The study aims to examine the impact of productivity in addition to the policy of increasing the foreign investors’ ownership rate on the performance of businesses which were listed on Vietnam's stock exchange market from 2010 to 2017. With the database of 3.961 observations, the study employs a statistical method – multiple regression to estimate the relationship between labor productivity, foreign ownership as well as other firm-level characteristics and firm performance. Research findings show that increasing labor productivity and increasing foreign ownership rates help increase firm performance. In addition, except for financial leverage, variables such as liquidity and firm size have positive effects on firm performance measured by Tobin’s Q. These findings have theoretical contributions and practical implications for managers, investors and government in Vietnam. Managers should pay attention to improving labor productivity through employing incentive mechanisms, building a good working environment, investing in technology, etc. in order to enhance the firm performance. Investors could utilize the labor productivity and foreign ownership indicators to select stocks of good companies for investment. For Vietnamese government, relaxing the limit of foreign ownership and accelerating the divesting of State capital in Stateowned enterprises could help increase the investment scale of foreign investors and resulting in positive effects on the firm performance.

Abstract
1. Introduction
2. Literature Review and HypothesisDevelopment
    2.1. Firm Performance: Concept and Measure
    2.2. Firm Performance and Productivity
    2.3. Firm Performance and Foreign Ownership
    2.4. Firm Performance and Other Firm-LevelCharacteristics Determinants
3. Research Methodology
    3.1. Sampling and Data
    3.2. Variables and Measurement
    3.3. Model Specification
4. Findings and Discussion
5. Conclusion
Reference

• Phong Anh NGUYEN(Faculty of Banking and Finance, University of Economics and Law, Vietnam National University, Ho Chi Minh City) Corresponding Author.
• Anh Hoang NGUYEN(Faculty of Banking and Finance, University of Economics and Law, Vietnam National University, Ho Chi Minh City)
• Thanh Phu NGO(Faculty of Banking and Finance, University of Economics and Law, Vietnam National University, Ho Chi Minh City)
• Phuong Vu NGUYEN(Office of Educational Testing and Quality Assurance, University of Economics and Law, Vietnam National University Ho Chi Minh City)