Supply chain risks hinder the cooperation among members, negatively affecting the supply chain and enterprises’ performance. This study applies structural equation modeling (SEM) to demonstrate the relationship between risk, supply chain performance, and business performance in the Mekong Delta, Vietnam. Research data were collected from 142 rice enterprises. The result demonstrates that risks occurring in the supply chain negatively influenced the performance of the rice supply chain and the performance of rice enterprises. Besides, the study shows that rice supply chain performance positively impacts on rice business performance in the Mekong Delta, Vietnam.