Using a sample of Vietnamese listed companies, this study finds a statistically significant relationship between geographical location and cash holdings. Companies located in the two biggest financial centers, Hanoi and Ho Chi Minh City, have about a two percent higher cash over assets ratio than companies located in other regions. In addition, the average enterprises in five cities under the jurisdiction of the central government (Hanoi, Ho Chi Minh City, Da Nang, Can Tho, and Hai Phong) also have a higher cash-over-assets ratio of about two percent more than their counterparts in the provinces. If geographical location is measured as the distance from the firms’ headquarters to Hanoi or Ho Chi Minh City, the analysis still shows robust evidence.