Empirical analysis of enterprise competitiveness in Vietnam: Key determinants and their interactions

This study addresses the underexplored question of how firms in emerging markets convert internal resources into enterprise competitiveness. Drawing on the resource-based view (RBV), dynamic capabilities theory (DCT), and signaling theory, this study examines 638 publicly listed Vietnamese firms using a resource–capability–performance framework. A multidimensional enterprise competitiveness index (ECI) is constructed by integrating five strategic pillars—productivity, profitability, image, stability, and growth—which further synthesize into the two dimensions of performance and potential. Data envelopment analysis (DEA) is also applied as a complementary method to evaluate the transformative efficiency of functional capabilities (marketing, operations, R&D, and human resources) in terms of profitability- and market value-based performance. The study employs both ordinary least squares multiple regression (OLSMR) and back propagation neural network (BPNN) models to analyze the predictive impact of functional capabilities on firm performance. The results reveal that marketing capability and profitability are the most influential drivers of market value and Tobin's Q, while operational efficiency predominantly influences profitability. R&D capability has no significant effect on market valuation unless innovation is successfully commercialized. Notably, BPNN outperforms OLSMR in predictive accuracy, especially for differentiating high- and low-performing firms. This dual-method approach offers a novel empirical contribution by highlighting the relative and nonlinear impact of functional capabilities on competitiveness in post-COVID Vietnam. The findings underscore the importance of aligning internal capabilities with investor expectations, providing strategic insights for firms seeking to sustain a competitive advantage in volatile, resource-constrained environments.