It can be seen that the business situation and production activities of manufacturing firms in
Vietnam have had many fluctuations and difficulties in finance, production, and business.
Therefore, manufacturing firms should reassess the financial situation of the business to come
up with solutions to enhance the value of the firms. The main purpose of this study is to
analyze the impact of profitability, firm size, and liquidity on firm value with capital structure
as a moderating variable with the data from manufacturing firms on the Ho Chi Minh Stock
Exchange (HOSE). Research data was collected from financial statements and annual reports
of 98 companies listed on HOSE in the period from 2018 to 2022. The research models are
including Ordinary Least Square (OLS), Fixed effects model (FEM), Random effects model
(REM), and Generalized least squares (GLS). Research results show that profitability and
firm size have a positive impact on firm value while liquidity has a negative impact on firm
value of manufacturing firms on HOSE. In addition, capital structure weakens the positive
impact of profitability on firm value, and capital structure weakens the negative impact of
liquidity on firm value. From there, some implications are proposed for manufacturing firms
on HOSE to improve firm value.