The study was conducted to compare the financial efficiency of the traditional and organic rice farming models in two districts of Dong Thap province, Mekong River Delta, Vietnam. Research data was collected from 252 farming households in Thanh Binh and Tam Nong districts, Dong Thap for 2021 crops. Financial indicators, the Cobb-Douglas production function, and the Logit binary model are used to evaluate and compare financial performance, understanding the factors influencing the farmers' willingness to convert to organic farming models. Research results show that production cost of the organic model is higher than that of the traditional model; in term of revenue, organic model is significantly greater than traditional model. Also, participation in the organic farming helps farmers to sell rice at a higher price than the traditional production. However, due to higher unit production costs of the organic model, profit in each hectare of this model is lower. Logit analysis also shows that around 45% of farmers in the traditional models are willing to convert to organic models. Small area holder farmers are more probably switching to organic model while households with large area are more reluctant. Based on the research results, some solutions and policy implications are proposed to improve the efficiency of rice production and create an incentive to convert to organic rice farming models in Dong Thap province.