Innovative business models of tech startups in Vietnam: An approach from the Business Model Canvas framework

Abstract

This study aims to explore how technology startups in Vietnam innovate their business models in the context of fierce market competition and the rapid evolution of digital technologies. Based on the Business Model Canvas (BMC) framework, the study adopts a qualitative approach using semi-structured interviews with 12 startup founders operating across seven different sectors. The findings indicate that startups innovate not only in terms of value propositions through product personalisation, advanced technological integration, and the creation of comprehensive digital customer experiences but also in their value creation models with new approaches. Furthermore, many firms have pursued organisational restructuring towards leaner forms, leveraged big data to enhance operational efficiency, and fostered adaptive organisational cultures to strengthen responsiveness to practical challenges. Apart from extending the traditional application of the BMC, these insights also highlight the coevolutionary dynamics between technological innovation, business model renewal, and organisational capabilities. In doing so, the study sheds light on the distinctive innovation characteristics of technology startups in Vietnam while offering important
implications for both scholars and practitioners in designing and implementing sustainable business models.