In this article, the group of authors use FE model (effects model) to analyze the impacts of some elements such as labour, investment capital, fixed assets, salary, tax, revenue... on the investment effectiveness of the businesses in Thai Nguyen province. The figures used in this research are collected from the surveys in Thai Nguyen businesses. Model consists of N= 544 businesses with T = 5, observing years: 2007, 2008, 2009, 2010, 2011. Based on that, some recommendations are given in order to enhance the investment effectiveness of the businesses in Thai Nguyen in recent period.