In the global competitive environment, competitive advantage of enterprises is a topic of great interest. This research aims to analyze the main activities that create value and competitive advantages of enterprises based on Michael Porter’s theories of value chain and competitive advantage. The authors use both qualitative and descriptive statistical methods to process the data collected from in-depth interviews with industry relevant experts and from 34 rice exporting enterprises in the Mekong Delta (MD). The study results show that businesses with cost advantages will emphasize the important role of input and output logistics activities. In addition, businesses with differentiation advantages will concentrate on marketing and sales activities and customer service. The study suggests possible solutions to link key activities from strengths and weaknesses from expert assessment.