Thailand Industry 4.0 aims to develop an economy that is driven by innovation to advance to the level of high-income countries. One factor that would help drive such growth is continuous labour development. The Thai government recognized the significant role of Technical and Vocational Education and Training (TVET) in developing a competitive workforce and encouraged its improvement through various strategic policies. This paper discusses a TVET model that seeks to enhance the implementation of a Dual TVET system that involves work-based learning in Thailand through a collaborative structure and the application of action research. The study employed two research methods: relevant document analysis and a semi-structured questionnaire. Seven Memorandum of Understanding (MOUs) signed among Tripartite system partners were examined to find out their roles and responsibilities. The semi-structured questionnaire comprised ten open-ended questions and was sent to nine representatives from TVET colleges, companies, and universities to identify their experiences and recommendations for further development. Different roles and responsibilities of partners in the Tripartite education system model (TVET colleges, university, private sector) which are based on participatory management will be discussed in this article. Learning venues of work-based learning, learning activity, learning processes, project evolution and assessment are part of this discussion. Better communication and a common understanding among partners can lead to the meaningful implementation of this project. The cooperative model of different learning venues with the application of action research strengthens the Thai TVET system, as well as contributing to systematic and societal innovation.