This study investigates the factors influencing value co-creation activities among economics students in Vietnam during the COVID-19 pandemic. Data was collected from 423 students and teachers and analyzed using linear regression models. The study shows that the main factors influencing value co-creation activities, listed in order of impact, are: (i) dialogue, (ii) transparency, (iii) the COVID-19 pandemic, (iv) access to information, (v) benefits, (vi) interactive attitude, and (vii) disadvantage. Notably, the study introduces the “interactive attitude” factor, a sub-category derived from dialogue, which highlights the importance of two-way communication and positive stakeholder engagement in fostering co-creation activities. These findings are novel compared to prior research. The study concludes with recommendations for students, educators, institutions, and partners to increase their roles in promoting responsible and effective co-creation, contributing to the development of Vietnam’s higher education system.