This article aims to evaluate the impact of enterprise capabilities, including Learning Orientation (LO) and Entrepreneurial Orientation (EO), on Operational Performance (OP). The research surveyed 276 Vietnamese enterprises of different sizes, ages, ownership types, and industries. The main findings of descriptive and reliability statistics, exploratory factor analysis, multivariate regression analysis, and group comparison from SPSS 20 software show that learning orientation and entrepreneurial orientation positively impact operational performance, whereby entrepreneurial orientation has a stronger impact. These impacts are different among small and medium-sized enterprises in that medium-sized firms have a higher impact of learning the orientation on operational performance than small-sized ones. The research results suggest that Vietnamese enterprises promote their capabilities and enhance their competitive position to improve operational performance. These results also encourage Vietnamese enterprises to focus on training to achieve higher efficiency and sustainable development. It is more suitable when Vietnamese enterprises are mostly small and medium-sized.