Business model innovation of hotels in Vietnam during the COVID-19 pandemic

Tóm tắt

The hospitality industry faced enormous challenges in maintaining operations during the COVID-19 pandemic. Initial observations indicate that business model innovation might be a solution to recover from the COVID-19 crisis. This research conducts a survey comprising 350 participants employed in various roles within hotels located in Vietnam to assess the revamping of the business model through the lens of business practitioners. The empirical results show that the COVID-19 pandemic, business environment, and innovation culture impact the level of business model innovation of the hotel firms, in which the COVID-19 is the most influencing factor. In addition, the results indicate that the level of business model innovation has a positive impact on short-term outcomes and further enhances the overall business performance.