Floating rice-based (FR) farming system in the Mekong Delta reduced significantly from 0.5 million ha in 1970s to 46 ha in 2012. Before the 1990s the FR based farming, system was wildly developed in Asian Deltas, supporting the livelihoods of over 100 million people. Farmers cultivated only one low yield floating rice crop per year, harvested wild fish and aquatic animals to maintain their livelihoods and rotated dry season vegetable crops for selling. However, the cultivated areas of FR were mostly replaced by, the introduction of short-term high yield variety HYV (High Yield Variety) rice into Vietnam in 1968, the impact of the so-called Green Revolution. HYV rice arrived from the International Rice Research Institution (IRRI) and were adapted by Vietnamese researchers and spread quickly across the delta until now. However, the floating rice-based agroecological farming systems were wildly recovered in recently because it improves livelihood diversity for farmers and recovering inland wildish for local food security. This paper describes the outcomes of collaborative research projects and presents the technical, economic, social and environmental outcomes of several floating rice conservation projects in the Mekong Delta. It suggests research and agricultural policies that integrate food security and agrobiodiversity into restructuring rice policies in Vietnam and the Mekong Region could be advantageous for both farmers and the environment.