'Shrimp King' Minh Phu: Vietnamese shrimp can rise to take the lead

According to the Viet Nam Association of Seafood Exporters and Producers (VASEP), in the first nine months of 2025, Viet Nam’s shrimp exports reached more than USD 3.4 billion, up 22% compared with the same period in 2024. This is the strongest growth recorded in the past three years.

The main drivers were the recovery of demand in major markets such as China, the U.S., the EU, and CPTPP countries, along with the industry’s flexible adaptation in product and market structures, despite facing U.S. tariffs. Viet Nam’s seafood sector is setting ambitious goals for 2025, aiming for 4.35% growth and export turnover of 11 billion USD.

Viet Nam’s shrimp industry has long been a key pillar of the country’s agricultural economy. As one of the world’s four largest shrimp producers and among the top three exporters, the sector not only contributes significantly to national export revenue but also provides livelihoods for millions of workers, playing an important role in rural economic development and in protecting marine ecosystems.

Across nearly half a century of Viet Nam’s shrimp industry, one man has remained steadfast in his aspiration to bring Vietnamese shrimp to the global stage. That is Mr. Le Van Quang, Chairman and CEO of Minh Phu Seafood Corporation, widely known as the “Shrimp King” of Minh Phu.

Speaking with VAN News's reporter, Mr. Quang modestly shared: "Amid the overall success of the agriculture and environment sectors, Minh Phu is just a small company in the broader seafood industry and in shrimp in particular, but we have contributed in our own way. Minh Phu once became the world’s largest shrimp exporter, contributing to the sector’s export value while creating jobs for more than 15,000 workers."

He added that Minh Phu’s shrimp export turnover is expected to reach USD 560 million this year, and Minh Phu shrimp products are now present in nearly all major global markets.

However, the biggest challenge currently facing Viet Nam’s shrimp industry is the lack of well-planned farming zones, which has led to complicated disease outbreaks and high production costs, which are up to 30% higher than in India and double those of Ecuador, thus weakening competitiveness.

In response, Minh Phu is focusing on developing value-added and premium products to compete with countries such as India and Ecuador, while also expanding green and clean shrimp-farming models, circular economy practices, ecological shrimp, shrimp - forest, and shrimp - rice systems. Meanwhile, Minh Phu Seafood Corporation is investing in a new shrimp processing facility in Ca Mau, aimed at meeting demand in Japan - its largest export market, followed by Australia, New Zealand, the EU and the US, according to General Director Le Van Quang.

Mr. Quang emphasized: "Vietnamese shrimp has tremendous potential, but current output remains low. If we can resolve disease issues and properly plan farming zones, Vietnamese shrimp can absolutely rise to become the world leader."

According to Mr. Le Van Quang, Vietnamese seafood processing and export enterprises have substantial advantages in deep processing, a capability that many other countries have not yet achieved. However, those countries are constantly improving and narrowing the gap. If Viet Nam is not cautious and does not continue to innovate, it could surpass us. Therefore, the core solution for sustainable development and enhanced competitiveness for Viet Nam’s shrimp industry is to reduce production costs to levels comparable to those in India and Ecuador.

Mr. Quang suggests that the shrimp sector should restructure farming areas, consolidate and reorganize land to form large-scale, concentrated shrimp-farming industrial zones. These zones should be integrated with science-and-technology applications and environmental standards to increase productivity, reduce costs, protect the environment, and strengthen the global brand of Vietnamese shrimp.

The Ministry of Agriculture and Environment has proposed several initiatives to support the sector’s transformation. These include investments in intensive, super-intensive, and recirculating aquaculture systems, as well as energy-saving and eco-friendly farming practices.

*Currency exchange: USD 1 = VND 26.386 - Source: Vietcombank, November 18, 2025.