Cultural Capital Conversion into Economic Assets: Entrepreneurial Approaches to Sustaining Vietnam’s Water Puppetry Villages

Abstract

Vietnam’s water puppetry represents a vital form of intangible cultural heritage with significant socio-economic potential for rural communities. This research investigates the mechanisms by which cultural capital defined as traditional knowledge, artistic skills, and communal narratives is systematically converted into measurable economic assets through entrepreneurial activities in Vietnam’s Water Puppetry Villages. Employing a mixed-methods technique, the research incorporates qualitative fieldwork, including semi-structured interviews with 235 puppeteers, cultural entrepreneurs, and local stakeholders, with quantitative analysis of economic indicators such as tourism revenue, product sales, and employment rates within water puppetry villages. Data collection involved ethnographic observation of performances, documentation of cultural product development processes, and evaluation of digital marketing strategies. Using thematic coding and regression analysis using tools IBM SPSS (version 28), the research identifies critical entrepreneurial strategies including diversification of performance formats, development of cultural merchandise, strategic partnerships, and leveraging e-commerce platforms to expand market reach. According to regression analysis, performance diversification (, ) and product development (, ) have significant beneficial benefits. Digital engagement (, ) and strategic collaborations (, ) show up as significant economic factors. Results indicate that entrepreneurial interventions contribute to a statistically significant increase in village-level income () and enhance cultural engagement among younger generations, facilitating sustainable heritage transmission. The research underscores the importance of maintaining cultural authenticity while implementing commercialization strategies, highlighting a balance that optimizes economic gains without diluting artistic integrity. The findings provide actionable suggestions for policymakers, cultural managers, and entrepreneurs intending to foster resilient cultural economies in Vietnam and comparable contexts globally.