“King Shrimp” Minh Phu Reports Record Losses
According to documents prepared for the upcoming Annual General Meeting (AGM) in 2025, the company plans to produce 60,000 tons of shrimp, a 7.5% increase from the previous year. They are targeting revenues of approximately VND 15.6 trillion (equivalent to 604 million USD), a rise of over 6%. Notably, they are aiming for a net profit of VND 997 billion, a significant turnaround from last year’s deep losses.
This is not the first time Minh Phu has pursued such ambitious profit goals. In 2024, Mr. Le Van Quang’s company had similar expectations, but the outcome was quite the opposite. The current context presents even more challenges, given the trade remedies in place by the US – their primary export market – which remain unpredictable.
If Minh Phu achieves its targets, they intend to allocate 8% of their post-tax profits as bonuses for the Board of Directors, Supervisory Board, Executive Committee, and employees. Should they exceed their goals, the bonus for the surplus will increase to 15%.
As of the first quarter, the “shrimp king’s” financial performance was modest. Consolidated revenue stood at over VND 2.8 trillion, a 3.5% increase. Post-tax profit reached VND 17.7 billion, 2.4 times higher than the same period last year, but this only represents 1.7% of the annual target.
 Minh Phu’s 2025 Production and Business Plan. Source: MPC
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| Minh Phu’s Low Profit in Early 2025 |
At the upcoming AGM, the company will elect a new member to the Board of Directors for the 2024-2029 term, replacing Mr. Bui Anh Dung, who stepped down for personal reasons. The nominee is Ms. Le Thi Dieu Minh, daughter of CEO Le Van Quang. Ms. Dieu Minh currently holds 13.1 million MPC shares, equivalent to 3.27% of the charter capital.
Ms. Le Thi Dieu Minh. Source: MPC
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Born in 1986, Ms. Dieu Minh holds a bachelor’s degree in Economics and joined Minh Phu in 2006. She has held several important positions before becoming the Vice President in 2015, a role she still occupies today.
Earlier in March, another daughter of Mr. Quang, Ms. Le Thi Minh Phu, was appointed Vice President, replacing Mr. Bui Anh Dung. Thus, two of the CEO’s four daughters are now part of the Executive Committee, and one is likely to join the Board of Directors following the AGM.
In addition to business plans and personnel changes, the company will propose to shareholders the issuance of shares under the Employee Stock Ownership Plan (ESOP). Approximately 154,700 shares (equivalent to 0.04% of charter capital) will be distributed at VND 10,000/share to employees of the parent company and its subsidiaries. This number is significantly lower than the over 1 million shares issued in 2024. These ESOP shares will be restricted from transfer for five years from the issuance date.
Mr. Suzuki Yoshiaki Returns as Vice President of Minh Phu
Tu Kinh
