There is scarce research classifying and investigating the relationship between B2C and C2C value co-creation. Based on the value co-creation theory and literature on brand awareness, this study developed a research framework to demonstrate the relationships between B2C and C2C value co-creation constructs, with the mediation of brand awareness. A sample of 237 students in several universities across Vietnam was employed and analyzed using partial least squares structural equation modeling (PLS-SEM). The findings revealed that 68.4% of C2C value co-creation (i.e. referral intention) can be explained by B2C value co-creation constructs (i.e. co-creation value, value-in-use) and brand awareness. The mediating effects of brand awareness were also investigated. The results practically implied that universities can apply the value co-creation process as a marketing tool to acquire more potential customers.