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operational performance, and long-term survival and sustainability. Extending this
discussion, Pucci et al. (2017) underscore the close interrelationship between firm
performance, organizational capabilities, and business models, particularly in SMEs. From
this perspective, performance arises not only from efficient resource utilization but also
from the firm’s ability to reconfigure its business model in response to environmental
dynamism. Thus, firm performance should be regarded as a comprehensive indicator
reflecting both financial outcomes and the organization’s innovative capacity and
competitive resilience.
2.3. How business model innovation enhance firm performance
The relationship between BMI and firm performance has emerged as a prominent
research stream in strategic management, especially in the context of SMEs facing
intensifying competitive pressures. Latifi et al. (2021) argue that BMI functions as a
mediating mechanism through which organizational resources are transformed into
tangible performance outcomes. In a similar vein, Merín-Rodrígáñez et al. (2024) contend
that in the era of digital transformation, BMI mediates the relationship between digital
technologies and firm performance. Their findings suggest that technological adoption
alone does not guarantee improved performance unless accompanied by innovation in
value creation and delivery mechanisms. Clauss (2017) contributes to this literature by
developing a measurement scale for BMI and empirically demonstrating its positive
association with both financial and non-financial performance indicators. More recently,
Sun (2025) introduces an international perspective, highlighting that the interaction
between BMI and dynamic capabilities significantly enhances enterprise development,
particularly in globally competitive environments where flexibility and adaptability
determine long-term survival. Collectively, these studies underscore the strategic
importance of BMI in improving firm performance. BMI serves both as a bridge
connecting technological and organizational capabilities with performance outcomes and
as a strategic driver enabling firms to adapt, innovate, and sustain competitive advantage
in the digital economy.
3. Business model innovation practices in Vietnamese enterprises
3.1. Emerging business model configurations
In recent years, alongside accelerating digital transformation and deeper
international integration, Vietnamese enterprises have actively experimented with and
adopted diverse business model configurations to enhance operational performance and
strengthen competitive positioning. These emerging models not only optimize resource
allocation and expand market reach but also generate new value propositions tailored to
increasingly diversified customer demands.
Several prominent business model types have gained traction in Vietnam:
B2B2C retail models, where firms supply to intermediary businesses while
simultaneously engaging end consumers directly, particularly prevalent in e-commerce
and distribution ecosystems.
Franchising models, especially in the coffee and F&B sectors, enabling rapid market
expansion through brand licensing and standardized operational systems.
Vertically integrated supply chain models, allowing firms to control production,
distribution, and sales processes to improve cost efficiency and quality management.
Multi-sided platform models, connecting distinct user groups (e.g., sellers–buyers,
drivers–passengers), thereby creating network effects.

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