Running Dark Energy and Dark Matter models are candidates to resolve the Hubble constant tension. However the model does not consider a Lagrangian formulation directly. In this paper we formulate an action principle where the Running Vacuum Model (RVM) is obtained from an action principle, with a scalar field model for the whole dark components. The Dynamical Spacetime vector field $\chi_\mu$ is a Lagrange multiplier that forces the kinetic term of the scalar field to behave as the modified dark matter. When we replace the vector field by a derivative of a scalar the model predicts diffusion interactions between the dark components with a different correspondence to the RVM. We test the models with the Cosmic Chronometers, Type Ia Supernova, Quasars, Gamma ray Bursts and the Baryon Acoustic Oscillations data sets. We find that $\Lambda$CDM is still the best model. However this formulation suggests an action principle for the $\Lambda$CDM, the RVM model and other extensions.