Deep water floating rice (DW-FR) production has declined substantially across Asia, despite being a source of nutritious, culturally-important and flood-adapted food. Low perceived commercial value, and the desire for increased rice exports, has led to intensified farming of high yielding variety (HYV) rice. We used a commodity-value-chain analysis to investigate the values of DW-FR in Cambodia, Vietnam and Myanmar. Poor communication and value-transference along the supply chain lead to farmers receiving poor returns for DW-FR despite its high ecological, cultural and commercial value in downstream markets. With minor adjustments, DW-FR systems could provide more sustainable livelihoods for farmers and greater food system security. For better returns we suggest implementation of improvements to breeding, farming, transport, processing, better access to finance, improved communication and development of other rice products.