This study examines the moderating role of ownership in the impact of exports and capital intensity on the labor productivity of small and medium-sized enterprises in Vietnam, applying the Learning By Exporting theory and Neoclassical Growth theory. The study employs data extracted from the SME survey dataset provided by the General Statistics Office of Vietnam and a linear regression model estimated using the ordinary least squares method to test the hypotheses. The findings show that the positive impact of exports and capital intensity on labor productivity of enterprises with family ownership is smaller than that of enterprises with other ownership forms.