Irrigation and hydropower are among the most important sectors in the construction industry that propel the economic needs of a developing country like Vietnam. The construction of these projects often suffers from severe delays, leading to financial losses and other negative impacts on the economy. This paper aims to determine delay factors in the construction of these projects. Among many, 39 most important candidates of delay causes were identified from the literature review. Further surveys on project participants were conducted for the severity of these causes. An exploratory factor analysis was utilized to identify latent factors that cause delays in construction projects. The analysis result categorized a few groups of factors such as abnormal factors on the construction site (e.g., labor accidents, hydrology, water flow, extreme weather) and technical factors related to the construction contractor (e.g., unsuitable schedule, outdated construction technology, unprofessional workers) that have the greatest impact on the delay in construction of irrigation and hydropower projects in Vietnam. These findings contribute to the body of knowledge of project management and risk management, hence an improvement in the efficiency of the project sectors’ performance.