The Srepok River is the largest river in the Central Highlands of Vietnam. The Buon Tua Srah hydropower project is one of seven operational hydropower plants on the river. The project has caused a number of impacts for farmers, especially in the downstream areas. With a survey method using questionnaire, interview of key informants, focus group discussion and field observation, this study aims to understand the impacts of the Buon Tua Srah hydropower project on the livelihoods of downstream farmers, especially with reference to the Duc Xuyen and Nam N'Dir communes of Krong No district, Dak Nong province. The findings show that daily fluctuation in water levels, due to releases from the dam, have caused floods and soil erosion in both the dry and rainy seasons. Sometimes, farmers downstream do not have enough water for irrigation and domestic purposes because the water is being stored for electricity generation. Fish stocks have been declining due to fluctuations in water levels, especially lack of water in dry season. Overall, the project has contributed to, rather than diminished, the impoverishment of people in the area.