The research has identified and measured the components affecting innovative management accounting tools (e.g., innovative activity-based costing (ABC) tools) in Mekong Delta’s manufacturing firms (MFs). Furthermore, the paper has also examined the outcomes of the adoption of innovative ABC tools, namely firm performance (FP). The PLS-SEM approach has been employed to evaluate the measurement model as well as the structural model based on 196-response survey sample. Research results have indicated that competitive intensity, business needs and regulatory pressure have been components that have a strong impact on the applying of innovative ABC tools, which in turn, this adoption has a significant influence on FP. Accordingly, the results encourage decision-makers in MFs to adopt innovative ABC tools as a strategy to enhance business accomplishment. These findings have also illustrated the role of components supporting the adoption of such tools of MFs in the Mekong Delta region. The paper introduces attractiveness attributes of adopting innovative ABC tools to FP. Thereby, MFs headers should rely on innovative ABC tools and taking benefits of it in invests resources to enhance their firm’s CSRM upgrade. This paper supplements the ABC and FP literature by showing favorable influences of competitive intensity, business needs, and regulatory pressure. Additionally, this paper has been managed as a pioneering empirical study that integrates antecedent components and innovative ABC tools in the same model in a developing context, specifically Vietnam.