This research was conducted to investigate the factors affecting the company’s capital expenditure. Data were collected from the firms listed on Ho Chi Minh Stock Exchange (HOSE) over the period of nine years from 2010 to 2018, including the sample of 192 non-financial listed companies. Three statistical approaches were employed to address econometrics issues and to improve the accuracy of the regression coefficients: Random Effects Model (REM), Fixed Effects Model (FEM) and Generalized Method of Moments (GMM). The results show that free cash flows and firm size influenced positively on capital expenditure. By contrast, other factors such as dividend, interest expenses, depreciation and working capital had negative effects on capital expenditure. Based on the research results, some key intuitive recommendations were proposed for managers and investors in order to help them in making decisions.