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This study aims to develop a benchmarking model with productivity, management, and sustainability indicators (PMS), measure the performance of furniture firms in Vietnam, explore the causes of performance gaps, and identify the barriers and factors of benchmarking practice.

The article uses both qualitative and quantitative methods. Literature review, exploratory interviews and a grounded-theory process are employed to develop a benchmarking framework and identify performance gaps, barriers and factors of benchmarking practice. The PMS benchmarking model and quantitative analysis are utilized to assess performance indicators.

The study proposes the PMS benchmarking model and measures performance indicators of furniture firms. The sources of performance gaps are explored as design, material supply, the economy of scale, market, management systems and openness. Benchmarking practice encounters barriers of difficult indicators, unsuitable firms, insufficient benchmarking knowledge, reluctance to share data, unavailable and unreliable data, and weak engagement. Benchmarking practice is determined by core factors: leader; internal factors: systems, engagement, strategy, scope, culture; external factors: customers, suppliers, associations, support, competition.

Firms could learn benchmarking indicators and the causes of these gaps to improve their performance. When implementing a benchmarking study, scholars and practitioners need to pay attention to barriers and factors of the benchmarking practice to ensure effective results.

This study develops the PMS benchmarking model and estimates performance indicators in an emerging country with the performance gap justification. It provides readers with benchmarking barriers with solutions and success factors of benchmarking practice.