This research analyzes the data of 32 real estate firms listed in Vietnam during the period of 2019 to 2023 to examine the influence of factors on the capital structure of firms. The method used for estimation is OLS regression on panel data. By employing the method of feasible generalized least squares (FGLS), which has the advantage of overcoming variance and self-correlation phenomena. The results show that a firm’s maturity level, exp0ressed through age and scale, has a positive relationship with capital structure. On the contrary, liquidity and operational risk have a negative relationship with the capital structure of real estate firms. On the other hand, the study did not find a relationship between growth opportunities, tangible assets, and profitability with the debt ratio of firms. This research results provided additional evidence to help firm managers choose an appropriate capital structure, ensuring safety and efficiency when using the firm’s capital.