Vietnam has identified the tourism industry as one of the key economic sectors making important contributions to the country's industrialization and modernization process. The large investment of the Government in the tourism shows the important role of the tourism in recent years. Vietnam's tourism has made remarkable progress, contributing to promoting economic growth and expanding international cooperation. Therefore, the main objective of this study is to explore factors impacting the competitive capacity and the business performance of tourist enterprises in Vietnam. The researchers surveyed 680 persons related to the tourism activities in Vietnam. The researchers applied simple random sampling technique. Testing Cronbach's Alpha, the exploratory factor analysis and Structural Equation Modelling (SEM). The paper used questionnaire on a 5-point Likert scale. Finally, key factors affecting the competitive capacity and the business performance of tourism enterprises with significance level 0.01.