This study aims to analyze the financial efficiency and factors affecting the profitability of red dragon fruit cultivation models in Cho Gao District, Tien Giang Province. A total of 160 farm households representing two cultivation models—conventional and VietGAP—were interviewed (80 farm households for each model). Descriptive statistics, mean comparison, and multivariate regression analysis methods were applied to analyze the data. The results showed that both cultivation models generated profit for farm farm households. The VietGAP model (23,337,415 VND 1000 m^-2 year^-1) yields higher profit than the conventional model (13,140,823 VND 1000 m^-2 year^-1). Key factors affecting profitability in both models included the age and cultivation seniority of the farm household head (or main cultivator), as well as fertilizers and labor costs. Moreover, harvesting costs also have an impact on the VietGAP model’s profitability.