The survey results of 69 small and medium-sized enterprises (SMEs) located in the northern, central, and southern regions of Vietnam are reported in this study. The surveyed enterprises show their ambitions of implementing the circular economy (CE) models in the future. The key motivators for circular business model adoption from the SMEs’ perspectives fall into economic, financial, and market categories. The key barriers to adopting circular business models relate to technological and cultural factors. SMEs in Vietnam still lack experience and knowledge of circular business models. The survey results show a strong need for supporting SMEs in Vietnam to gain a better understanding of the CE approach. The findings from our survey can support a more effective CE adoption and implementation in developing countries.