本研究採單一個案研究設計，以越南台商 SW 河內廠為研究對象，探討傳統製造業者如何在越南機車零件市場逐漸成熟、地緣政治碎片化與供應鏈移轉等動盪環境下，透過雙軌轉型維持核心業務韌性並開創新成長曲線。
本研究整合雙軌轉型、動態能力、組織雙元與資源編排觀點，提出「能力基礎觀點」作為分析架構。研究重點不在於描述 SW 是否成功轉型，而在於說明企業如何察覺外部環境變動，透過資源編排重組既有製造能力，並以組織雙元設計同時維持機車零件核心業務與電子通訊零組件新事業。
研究發現，SW 河內廠的轉型並非在市場機會完全明朗後才被動回應，而是先透過鋁壓鑄、模具、塗裝與品質認證等能力建構，形成可被新產業客戶識別的一條龍製程能力。此一「能力先行、市場後至」的歷程，說明能力連結並非自然外溢，而是管理者有意識進行資源結構化、組合與運用的結果。
本研究之理論貢獻在於提出能力基礎雙軌轉型觀點，說明動態能力提供機會察覺與重構方向，組織雙元提供新舊業務並行之結構條件，資源編排則將既有資源轉化為新事業可用能力。實務上，本研究指出傳統製造業台商若欲在動盪市場中推動跨產業轉型，應將既有能力延伸、關鍵製程內製與新事業組織分化同步納入策略設計。

This study adopts a single case study design, selecting SW Vietnam—a Taiwanese manufacturing firm—as the research subject. Amidst fragmented geopolitics and a turbulent VUCA (Volatility, Uncertainty, Complexity, Ambiguity) environment, the study investigates how a traditional motorcycle parts manufacturer achieves "Dual Transformation" (A + B + C = Δ). By integrating Dynamic Capabilities (DC), Organizational Ambidexterity (OA), and Resource Orchestration (RO), this research establishes a "Capability-based Perspective" framework to explain the transition from internal combustion engine (ICE) components to electronic communication equipment supply chains and related high-tech manufacturing solutions. The results reveal how the firm overcomes organizational inertia (gravity pull) to achieve "escape velocity" and maintain sustainable competitive advantages in emerging markets.
Rather than treating transformation as a passive response undertaken only after market opportunities become clear, this study demonstrates that SW proactively accumulated and reorganized its manufacturing capabilities before receiving substantial orders from new industries. Through investments in aluminum die casting, mold design and production, surface coating, quality management, and international certification, SW developed an integrated manufacturing system that could be recognized and utilized by customers in different industrial sectors. This capability-first and market-later development path illustrates how established manufacturing resources can be deliberately converted into foundations for future growth.

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