The current collaboration between universities-enterprises in Vietnam has faced various challenges especially in its teaching model and motivation system. We find that Vietnamese enterprises have minimal interest in engaging in both short and long-term collaborations. Likewise, universities are struggling to set up a sustainable collaboration system which will attract enterprises. To overcome these challenges, this paper aims to propose a new model for teaching collaborations between universities and enterprises, based on the lean thinking approach and a sustainably developed partnership. Data collected from questionnaires and in-depth interviews were used to analyze the conventional teaching model and current situation of the university-enterprise collaboration. Based on this data, we proposed a new model. A transparent benefit allocation scheme and synchronized teaching philosophies and methodologies are critical preconditions for the successful teaching collaboration between universities and enterprises. Finally, we confirmed the feasibility of the new model through a successful case study. This research may also be used as reference and consideration for other developing countries.