MPC eyes trillion-VND ambition

According to documents for the 2025 Annual General Meeting of Shareholders, MPC has announced bold business goals, aiming for revenue of over VND 15.667 trillion and a post-tax profit of VND 997 billion.

What’s notable is that MPC has laid out this ambitious plan after recording losses for two consecutive years (2023 and 2024). Specifically, the company posted a loss of VND 105 billion in 2023 and VND 190 billion in 2024. Though the 2024 plan also aimed for a trillion-VND profit, the year ended in a loss.

In the first quarter of 2025, MPC's business results have shown some improvement. Despite over 140% year-on-year growth in profits, the Q1 figure only reached about VND 18 billion. Revenue for Q1 2025 rose modestly by 2.4% year-on-year to VND 2.856 trillion, while post-tax profit reached approximately VND 17.7 billion, marking a 145% increase compared to the same period last year.

With these results, the company has achieved only about 18% of its annual revenue target and just under 2% of its profit goal. Reaching the trillion-VND profit target will be a significant challenge, especially given the uncertainties surrounding new U.S. tariff policies.

Company leadership attributes the improved Q1 performance to better efficiency in its processing plants and gradual improvements in operations across its commercial shrimp farming and hatchery subsidiaries, which helped reduce losses.

At the upcoming AGM, MPC will also vote to appoint a new Board of Directors member for the 2024–2029 term, replacing Mr. Bui Anh Dung, who stepped down for personal reasons. The nominee is Ms. Le Thi Diu Minh, daughter of CEO Mr. Le Van Quang. She currently owns 13.1 million MPC shares, equivalent to 3.27% of the company’s charter capital.

Ms. Le Thi Diu Minh, born in 1986, holds a degree in economics. She joined MPC in 2006 and has held several key roles, serving as Deputy CEO since 2015.

While MPC and the shrimp industry have had a relatively positive start to the year, the sector still faces substantial challenges, including tariffs and fierce global competition.

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), Vietnam’s shrimp exports reached nearly USD 1.3 billion in the first four months of 2025, a 35% increase year-on-year.

In Q1 2025 alone, shrimp exports generated USD 939 million, a 37% rise compared to the same period in 2024. This impressive growth stems from recovering demand in major markets, especially China, the U.S., Japan, and the CPTPP members.

However, the shrimp industry still faces hurdles. On April 2, 2025, U.S. President Donald Trump declared a national emergency and imposed reciprocal tariffs on all countries to reduce the trade deficit and protect domestic industries. As a result, Vietnamese shrimp exporters are now subject to new import tariffs, along with pressure from two U.S. trade cases—one on anti-dumping (AD) and another on countervailing duties (CVD).

Fortunately, a 46% reciprocal tariff on Vietnamese goods was temporarily suspended, allowing seafood exports to the U.S. to continue growing in April 2025 and possibly in May as well.

In Q1 2025, China and Hong Kong emerged as the top markets for Vietnamese shrimp, with total export value reaching USD 288 million—up 125%. Notably, lobster exports to these markets saw strong gains. The U.S. followed with USD 134 million (up 11%) thanks to rising demand.

In the EU market, shrimp exports totaled USD 107 million in Q1, showing a solid 33% growth over the previous year. The average export price for whiteleg shrimp to the EU remained stable at USD 7.6/kg, while black tiger shrimp prices edged up to USD 10.9/kg in March.

Exports to Japan and South Korea reached USD 124 million (up 20%) and USD 77 million (up 16%), respectively. Japan, in particular, showed strong demand for processed and convenient frozen shrimp products.

Shrimp exports to the CPTPP members reached USD 269 million in Q1 (up 40%), though the sector remains heavily reliant on Japan and Canada. Meanwhile, exports to smaller markets declined, reflecting ongoing instability—especially due to high logistics costs and technical trade barriers.

“Vietnamese shrimp exports are expected to continue growing in May 2025. However, the goal of reaching USD 4 billion in shrimp exports this year remains highly challenging due to U.S. tariffs and global competition,” commented Ms. Kim Thu, VASEP’s shrimp industry expert.