MPC regains its business performance

That said, MPC continues to face a number of challenges, including intensifying competitive pressure in markets outside the US, as well as the prospect of the US and India negotiating tariff reductions that could erode MPC’s current advantages.

Restructuring Production Methods

In the seafood industry—particularly shrimp farming—2024 was widely regarded as an extremely difficult year for MPC and the sector as a whole, as the broader economy had yet to recover. In international markets, Vietnamese shrimp exporters continued to face stiff competition from shrimp producers in Ecuador, India, and Indonesia.

To revive its production and business performance, MPC has focused on strengthening a fully integrated value chain, encompassing broodstock breeding, aquaculture, processing, and the export of shrimp-based products. At the same time, the company has rolled out concentrated farming zone projects, including mangrove shrimp, extensive shrimp farming, high-tech super-intensive shrimp farming, and shrimp-rice models, based on intensive cooperative linkages.

In addition, MPC has developed shrimp processing complexes close to raw material zones to improve product quality, reduce storage and transportation costs, minimize post-harvest losses, and move toward a highly specialized production model. This model covers shrimp broodstock research and development, farming, and processing, with each stage closely linked within MPC’s ecosystem value chain.

To develop high-quality broodstock—accounting for more than 60% of success in shrimp farming—MPC has built broodstock production facilities for black tiger shrimp and whiteleg shrimp with strong adaptability, disease resistance, and rapid growth rates. The company has also restructured its investment portfolio to include additional high-tech, circular industrial shrimp farming complexes, applying AI and blockchain technologies alongside smart mobile applications to manage the entire high-quality shrimp farming process, thereby returning business results to positive territory.

MPC has established an ecosystem comprising 16 subsidiaries, spanning aquaculture, broodstock production, biological products, logistics, and port systems serving satellite supply chains for export markets.

Overall, the restructuring and strategic realignment of its production and business model have significantly improved MPC’s revenue and profitability. At its recent annual general meeting, MPC’s management said the company’s cash flow has turned positive again thanks to the early-year restructuring of its business model and a proactive push into the production and sale of value-added products, putting both revenue and after-tax profit on a growth trajectory.

According to Mr. Le Van Quang, Chief Executive Officer of MPC: “After 11 months of 2025, our export revenue reached approximately USD 505 million, with profits of around VND 655 billion. December alone is expected to contribute an additional VND 50–70 billion.” Based on this performance, MPC’s after-tax profit for full-year 2025 is estimated at around VND 700 billion—below its initial target but still the highest level after two consecutive years of heavy losses.

On the stock market, by the close of trading on December 24, MPC shares had rebounded from below book value to reach VND 16,600 per share, giving the company a market capitalization of more than VND 6 trillion.

Opportunities Alongside Challenges

Mr. Le Van Quang noted that the 35.29% anti-dumping duty imposed under the 19th administrative review (POR19) applies to many Vietnamese companies but not to MPC. The company exited the lawsuit in 2016, meaning the impact of this tariff on MPC is negligible. This represents a clear advantage for MPC in the US market.

However, many experts point out that this advantage also brings increased competitive pressure for MPC in other markets. As Vietnamese companies unable to export to the US due to tariff barriers are forced to pivot to alternative markets, competition in those markets intensifies.

In addition, Indian shrimp—a major competitor to Vietnamese shrimp—currently faces tariffs of around 50% when exported to the US. This is expected to reduce India’s shrimp exports to the US, creating opportunities for exporters not subject to such tariffs, including MPC. Nevertheless, this advantage could narrow if the US and India reach an agreement to reduce tariffs to an expected range of 18–20%.