Businesses play an important role in the economy of most countries. Businesses have a role in generating the output of the economy, in jobs and investments, and in contributing to the national budget. The purpose of the study is to evaluate the impact of corporate governance on the capital structure choice of real estate and construction companies listed on the Ho Chi Minh City and Hanoi Stock Exchanges in the period 2007 - 2020. Using panel data regression methods such as Pooled OLS, FEM and REM, and at the same time evaluating the defects in the estimated model, if this occurs, the feasible generalized least squares (FGLS) is selected. In addition, the study evaluates the invariance of enterprises over time. The research results show that factors that do not affect the choice of capital structure are the size of the board of directors and the independence of the board of directors. At the same time, firm size and macro-economic factors such as economic growth (GDP) and consumer price index (CPI) have no influence on the choice of capital structure. The study also confirms that firms with high financial performance often prioritize the choice of equity structure, and an increase in female members in the Board of Directors affects the choice of equity structure in the enterprise while an increase in male members in the Board of Directors has a positive influence on debt choice in enterprises. Further, increasing the operational capacity of the Board of Directors helps the business receive more criticism and thus makes the enterprise more inclined to choose equity. The study also confirms that firms with high liquidity often seek equity financing, while firms with low liquidity often seek debt financing.