The study used data from 520 listed firms between 2004 and 2020 to ascertain the relationship between debt maturity, cash holding, and investment decisions in Vietnamese enterprises. The use of more conservative tactics results from the rise in agency costs. Increased cash holding encouraged businesses to employ internal resources to reduce external financing risks, favorably impacting investment decisions. The negative link between investment decisions and intangible assets indicates increased external funding costs. A high tax shield benefited the investment since it freed up financial flows for productive assets. The robustness test revealed that cash holding positively corresponds with investment decisions in consumer and technology enterprises and that technology firms are incredibly responsive to changes in debt maturity.