Cocoa powder and chocolate are currently highly popular products among the public, leading to the growth and development of the cocoa industry, transforming cocoa beans into powder and various derived products. In Vietnam, the cocoa production and processing industry remains in a developmental stage, predominantly operated by small and medium-sized enterprises. Compared to other industries, these businesses are generally disadvantaged regarding capital, human resources, and competitiveness.

This study adopts a qualitative approach to investigate a case company in Vietnam's cocoa industry. Through field observation, interviews, and the collection of relevant documentation, this research seeks to understand the business model of the case company. The analysis is guided by the Business Model Canvas proposed by Osterwalder and Pigneur, which encompasses nine key components: key partners, key activities, key resources, value propositions, customer relationships, channels, customer segments, cost structure, and revenue streams. The objective is to examine how this cocoa production and processing enterprise creates and captures value. Based on the findings, the study proposes recommendations to provide practical insights and references for other enterprises engaged in similar business contexts.