This empirical study investigates Vietnam rice farmers’ risk perceptions, risk management strategies, and the relationship with socio-demographic antecedents. Data were randomly collected from 194 farmers in An Giang province-the rice bowl of the Mekong Delta region. A flexible combination of exploratory factor analysis and principal component analysis was used to elucidate farmers’ opinions towards risks and their corresponding management strategies. For risk perceptions, low and unstable selling price, unstable input supply, high and fluctuating input price, lack of health protection in pesticide use, and poor quality pesticides were perceived as the top five most important sources of risk in the studied area. For management strategies, make use of the combined harvester, adoption of certified varieties, selecting prestigious partners, increase the percentage of mechanization, matching production schedule with neighbors, and using climate-adaptive varieties were the most pivotal strategies to mitigate risks. The regression results showed that some idiosyncratic strategies can be driven by multiple perceptions, either negative or positive. The study provides empirical evidence to suggest tailored agricultural policies to reinforce farmers’ resilience against risks at different levels.