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Peer-to-peer (P2P) models, facilitating direct exchanges between users without
traditional intermediaries, commonly observed in digital lending and sharing services.
User-generated content (UGC) models, where users create and share content while
firms monetize through advertising and complementary services.
Direct selling and online business models, leveraging digital channels for customer
acquisition and service delivery.
Affiliate marketing and agency models, generating revenue through performance-
based commissions and intermediary services.
These models collectively illustrate the increasing adaptability and strategic
experimentation of Vietnamese enterprises in response to digitalization and global
competition.
3.2. Emerging business model configurations
Empirical evidence indicates a clear and positive association between business
model innovation (BMI) and firm performance among Vietnamese enterprises. According
to the VIE50 Report (2024), the majority of firms ranked in the Top 50—achieving average
annual revenue and profit growth rates exceeding 20%—have simultaneously
implemented one or multiple innovative business model configurations. These include
digital platform-based models, subscription mechanisms, and vertically integrated value
chain structures. Illustrative cases such as Viettel, Vinamilk, and MoMo demonstrate how
the adoption of digital platforms, vertical integration strategies, and freemium models
has directly improved key performance indicators across multiple dimensions.
Operational efficiency has been enhanced through improved inventory turnover and
reduced customer acquisition costs (CAC); financial performance has strengthened via
higher profit margins and recurring revenue streams; and customer-related outcomes
have improved through increased retention rates and higher average revenue per user
(ARPU). Furthermore, the VIE50 (2024) ranking of the Top 10 Innovative and High-
Performing Enterprises highlights leading corporations across telecommunications,
technology, banking and finance, consumer goods, energy, and insurance sectors. This
cross-sectoral representation suggests that business model innovation is not confined to
technology-driven industries but constitutes a broader strategic transformation
mechanism within Vietnam’s corporate landscape.

Figure 1. Top 10 most innovative, creative and effective businesses in 2024
Source: VIE50. 2025

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