Business model concept has developed over time since the 70s. Among all the company types, SMEs are accounted for the majority of the Vietnamese tourism sector. In this thesis, the author would like to analyze how the SMEs tourism case companies adapt their

business model to the market changes, which can be from internal to external factors.

The data is collected through the interviews with the top managers of the case companies. In order to answer the research question- “How does a company’s business model adapt with the market fluctuations”, a qualitative content analysis approach is used which includes four steps: selecting the units of analysis, deciding and defining categories derived from prior theory, data coding into the predetermined categories, and revising categories.

The Vietnamese tourism area is getting more competitive with the rise of more company amount. The purpose of this study is to find out the similarities and differences in the case companies' business model that contributes to each one's success in gaining the market share.

At the end, some managerial solutions are suggested to increase the enterprises' performance based on the findings. It is like a benchmark among the cases for their managers to have an overview about the internal operation as well as observing the surroudings in order to adjust their strategy when needed.