Abstract
This study investigates the impact of intellectual capital on the financial performance of 180 non-financial firms listed on the Ho Chi Minh Stock Exchange (HOSE) over the period 2010–2024. Employing the Modified Value Added Intellectual Coefficient (MVAIC) model and the system generalized method of moments (System GMM), the findings reveal that structural capital efficiency (SCE), capital employed efficiency (CEE), and relational capital efficiency (RCE) have significant positive effects on return on assets (ROA) and return on equity (ROE). Meanwhile, human capital efficiency (HCE) enhances market value, as measured by Tobin’s Q, whereas SCE exerts a negative effect on this indicator. The results suggest that Vietnamese listed firms continue to rely heavily on tangible assets and capital efficiency rather than fully leveraging human capital and other intangible resources, underscoring the importance of strengthening governance and strategic investment in intellectual capital.
