Vietnam’s ‘shrimp king' Minh Phu expects to return to profit in 2025

Minh Phu Seafood Corporation (UPCoM: MPC), Vietnam’s leading shrimp exporter, expects net profit to reach VND997 billion ($38.03 million) this year, reversing the loss in 2024.

The company aims for 60,000 tons in output, with revenue projected at VND15.67 trillion ($602.02 million).

The business plan will be presented to the firm’s AGM scheduled for June 21.

The projections reflect Minh Phu’s strong growth outlook for this year. Audited figures for 2024 showed a net loss of nearly VND191 billion ($7.34 million), with parent shareholders bearing a loss of VND197 billion ($7.57 million).

In 2025, Minh Phu plans to issue 154,700 shares, equivalent to 0.04% of outstanding shares, under its employee stock ownership plan (ESOP). The offering price is set at VND10,000 ($0.38) per share, with eligibility limited to company staff.

The issued shares will be locked up for five years. The plan is set for execution in 2025, with proceeds earmarked to boost charter capital, support operations, and enhance working capital.

If the issuance is completed, Minh Phu will raise its outstanding shares from 400.93 million to 401.09 million, bringing charter capital to VND4.01 trillion ($154.06 million).

On personnel matters, the AGM will remove Bui Anh Dung from the 2024-2029 board following his resignation for personal reasons. Dung also stepped down as deputy CEO effective April 1.

The board nominated Le Thi Diu Minh, 39, eldest daughter of chairman Chu Thi Binh and CEO Le Van Quang, as a replacement candidate. Minh served on Minh Phu’s board from May 2006 to May 2007.

From June 2007 to March 2015, she was assistant to the CEO of Minh Phu. Since March 2015, she has been Deputy CEO at Minh Phu and CEO of Long Phung Investment JSC, a company affiliated within the Minh Phu founding family’s ecosystem.

Minh currently holds 13.12 million MPC shares, representing a 3.27% stake.

In Q1/2025, Minh Phu reported net revenue of VND2.85 trillion ($109.49 million), a modest 3.5% increase year-on-year. Net profit surged 142.9% to VND17.68 billion ($680,000).

MPC closed the Monday session at VND10,700 ($0.41) per share.