Aquatic ecosystems are used for extensive rice-shrimp culture where the available water alternates seasonally between fresh and saline. Poor water quality has been implicated as a risk factor for shrimp survival; however, links between shrimp, water quality and their main food source, the natural aquatic biota inhabiting these ponds, are less well understood. We examined the aquatic biota and water quality of three ponds over an entire year in the Mekong Delta, Vietnam, where the growing season for the marine shrimp Penaeus monodon has been extended into the wet season, when waters freshen. The survival (30–41%) and total areal biomass (350–531 kg ha⁻¹) of shrimp was constrained by poor water quality, with water temperatures, salinity and dissolved oxygen concentrations falling outside known optimal ranges for several weeks. Declines in dissolved oxygen concentration were matched by declines in both shrimp growth rates and lipid content, the latter being indicative of nutritional condition. Furthermore, as the dry season transitioned into the wet, shifts in the taxonomic composition of phytoplankton and zooplankton were accompanied by declines in the biomass of benthic algae, an important basal food source in these systems. Densities of the benthic invertebrates directly consumed by shrimp also varied substantially throughout the year. Overall, our findings suggest that the survival, condition and growth of shrimp in extensive rice-shrimp ecosystems will be constrained when poor water quality and alternating high and low salinity negatively affect the physiology, growth and composition of the natural aquatic biota. Changes in management practices, such as restricting shrimp inhabiting ponds to the dry season, may help to address these issues and improve the sustainable productivity and overall condition of these important aquatic ecosystems.