Traditional factors affecting capita structure such as tangibility, Growth opportunity.Firm size provide evidences of their impacts to firms' financial performance (ROA). Tangibility (TANG) is in a significantly negative relationship with ROA for TDA and SDA models in both cases (total sample and SOEs. yet there has been any statistical evidence of a positive relation between TANG and ROA for LDA model. This reflects an objective fact of a long-term debt environment in Vietnam which is not preferred. Debts (bank credits) are mostly short-term.