In particular, farmers engaged in the production of export crops and import-competing crops still registered higher levels of vulnerability after Doi Moi than those engaged in non-traded crops or non-farm activities and, in some cases, also a new increase in recent years. This implies that the threat of falling into poverty does not come from an expected mean consumption below the poverty line, but from its high volatility. By further investigating the determinants of consumption volatility we finally highlight the role of risk heterogeneity across households according to their degree of risk exposure.