The study seeks to explore the influence of university-enterprise collaboration orientation on university's performance. Specifically, the study investigates the effects of alliance scanning, alliance coordination, and alliance learning on university's innovative performance and market performance. The effects were tested on the sample of 191 managers of 37 universities in Vietnam with a survey. Structural equation modeling (SEM) was used for testing these effects. The results show that all dimensions of alliance orientation including alliance scanning, alliance coordination, and alliance learning are significantly correlated with innovative performance. For market performance, only alliance coordination and alliance learning are significantly relevant to, but alliance scanning has a non-significant effect. As the pioneering study examining the effect of dimensions of university-enterprise alliance orientation on university's innovative performance and market performance, this study extends the extant literature, particularly the modest research domain of university-enterprise cooperation. The study also added empirical evidence of Vietnamese context -- an underexplored Asian developing context for studies of university-industry linkages which is vastly different from other contexts like developed Western economies. Furthermore, it offered a revised measure of market performance of university that will be useful for future research.