An Empirical Study of Financial Efficiency and Stability of Shrimp–Mangrove Farming Model in Nam Dinh Province, Red River Delta, Vietnam

Shrimp–mangrove farming is a favorable production model suitable for the Red River Delta, Vietnam. This study was carried out in Nam Dinh province to evaluate the effectiveness and stability of the shrimp–mangrove farming model in the area. A participatory approach was carried out through surveys, focus group discussions, and interviews with 415 farming households in the Giao Thien and Giao An districts, the buffer zone of Xuan Thuy National Park, in 2022. We then used a cost–benefit analysis model to evaluate the financial performance and stability of the shrimp farming model. SWOT analysis was also used to identify opportunities and threats to this model. The research results showed that the shrimp–mangrove model has the advantages of low investment costs, diversified income sources, low risk, and environmental sustainability. However, the limitations of the model are low financial efficiency and not high stability. The main difficulties of the model are poor quality breeds, diseases, limited farming techniques of farmers, limited infrastructure system, the impacts of climate change, and low productivity. The study also proposes management implications to enhance the effectiveness and sustainability of shrimp farming in the Red River Delta, Vietnam.