Abstract: International experience and innovation capacity are factors often related to the internationalization processes of firms. The main objective of this research is to investigate the impact of international experience and innovation capacity on the export performance of Vietnamese agricultural SMEs in order to identify which factor is more significant. The Resource-Based View and Dynamic Capabilities approach were used as theoretical frameworks. The data were analyzed through partial least squares structural equation modelling. The results indicate that international experience has a greater impact on export performance than innovation capacity, showing that there is possibility of overemphasizing the role of innovation capacity in the export performance of Vietnamese agricultural SMEs.