In recent years, Vietnam has been fallen in a terrible crisis for local economic because of bubble real estate and breaking bank credit fun which have made cash flow pouring into projects fluctuation continuously. Calculating cash flow and value for projects can be less exact easily coming from changing capital structure. Therefore, this study aimed to find a new methodology to calculate for projects which have risky cash flows. This research introduces methods of valuing companies and projects: Capital Cash Flows, Capital Asset Pricing Model and Weighted Average Cost of Capital methods. Capital Cash Flows method develops the appropriated WACC and beta leveraging formulae appropriate for each valuation model, so that given a particular valuation model the correct CCF values can be determined from the WACC value. In the next part, CCF will be used to calculate for Vietnamese companies listed on the market and compare with the common method is using to improve its efficiency in Vietnam market. Those companies listed on Vietnam market were selected as sample and their financial information for three-year financial period from 2010-1012 were collected and analyzed by paired Student’s t-test. Research results showed that using an appropriate discount rate will make the value calculated by Capital Cash Flow method will get the same result with common method Free Cash Flow.