Climate change poses increasing risks to global aquaculture in general and clam farming in particular. In Vietnam, clam farming has often encountered massive clam mortalities and the main reasons for that are weather‐related extreme events. This study, therefore, aims to assess risks and then propose mitigation solutions for clam farms in Northern Vietnam in the context of climate change. Five categories of risks for clam farms were identified and categorized, including (i) physical risks of nature, (ii) operational and technical risks, (iii) financial and market‐related risks, (iv) social and political risks (v) liability and consumer‐related risks. Each risk type was assessed for probability and consequence on a 5‐point scale. A risk matrix was used to define the level of risk as negligible, low, moderate, high or extreme. Results showed that clam farms in Northern Vietnam were at high or extreme risk from tropical cyclones and floods, severe temperature and salinity, environmental pollutants, infectious diseases and predators. The other risks ranged from negligible to moderate, except for the low quality of seeds, high stocking densities and unstable markets defined as high risk at some farms. Remarkable physical risks of nature detected in the present study indicate that greater awareness of risk management for clam farming is required if this activity is to be sustainable under climate change.