This research investigates the determinants of investment capital size in Vietnam’s small and medium-sized firms. The study employs a sample of 458 small and medium-sized enterprises in the country. The study is based on data collects in the areas of Hanoi, Bac Can, Buon Ma Thuot and Pleiku Provinces at time series data of October 2019. This study also identifies the factors that affect the size of investment capital in medium and small-sized enterprises in Vietnam. Data are processed via STATA 14.0 and SPSS 20.0 software. The research results indicate that (1) business lines, (2) import and export business, (3) type of business registration, (4) business location, (5) operating time, and (6) the percentage of the organization’s capital contribution are factors that impact on the size of the investment capital of the business. Business line and business location have negative impacts on investment capital size. The operating time, the percentage of the organization’s capital contribution, import and export business, and the type of business registration have positive impacts on investment capital size. In addition, the findings of this study also suggest that the operation time has the highest impact on investment capital size of the small and medium-sized firms in Vietnam.

Abstract
1. Introduction
2. Literature Review
3. Research Methodology
4. Results
    4.1. Model Testing
    2. Test of Model Suitability
    4.3. Testing the Lack of Variables
    4.4. Constant Variance
    4.5. Regression Model Results after the Test
5. Conclusion and Policy Recommendations
    5.1. Conclusions
    5.2. Policy Implications
References

• Vu Ngoc XUAN(Centre Director, Center for Analysis, Forecasting and Sustainable Development, National Economics University) Corresponding Author.