This paper investigates the moderating effect of subsidiary size and age on the relationship between institutional distance and the likelihood of multinational subsidiary’s access to complementary local assets. Building upon institutional theory, we argue that the greater the institutional distance between home and host countries, the lesser the likelihood of subsidiary’s access to local complementary assets is. At the same time, we predict that the larger size of the subsidiary, and the older subsidiary, the more the likelihood of the subsidiary’s access to complementary local assets is. To test our proposed hypotheses, we use the survey data from the data set of the General Statistics Office of Vietnam at 264 subsidiaries located in Vietnam. We also complement our survey data with country-level data from different sources to test the proposed hypotheses. Our quantitative analysis confirms that the likelihood of larger and older subsidiaries’ access to complementary local assets in a more institutionally distant country are higher than smaller and young subsidiaries. The study provides implications for the international business literature and subsidiary management.