Vietnam is the country with the largest animal feed production in Southeast Asia. Domestic animal feed manufacturing enterprises play an important role in animal husbandry in particular and in agriculture in general. However, domestic animal feed enterprises in Vietnam are encountering shortcomings. This paper is conducted to investigate the impact levels of external determinants on business performance of domestic animal feed manufacturing enterprises, including: (i) policy and economic mechanism, (ii) supply-demand of animal feed products, and (iii) nature and level of market competition. We presented a research method, explaining the dependent variable ‘business performance’ and the independent variables. Data were collected from 120 questionnaires from domestic animal feed manufacturing enterprises. Based on these data, we use Cronbach’s Alpha, EFA and run regression model for assessing the impact levels of each independent variable on the dependent variable of business performance of domestic animal feed manufacturing enterprises. The results show that three external determinants including (i) policy and economic mechanism, (ii) supply-demand of animal feed products, and (iii) nature and level of market competition, have positive relationships with business performance. Based on the findings, some recommendations are given for improving business performance of domestic animal feed manufacturing enterprises to ensure sustainability.