,7 @@ export function resolveChainableConfig(): Config {
 
 	// apply configs from dependencies
 	// todo: allow opt-out
-	applyExternalConfigs();
+	await applyExternalConfigs();
 
 	webpackChains
 		.splice(0)
@@ -206,12 +206,13 @@ export function resolveChainableConfig(): Config {
  *
  * @param chainableConfig Optional chain config to use.
  */
-export function resolveConfig(
-	chainableConfig = resolveChainableConfig()
-): webpack.Configuration {
+export async function resolveConfig(
+	chainableConfig: Config | Promise<Config> = resolveChainableConfig()
+): Promise<webpack.Configuration> {
 	if (!hasInitialized) {
 		throw error('resolveConfig() must be called after init()');
 	}
+	chainableConfig = await chainableConfig;
 
 	let config = chainableConfig.toConfig();