Rice production signifiantly contributes to farmer income but largely subjects to natural risks; however, there has not been an effective mechanism to mitigate natural risk in rice production. The pilot program on agricultural insurance designed for rice crop was implemented to provide rice farmers a mechanism to tackle natural risk in production across different regions in Vietnam. In the Mekong River Delta, An Giang and Dong Thap provinces were selected to implement the pilot program from 2011 to 2013. After the program ended, preliminary results suggested numerous hinderances that likely stopped the follow up of rice crop insurance program nationwide but yet no formal studies provide concrete evidences of the impact of the pilot program. This paper evaluates how rice crop insurance program affects rice farmers in the Mekong River Delta of Vietnam using Propensity Score Matching methods. The results revealed that the pilot program on rice crop insurance has significant positive impact on rice farmers’ income and net income. This means rice farmers benefit from participating in the rice crop insurance program, hence, a market for rice crop insurance should be established as a risk guarantee mechanism to improve rice farmers’ income.