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This study explores the adjustment process of capital structure using dynamic model, by which capital structures are adjusted towards optimal level, and cost of adjustment has impacts on dynamic adjustment speed of capital structure. Adjustment speed within a range of [0;1] shows an evidence for adjustment and partial adjustment behaviors of capital structure. The evidence for partial adjustment shows that cost of adjustments does exist. This research shows that growth and size have positive impacts, meanwhile distance from optimal capital structure has negative impact, on adjustment process. Data in this analysis is balanced panel data of companies listed on HOSE and HNX exchanges. The OLS and GMM estimations were used to test the proposed models.