The objective of this study is to investigate the factors that affect the implementation of outcome-based education (OBE) in the master program in Economic Management. A research framework was proposed to investigate the relationship between the factors including professional knowledge, the ability to detect and solve problems, team work and communication skills, work attitude with students’ perceived value and these factors with practical application ability. A questionnaire was administered to a sample of 388 graduate students of economic management at different universities in Hanoi, Vietnam. The partial least squares structural equation modelling (PLS-SEM) method was utilized to test the hypotheses of this research. The study findings show that professional knowledge, the ability to detect and solve problems, team work and communication skills and work attitude had direct impacts on students’ perceived value; and students’ perceived value had a direct impact on practical application ability of Economic Management’s program in work. The findings also indicate that professional knowledge did not have any direct impact on practical application ability of Economic Management’s program in work and the ability to detect and solve problems only had indirect impact on practical application ability through the moderator of students’ perceived value. It is stressed the importance role of students’ perceived value; and when students understand that the program benefits and they provide knowledge and skills effectively in practice