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handbook for designing leasing or sharing contracts, thereby reducing the individual legal-consultation costs that small enterprises would otherwise have to bear on their own. 5. Conclusion This study has built and provided an initial test of an integrated analytical framework combining three theories - transaction cost theory, business model innovation theory, and technology diffusion theory - to explain the mechanism through which digital platforms are translated into product–service business models and generate circular outcomes. The study’s theoretical contribution lies in connecting three theories that are typically used separately in prior research into a single, unified analytical pathway. Its practical contribution is reflected in the three-country-group comparative framework and the set of policy implications grouped by implementing actor, prerequisite condition, and specific order of priority, suited to Vietnam’s current institutional context and digital capacity. 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