This paper analyzed the management of current assets in the small and medium.-sized enterprises (SMEs) operating in the industrial manufacturing sector in Thai Nguyen city. The data used in the study includes the financial data of 153 SMEs which were collected in the 2012-2014 period and live interviews on this 153 enterprises about administration of short-term assets at each enterprises in 2014. Findings showed that liquidity risk is pretty high, capital efficiency and profitability is quite good despite the differences between types of enterprises. In addition, the application of theory in the management of current assets into practice is limited. Therefore, this article would provide some solutions to improve administrative activities of current assets management in those businesses.