This chapter deals with the conceptualization, identification and assessment of the vulnerability of different social groups to water related hazards in the Vietnamse Mekong Delta. The Mekong Delta is globally seen as one of the key hotspots of climate change related risks due to its exposure to floods, salinization and potential sea level rise. In order to underline the multifaceted nature of vulnerability to natural hazards and climate change the paper outlines vulnerability profiles of different households and socio-economic groups in selected hazard prone areas, natably in rural communities exposed to high floods, coastal communities exposed to saline intrusion and urban communities exposed to urban and tidal flooding. The different locations selected for the assessment of vulnerability allow comparing how different local context situations and hazard phenomena might influence specific coping and adaptation strategies. The socio-economic transformation processes and policy reforms that have affected all three locations are examined in terms of their influence on vulnerability and capacities. The chapter provides a contribution to a further enhancement of methods, data bases and quality criteria for moving from an impact oriented risk assessment to a forward-looking vulnerability assessment that can inform future adaptation strategies. In this regard the chapter makes a contribution for linking disaster reduction (DRR) and climate change adaptation (CCA) discourses. Particularly, the analysis of vulnerabilities to creeping-changes has often not been sufficiently addresses and incorporated in DRR strategies in Vietnam.