Success Factors of New Technology-based Firms in Vietnam

New technology-based firms (NTBFs) are vital for employment, innovation, and economic growth. Despite their importance, NTBFs face a high risk of failure. This study proposes a comprehensive framework to analyse factors contributing to NTBF success in Vietnam, including environmental characteristics, financial resources, social capital, and firm strategy. Survey data from 201 NTBFs in Vietnam was analysed using structural equation modeling. The results confirm significant relationships between these factors and NTBF performance, with social capital and firm strategy playing key roles in mediating the impacts of environmental characteristics and financial resources on NTBF performance.