This study investigates key components of supply chain collaboration that contribute to firm performance in vertical collaboration with supply chain partners based on supply chain management experiences on the leather and footwear companies in Vietnam as well as how they work in these companies from an extended resource-based perspective. The mix-research methods employed, include prior studies’ review, in-depth interviews with seven experts in the leather and footwear industry, and case studies at three typical companies in this sector. The results indicate that seven critical supply chain collaboration components, such as information sharing, goal congruence, decision synchronization, joint knowledge creation, incentive alignment, resource sharing, and collaborative communication, have a significant impact on firm performance in the context of leather and footwear companies in Vietnam. Accordingly, companies in the leather and footwear industry, as well as those struggling to maximize firm performance can use it as a reference and put it into action.