Applying the balanced scorecard model in evaluating business performance in Vietnam: A case study in manufacturing

Abstract:

This study explores the application of the Balanced Scorecard (BSC) model in evaluating the performance of businesses in Vietnam, focusing on a production case study. The BSC model, which encompasses four perspectives—financial, customer, internal business processes, and learning and growth—is widely used to assess and improve organizational performance. By employing a mixed-methods approach, including interviews, surveys, and secondary data analysis, this research examines the implementation of the BSC model in a Vietnamese production company. The study reveals the strengths and weaknesses of the company’s performance across the four BSC perspectives and identifies the challenges in applying the model within the Vietnamese context. The findings suggest that the BSC model can be effectively adapted to evaluate and enhance the performance of Vietnamese businesses. The study also provides recommendations for strategies to improve performance based on the BSC analysis and highlights the need for further research on the application of the BSC model in various industries in Vietnam. This research contributes to the growing body of literature on performance evaluation in Vietnamese businesses and offers practical insights for managers seeking to implement the BSC model in their organizations.