["Agribusiness, Volume 42, Issue 2, Page 766-783, Spring 2026. ", "\nABSTRACT\nThis study investigates the impact of global and local climate risks on agricultural firms in Vietnam, with the moderating effects of export orientation and export intensity. Using Vietnam agricultural firm‐level data from 2010 to 2020, global climate risk indexes (Physical Risk Index—PRI and Transition Risk Index—TRI), and local temperatures, this study demonstrates that global climate risks reduce the profitability of Vietnam's agricultural firm performance. However, the relationship between global climate risk and firm performance turns positive for exporting agricultural firms, confirming learning‐by‐exporting hypothesis. On the contrary, the relationship between Vietnam's increased temperature and agricultural firm profitability is negative for exporting firms due to the growing difficulties in maintaining diversified export strategies for exporting firms. Finally, our findings reveal that exporting agricultural firms still gain benefits under both global and national climate risks, especially for small and medium‐sized firms in Vietnam. Our study provides insights into the potential of export activities to mitigate the effects of climate variability on agricultural sector in Vietnam and other agricultural nations.\n"]