(seafood.vasep.com.vn) Despite the slow recovery of the U.S. market and continued trade-related challenges facing Vietnam’s shrimp industry, Minh Phu Seafood Corporation (MPC) has set ambitious targets for 2026. The company aims to produce 68,800 metric tons of finished shrimp products, generate consolidated revenue of VND 19.9 trillion, and achieve VND 1.059 trillion in pre-tax profit. If achieved, these figures would represent the highest revenue and profit levels in the company’s history.
Minh Phu's shrimp products. Image: Minh Phu Corp
The plan follows a strong recovery in 2025, when Minh Phu recorded VND 584 billion in pre-tax profit, marking a significant turnaround from previous difficult years. However, this is also the third consecutive year that the company has targeted pre-tax profit exceeding VND 1 trillion, after falling short in the previous two years due to the need to clear high-cost inventory accumulated during earlier periods.
Challenges remain substantial as key export markets, particularly the United States, have yet to recover strongly. At the same time, shrimp exporters continue to face pressure from anti-dumping duties. Nevertheless, Minh Phu enjoys a relative advantage as it is less affected by anti-dumping measures than some competitors. In 2025, the United States remained the company’s largest market, generating nearly USD 140 million in revenue, up 33% year-on-year and accounting for more than 25% of its total export turnover.
In addition, Minh Phu is expanding its value-added shrimp product portfolio within the U.S. restaurant and hotel sectors to reduce direct price competition. In the first quarter of 2026, the company reported VND 235 billion in pre-tax profit, nearly six times higher than the same period last year and equivalent to approximately 22% of its full-year target.
Beyond the U.S., Japan remained Minh Phu’s second-largest market in 2025, generating USD 124 million in revenue, up 12%. Exports to China increased by nearly 37%, while domestic sales rose by more than 19% thanks to the expansion of distribution networks. Meanwhile, revenue from Australia–New Zealand, the Russian Federation, and the European Union declined due to higher logistics costs, payment and transportation difficulties, and increasingly stringent technical requirements.
Alongside its business plan, Minh Phu intends to seek shareholder approval for a cash dividend of up to 7.5% for 2025, equivalent to VND 750 per share. For 2026, the company plans to distribute dividends ranging from 30% to 50% after making the required allocations to statutory funds.