Historically, local communities have thrived in the coastal zones of the Mekong Delta in Vietnam, characterised by diverse habitats such as mangroves, marshes, and mudflats, harbouring significant biodiversity. However, escalating global market demands and price fluctuations have driven the adoption of more intensive aquaculture models, generating new threats to these vulnerable areas. Consequently, coastal regions face compounded hazards (high temperatures, drought, floods, high tides, sea level rise, and saline intrusion), necessitating the identification of socio-economic and ecological drivers of risks to sustainable livelihoods centred around shrimp aquaculture. This research aims to comprehend the impact of various shrimp farming models, ranging from extensive to hyper-intensive, in the context of multiple natural hazards and transformative processes like land conversion and mangrove restoration. By employing risk assessment tools and analysing qualitative and quantitative data gathered from interviews and focus groups with local communities and stakeholders, we present a comprehensive model illustrating the influence of different aquaculture models on coastal socio-ecological systems. Key findings emphasise the interplay between livelihoods, landscape conversion to shrimp farming, and factors guiding such conversions. The paper highlights how these diverse aquaculture models can augment or diminish risks to sustainable livelihoods in the Mekong Delta. It outlines the benefits, constraints, and potential hazards associated with each model and stresses the need for stakeholder collaboration to preserve vital ecosystems and their services. Additionally, the study underlines the importance of improved wastewater treatment practices among farming units to benefit neighbouring farmers and foster overall environmental well-being.