1 CHAPTER 1: both domestic and international tourists Thus, more theoretical and INTRODUCTION empirical research are necessary for managers of Vietnam hospitality businesses to improve their operating performance 1.1 Rationale of the study: From the mid-1980s, there has been a revolution about the increase in the use of non-financial factor to replace the measures based on traditional accounting That comes from a number of reasons as follows The non-financial factor is a better prediction of company failure compared with financial measures; at the same time the non-financial factors are motivation which leads to the financial performance ratios in the future The above reasons demonstrate a necessity of a study of the nonfinancial factors and their effects on the financial performance of Vietnam hospitality businesses A number of questions have been stated and needed answering Therefore, the author selected to conduct a study of the effects of non-financial factors on the financial performance of Vietnam hospitality businesses with the aim of contributing a small puzzle piece in research gaps on this issue 1.2 Research objectives The objectives of the research are (i) Identify non-financial factors The hospitality industry is one of the rapidly developed tertiary industries in recent times Along with the international economic affecting the financial performance of hospitality businesses; (ii) Inspect integration and increasingly fierce domestic competition, hospitality relationship and the influence level of non-financial factors on the businesses have to confront a number of strong foreign opponents right on their traditional territories The level of researchers’ interest in financial performance of Vietnam hospitality businesses; (iii) Making assessing the effects of the non-financial factors on the financial performance of the hospitality businesses has not solved adequately and research results The thesis also states research questions to achieve the recommendations to Vietnam hospitality enterprises thanks to the research objectives as well as methods for answer of these questions thoroughly Previous studies have examined the impact of non-financial 1.3 Research subject and scope factors on financial performance, but they have been carried out in different country contexts, industries, and methods Each study which is 1.3.1 Research subject: The research subject of the thesis is the effects of the non-financial just fragmented pictures of effects of some non-financial factors on the performance of hospitality industry, has not considered the influence of factors affecting the financial performance of Vietnam hospitality other various factors business According to reports of the World Tourism Organization, Vietnam ranks sixth in the list of the world’s fastest-growing tourist destination and the Asia’s fastest- growing one With the development of Vietnam tourism over the past few years, the hospitality is an industry needed to take into consideration for development in order to satisfy the needs of 1.3.2 Research scope: * Spatial scope: The study is empirically conducted in three - to five - star Vietnam hospitality businesses which has been operated for more than years (does not include the new businesses established since 2016; foreign enterprises in Vietnam and Vietnam enterprises in which accommodation service is not the only type of business.) * Temporal scope: The research is carried out from May 2017 to April 2018 1.4 Research methodology Qualitative and quantitative research are two primary methods applied in the study Qualitative research method is conducted by gathering documents and expert interview meanwhile quantitative research method uses survey technique and quantitative data analysis with SPSS and AMOS software 1.5 Thesis contributions The thesis aims at the following theoretical contributions: i) The thesis identifies, classifies and develops non-financial factors in order to consider the impact of those factors on the financial performance; determines how to measure the financial performance under the traditional view in measuring business financial performance, combines with performance measurement which is a typical character of Vietnam hospitality enterprises, in particular, the author proposed forty-five observable variables for six dimensions (five independent variables and one dependent variable) ii) Research provides the basis confirming the relationship and impact direction of the non-financial factors on the financial performance of the hospitality businesses Besides pointing out the direct relationship, the thesis also demonstrates some indirect ones which are meaningful in research model iii) The study verifies the effects of factors on the financial Besides the theoretical contributions, the research also contributes practical values as follows: i) Through the surveys and data analysis, the study provides significant and meaningful information relating to the non-financial factors and the financial performance of the hospitality businesses, which help describe and evaluate the current status of the financial performance and non-financial factors in Vietnam hospitality enterprises ii) Research identifies forty-five observable variables meeting the appropriateness and reliability to measure non-financial factors and financial performance Research results showed which of the nonfinancial factors has positive influence (directly or indirectly) on the financial performance, and the impact direction (positively or inversely) of those factors From that, managers in the hospitality businesses have basis for considering, comparing within their businesses to take appropriate measures for improvement iii) On the basis of determining the influence level of every nonfinancial factor on the financial performance, the study laid out the recommendations proposed for business executives (managers) to enhance the financial performance for Vietnam hospitality businesses 1.6 Thesis structure The thesis is presented in six chapters: Chapter 1: Introduction Chapter 2: Literature review Chapter 3: Theoretical basis and research framework Chapter 4: Research methodology performance in terms of both aspects of profitability and special Chapter 5: Research results financial ratios of hospitality industry Chapter 6: Discussions and recommendations CHAPTER 2: LITERATURE REVIEW 2.2.1 The financial performance in the studies on operating performance evaluation model of hospitality business The studies on the operating performance evaluation model of the 2.1 Global literature review of the non-financial factors affecting the financial performance of hospitality business 2.1.1 External non-financial factors The line of research on the external factors among research of the hospitality is relatively few The variables have been used namely macro-economic forces (Barrows and Naka, 1994; Chen et al 2005; Chen, M.H., 2007; Tang and Jang, 2009); the shocks as the ninth hospitality businesses have been mainly empirical studies The theoretical foundation used in the majority of the studies is the balanced scorecard model (BSC) The main results of the research showed that managers of the hospitality businesses are interested in the non-financial factors rather than waiting for the impact of the financial ratios However, the studies which have been mostly into the analysis of the features of the performance evaluation system within a small sample of businesses, have of November (Enz and Canina, 2002) or a serious plague of respiration not examined the influence of the non-financial factors on the financial performance of the businesses (Chen et al 2007); etc The studies of the external non-financial factors 2.2.2 Literature review of the scales of measurement of the influencing on the financial performance of hospitality businesses have financial performance in hospitality business been limited because of the complexity of the external factors and at the The studies have focused on the financial performance same time, it is difficult for enterprises to impact or adjust aiming to measurement basing on the financial ratios such as the scales of measurement of profit and profitability; the growth index (ROA, ROI, improve their financial performance 2.1.2 Internal non-financial factors A large number of contributions mainly focus on the internal factors which are chosen due to the fact that it is simpler to directly determine the relationship between the dependent and independent variables Besides, the research conclusions brings greater significance ROE, ROS); or the measurement under the special financial ratios of the hospitality (OCR, ADR, REVPAR, ); etc Through the literature review in the hospitality industry, the author found that the financial performance measurement is predominantly carried out under a single dimension There is not any study clarifying the different impact of for managers Four main groups of the internal factors studied in those factors on the financial performance measured under profitability dimension and the financial performance under the specific financial previous research are strategic factor; resource factor; service quality ratios of the hospitality industry factor; and market orientation/ marketing factor 2.2 Literature review of the financial performance of hospitality business 2.3 Literature review in Vietnam In Vietnam, quite a lot of research have examined the operating performance evaluation of businesses, however, most of these research have focused on the criteria analysis of the operating performance managers’ attention However, they have not verified the impact evaluation of each particular type of business direction and level of the non financial factors on the financial Hospitality businesses has been chosen as research scope of many studies in Vietnam However, these research focus has been mainly on a specific hotel or the subjects exploited under each particular dimension, which predominantly service for management practices such as finding solutions to grow the business of hospitality, improve service quality, competitiveness or hospitality marketing management performance of the hospitality businesses Fourthly, literature review in Vietnam indicated that the hospitality businesses have been chosen as the scope of several studies However, every topic exploits specific dimensions serving mainly for management practices such as finding solutions to the hospitality business development, enhancing service quality, competitiveness or hospitality 2.4 Research gaps and orientations marketing management The majority of empirical research have just 2.4.1 Research gaps focused on verifying the influence of financial criteria (factors) on the Firstly, studies on the non-financial factors affecting the financial financial performance of the businesses but have not attached special performance are diverse and different results, which tend to show a fragmented picture rather than overlapped results for being importance to the non-financial factors The verification of the impact generalized Each performance of the hospitality businesses is a gap requiring much more study focused primarily on one or some determinants The non-financial factors (independent variables) which have been studied in published literature are mostly different, the financial performance measurement are measured under various scales of direction and level of the non financial factors on the financial research to be filled 2.4.2 Research orientations The research gap gained from literature review helped the author determine research orientations as follows: The author studied the Secondly, the financial performance has been considered under different dimensions in the studies on the factors affecting it There is impact of the non financial factors on the financial performance of not any combined research clarifying differences of the impact of these factors on the financial performance under profitability and specific in Chapter 3) This study chose the internal non-financial factors financial ratios of the hospitality businesses external factors To expand the sample range of the hospitality Vietnam hospitality businesses (based on some specific theory presented affecting the financial performance without referring and verifying the Thirdly, the empirical research on the performance evaluation businesses, this research measures the financial performance under model of the hospitality businesses have been carried out However, the studies primarily focus on the factor analysis for assessing the accounting value but the market value In particular, the study verifies performance of a small sample of hospitality businesses using available detailed figures (mostly secondary data) The main results profitability and specific financial ratios of the hospitality industry of the research have showed that the non-financial factors catch the the impact of the non-financial factors on financial performance under 10 CHAPTER 3: of Narver and Slater (1990), the author studied and tested five nonfinancial factors which have effect on the financial performance, namely: service quality, flexibility, resource utilization, innovation and market orientation 3.2 Non-financial factor theory THEORETICAL BASIS AND RESEARCH FRAMEWORK 3.1 Theoretical basis for the construction of research framework 3.1.1 Matrix of results and determinants (Fitzgerald et al 1991) The importance of service sector- a growing industry and the needs to consider the performance measurement system for this sector were recognized by Fitzgerald et al (1991) The authors built the performance a measurement model for service enterprises - that's “the matrix of results and determinants" Fitzgerald et al (1991) provides the building blocks for the sizes, standards and rewards for the performance measurement system in the service enterprises The sizes were divided into results (competitive performance and financial performance) and factors affecting these results (service quality, flexibility, resource utilization and innovation) However, this matrix hasn’t tested specific effect of the nonfinancial factors on the financial performance Therefore, the factors of service quality, flexibility, resource utilization and innovation are chosen for the inclusion in the research model 3.1.2 Market orientation theory of Narver and Slater (1990) According to Narver and Slater (1990), market orientation is necessary organizational culture to create outstanding value for buyers, leading to remarkable performance (Narver and Slater, 1990) Narver and Slater (1990) identified the orientation under three factors: customer orientation, competitor orientation, interdisciplinary collaboration Market orientation is to create intelligence throughout the organization relating to the needs of current and future clients, disseminate the intelligence within the organization and bring superior efficiency for enterprises (Narver and Slater, 1990) Thus, based on the theoretical basis of the matrix of results and determinants (Fitzgerald et al 1991) and the theory of market orientation In this section, the author presented the nature, concept and viewpoints of the non-financial factors including service quality, flexibility, resource utilization, innovation and market orientation At the same time, some perspectives and scales of measurement inherited from the factors are also stated in the thesis 3.3 Financial performance theory In this section, the author presented the concept and differences among the measures of financial performance, as well as the viewpoint of measuring the financial performance of Vietnam hospitality businesses 3.4 Research model and hypothesis 3.4.1 Research model Based on the literature review and the theoretical basis of the financial performance and non-financial factors, five non-financial factors studied are "quality service, flexibility, resource utilization, innovation and market orientation " The research models of the impact of the non-financial factors on the financial performance are as follows: Model 1: Financial performance measurement under profitability Model 2: Financial performance measurement under specific financial ratios 11 12 H4.1; H4.2 SERVICE QUALITY Innovation has a possitive influence on the financial performance of Vietnam hospitality businesses H5.1; H5.2 MARKET ORIENTATION Market orientation has a possitive influence on the financial performance of Vietnam hospitality businesses FLEXIBILITY FINANCIAL PERFORMANCE (1) Profitability CHAPTER 4: RESEARCH METHODOLOGY (2) Specific financial ratios of hospitality INNOVATION RESOURCE UTILIZATION Figure 3.2: Proposed research model The author’s research hypotheses are summarized in the following table: Table 3.8: The hypotheses of the proposed research model Model 1: Financial performance measurement under profitability Model 2: Financial performance measurement under specific financial ratios of the hospitality industry H1.1; H1.2 quality possitively influences the financial performance of Vietnam hospitality businesses H2.1; H2.2 Flexibility possitively influences the financial performance of Vietnam hospitality businesses H3.1; H3.2 Interviewing experts is used in the qualitative research method with the objective of determining the suitability of the factors in the research model The method is implemented with the questionnaire consisting of three parts: (1) Discussion of the impact level of five non-financial factors of the proposed research model (service quality, flexibility, resource utilization, innovation, market orientation) on the financial performance of Vietnam hospitality businesses Content Service To test the model and research hypotheses, the author used both qualitative and quantitative research methods 4.2 Qualitative research method 3.4.2 Research hypothesis Hypotheses 4.1 Overview of research methodology Resource utilization has a possitive influence on the financial performance of Vietnam hospitality businesses (2) Discussion of the hypotheses of relationships of the proposed research model (3) Discussion of the scales of measurement of factors in the proposed research model Results: Table 4.3: The summarized results of the expert interviews on the research hypotheses 13 Impact factors 14 Proposed hypotheses Note Service H1.1: Service quality positively affects the quality financial performance (profitability) H1.2: Service quality positively affects the financial performance (specific financial ratios of hospitality industry) Flexibility H2.1: Flexibility positively affects the financial H2.2: Flexibility positively affects the financial performance (specific financial ratios of Resource H3.1: Resource utilization positively affects the utilization financial performance (profitability) H3.2: Resource utilization positively affects the financial performance (specific financial ratios of hospitality industry) positively affects the financial performance (profitability) H4.2: Innovation positively affects the financial performance (specific financial ratios of hospitality industry) H6.1: Innovation affects the financial Additional performance indirectly (profitability) via hypothesis quality service (Innovation has positive effect on the quality service) H6.2: Innovation Note performance indirectly (specific financial ratios of hospitality industry) via quality service (Innovation has positive effect on the quality service) Market H5.1: Market orientation positively affects the orientation financial performance (profitability) financial performance (specific financial ratios of hospitality industry) H7.1: Market orientation affects the financial Additional hospitality industry) Innovation Proposed hypotheses H5.2: Market orientation positively affects the performance (profitability) Innovation H4.1: Impact factors affects the financial performance indirectly (profitability) via hypothesis quality service (Market orientation has positive effect on the quality service) H7.2: Market orientation affects the financial performance indirectly (specific financial ratios of hospitality industry) via quality service (Market orientation has positive effect on the quality service) H8.1: Market orientation affects the financial Additional performance indirectly (profitability) via hypothesis innovation (Market orientation has positive effect on the innovation) H8.2: Market orientation affects the financial performance indirectly (specific financial ratios of hospitality industry) via innovation (Market orientation has positive effect on the 15 Impact factors 16 Proposed hypotheses Note innovation) Model 1: Financial performance measurement under profitability Model 2: Financial performance measurement under specific financial ratios of hospitality industry INNOVATION H6.1; H6.2 H8.1; H8.2 H4.1; H4.2 MARKET ORIENTATION H5.1; H5.2 H3.1; H3.2 SERVICE QUALITY H7.1; H7.2 FINANCIAL PERFORMANCE: (1) Profitability (2) Specific financial ratios of hospitality industry H1.1; H1.2 H2.1; H2.2 the survey questionnaire, as well as not misunderstand the meaning of those questions through which the author may standardize the terms and better the questionnaire for the official survey The selection of samples for preliminary quantitative research was carried out under the method of convenience sampling of geographic location, surveyed with small quantities of samples in the area of Hanoi city The author went to twenty hospitality businesses (three- to fivestar) in Hanoi to conduct the survey questionnaire directly The result is that basically, the survey is understood and accepted by managers but needs editing several small errors in terms of vocabularies or semantics to ensure that there is not any confusion or misinterpretation for respondents 4.3.2 Variables and scales of measurement for the official research Through the literature review, the theoretical basis relating to the factors in the model and the qualitative and preliminary quantitative research, the author improved the variables and the scales of measurement for the official quantitative study 4.3.3 The official quantitative survey 4.3.3.1 Data collection tool FLEXIBILITY RESOURCE UTILIZATION Figure 4.1: Research model 4.3 Quantitative research method 4.3.1 Preliminary quantitative research Preliminary quantitative research was conducted after the survey questionnaire was edited as a result of the qualitative research (expert interview) Conducting preliminary quantitative research is to ensure that the respondents understand the terminologies and the questions in A survey tool used in the study is a questionnaire which was developed to measure the demographic characteristics, the hospitality characteristics and the main factors The author used a 5-point Likert scale as a survey tool The first part of the questionnaire includes the information specified in the model of the financial performance and the influential non-financial factors The second section consists of the questions of management demographic (gender, age, educational level, work experience) and questions of the hospitality characteristics (class, size, age, location) 4.3.3.2 Sampling method 17 18 To ensure the research data, the author sent the survey questionnaire to 820 hotels of three to five stars on the list of the General Statistics Office of Vietnam The survey questionnaire was distributed via a combination of three methods: mailing by post, mailing directly by Google docs and providing printouts directly (hard copy) CHAPTER 5: RESEARCH RESULTS 4.3.3.3 Data collection and analysis 5.1 Overview of business activities of the hospitality in Vietnam The study generalizes features, data demonstrating the pace of development of business activities of the hospitality in Vietnam 5.2 Results of descriptive statistics * Data collection The survey questionnaire is mailed with the support of google docs at zttps://goo.gl/forms/FHSc3lRuSIJcqUmw1 After a week of sending mail without receiving a response, the author will call to find out the reason and solve situations With the mailing form (sending hard copies) via post, the author calls directly after weeks With the geographical convenient businesses visited directly by the author, the survey forms distributed are not less than two After removing the businesses having responded to the questionnaire, the author conducted a direct survey of the hospitality businesses (mainly in Central and Southern Vietnam) through the survey of businesses of the General Statistics Office in October 04,2018 The timing of data collection was from October 2017 to April 2018 Total responses received after eliminating the invalid ones (tick only one answer for all questions of the questionnaire) were 346 This sample size is satisfied for quantitative data analysis * Data analysis: Based on the answers of the survey forms satisfying the conditions, the collected data was analysed, processed by SPSS, AMOS software to implement descriptive statistics; test the reliability of scales of measurement; analyse the exploratory and affirmative factors; verify the structural model The study presents the results of the description of the survey sample and variables in the research model of frequencies average values, etc 5.3 Reliability test result of the scale of measurement Reliability test result of the measurement scale of concepts eliminates eight observable variables and forty-five variables reaching the standard remaining Table 5.11: Cronbach’ Alpha of the measurement scale after removing unreliable observable variables Number Observable variables Cronbach’s Alpha Servive quality (SQ) 0.940 Flexibility (FL) 0.935 Innovation: - Innovation magnitude (IM) 0.899 - Innovation speed (IS) 0.932 Resource utilization (RU) 0.931 Market orientation (MO) Financial Profitability 0.869 Financial performance – specific financial 0.789 performance 0.937 - (PROFIT) ratios of the hospitality industry (HOTSPE) 19 20 5.4 Exploratory Factor Analysis (EFA) Table 5.15: CR and AVE Table 5.12: Results of KMO and Barlett’s Test Criteria Model CR AVE CR AVE Model SQ 0.940 0.566 IM 0.901 0.647 0.935 0.743 MO 0.939 0.722 KMO index 0.922 0.918 FL Sig Bartlett’s test 0.000 0.000 RU 0.933 0.735 PROFIT 0.873 0.633 Total variance explained 67.308 66.845 IS 0.933 0.736 HOTSPE 0.791 0.558 Minimun Eigenvalues 1.554 1.566 * Principal components analysis withVarimax rotation: It could be seen that the Composite Reliability is more than 0.7 and the Average Variance Extracted is more than 0.5, so measurement scales of observable variables meet the requirements The results showed that the remaining observable variables after removing unreliable scales of measurement are grouped into 5.6 Structural equation model testing: * Testing result of model 1: categories: Table 5.16: Testing result of model - Total variance explained is 67.308% (model 1) and 66.845% (model 2) which are satisfactory> 50%; it could be said that these 5.5 Confirmatory factor analysis (CFA) * Relevant level: The result showed that: *** < - MO 145 073 1.996 046 SQ < - IN 311 156 1.997 046 PROFIT < - SQ 116 054 2.137 033 PROFIT < - FL 199 065 3.082 002 PROFIT < - MO 260 072 3.600 *** PROFIT < - IN 266 144 1.839 066 PROFIT < - RU 139 050 2.754 006 * Testing result of model 2: CFI=0.961; RMSEA=0.040 ( 1), factors including Eigenvalues (the lowest) are 1,554 (model 1) and 1,566 (model 2) Estimated IN S.E C.R P Value IN < - MO ,322 ,045 7,224 *** SQ < - MO ,146 ,073 2,008 ,045 SQ < - IN ,311 ,156 1,992 ,046 21 22 HOTSPE < - SQ ,118 ,058 2,039 ,041 HOTSPE < - FL ,173 ,069 2,512 ,012 HOTSPE < - MO ,135 ,076 1,773 ,076 HOTSPE < - IN ,281 ,154 1,828 ,068 HOTSPE < - RU ,172 ,054 3,191 ,001 CHAPTER 6: DISCUSSIONS AND RECOMMENDATIONS 6.1 Discussion of research results: In this section, the author discussed the statistical relationship in the research model: - Service quality has positively direct effect on the financial performance (both profitability and specific financial ratios of hospitality industry) - Flexibility has positively direct effect on the financial performance (both profitability and specific financial ratios of hospitality industry) - Resource utilization has positively direct effect on the financial performance (both profitability and specific financial ratios of hospitality industry) - Innovation does not affect directly on the financial performance ( both profitability and specific financial ratios of hospitality industry) but indirectly affect the financial performance via service quality factor - Market orientation has has positively direct impact on the innovation and service quality - Market orientation not only has positively direct effect but also indirectly affect the financial performance measuring under profitability - Market orientation does not have direct impact but indirectly affect the financial performance measuring under the specific financial ratios of hospitality industry 6.2 Challenges for Vietnam hospitality businesses Two major challenges for Vietnam hospitality businesses presented in the study are challenges arising from technological advances and destination competitiveness among countries 6.3 Recommendations from research results Based on the results of the survey and the data analysis, the author made recommendations on each non-financial factor Recommendations were made on the basis of the observable variables satisfying the reliability and having the average value lower than others 6.4 Limitations and suggestions for further research Firstly, the author used cross-sectional data collected from a survey in the form of questionnaires, so biases of respondents may disturb the research results Collecting data from multiple sources and time series models are necessary measures Secondly, this study used a sample from only one developing country – Vietnam and focused only on the hospitality businesses (from to stars) Duplicate research should be conducted in other developing economies as well as other industries to test the generality of the author’s findings Thirdly, the study measured the financial performance under accounting value (the measures of the profitability and specific financial ratios of hospitality industry) without the measurement under market value Future studies may incorporate more methods into measuring the financial performance based on both the accounting value and the market value for drawing more generalized results 23 24 CONCLUSION The thesis has synthesized and compared with previous studies on the non-financial factors affecting the financial performance of hospitality business At the same time the thesis also summed up the views and clarify the theoretical background of the non-financial factors and financial performance The study provides the bases confirming the relationship and impact direction of non-financial factors on the financial performance of Vietnam hospitality businesses Besides pointing out the direct relationship, the thesis also demonstrates several indirect relationships which are meaningful in research model Service quality, innovation, flexibility, resource utilization, market orientation are non-financial factors which are investigated The previous studies, combining the data from a variety of industries, showed the diversity of influence results of these factors on the financial performance of businesses This study which focuses only on Vietnam hospitality enterprises infers the statistically significant relationships directly and indirectly has both direct and indirect impact on the financial performance of Vietnam hospitality businesses The factors of service quality, flexibility, resource utilization have positively direct impact on the financial performance (both profitability and specific financial ratios) in the hospitality businesses With the study's data sample, the innovation directly affects on the financial performance in the hospitality industry, which has no statistical significance but influences indirectly on the financial performance via service quality factor Market orientation directly affect the profitability positively but does not have a direct effect on the specific financial ratios of the hospitality industry Service quality factor does not only play a role of an independent variable but also acts as mediator variable in relationships Besides mediating between innovation and financial performance, service quality also acts as mediator between market orientation and financial performance In addition, the study also proves positive relationship between market orientation and innovation Market orientation factor Research results provide a number of important implications for the hospitality industry managers in administrating, managing and giving solutions for their business To compete in the market, enterprises must be market oriented like customer orientation, competitor orientation,etc A market-oriented enterprise is likely to improve the innovation, service quality and financial performance The study also provides evidence to infer that the better the service quality and the more efficient and flexible the resource utilization, the higher the financial performance From the study findings, the hospitality managers can enhance their knowledge in designing service more effectively and take decisions concerning the priorities and alternatives  ...3 enterprises in Vietnam and Vietnam enterprises in which accommodation service is not the only type of business.) * Temporal... Literature review of the financial performance of hospitality business 2.3 Literature review in Vietnam In Vietnam, quite a lot of research have examined the operating performance evaluation of businesses,... financial performance of Vietnam hospitality businesses H5.1; H5.2 MARKET ORIENTATION Market orientation has a possitive influence on the financial performance of Vietnam hospitality businesses