In this study, the Structural Equation Model (SEM) was used to identify factors affecting the linkage risk between farmers and enterprises in the shrimp supply chain of Bac Lieu Province. Research data were collected by direct interviews with 185 shrimp farmers. The research results show that four factors that negatively affect the linkage risk between shrimp farmers and enterprises in the shrimp supply chain are perceived price, supporting services, terms of payment, and quality verification. Besides, the study has proved that the linkage risk negatively affects the loyalty between shrimp farmers and enterprises in the supply chain. Some recommendations are proposed to limit the linkage risk between shrimp farmers and enterprises involved in the shrimp supply chain of Bac Lieu Province.