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Shrimp industry in 10M2025 and a positive perspective on FMC

• Shrimp export value in October 2025 grew positively by 22% YoY due to a 14% YoY improvement in selling prices, reaching 10.85 USD/kg while consumption volume grew lower at 7.32%. Shrimp export value grew strongly thanks to whiteleg shrimp increasing by 20.18% YoY while tiger prawn only increased slightly by 1.35% YoY.
• The export value of whiteleg shrimp in October 2025 increased sharply thanks to the US market increasing by 45% YoY while Japan declined slightly by 4% YoY. Consumption volume growth in the US/China/EU market was 19.2%/5.99%/9.53% respectively while Japan decreased by 11.97% YoY. Selling prices in the US/China/EU in October 2025 all recorded growth of 22%/12%/8%/3.2%, respectively.
• Accumulated in 10M2025, shrimp export value reached 3.77 billion USD (+19.57% YoY), of which whiteleg prawn only increased by 8.75% YoY and tiger prawn increased by 0.46% YoY. Whiteleg shrimp consumption reached 277.74 thousand tons (+0.72% YoY) and tiger prawn production reached 32.17 thousand tons (-1.75% YoY).
• FMC's Q3/2025 revenue reached VND 2,983 billion (+5% YoY) and NPAT-MI reached VND 97 billion (+22% YoY). Revenue grew thanks to a 16% YoY increase in selling prices, reaching 364 thousand VND/kg while consumption volume decreased by 9% YoY, reaching 8,102 tons.
o The selling price increased mainly due to the impact of countervailing taxes in the US when FMC paid the buyer due to the selling price through the US under the Incoterm DAP (delivery to the buyer).
o Consumption volume decreased because businesses promoted the export of VAT shrimp (breaded shrimp, fried shrimp) instead of ordinary shrimp (fresh shrimp, stretched shrimp) when it was difficult for businesses to compete in the regular shrimp segment in the US and VAT shrimp was not subject to anti-dumping duties. The consumption of VAT shrimp is less than that of ordinary shrimp in the US, so the consumption volume decreases.
• FMC's export revenue in October 2025 continued to grow by 14% YoY, reaching 26 million USD with shrimp exports reaching 2,153 tons (+5% YoY) thanks to the US market. The US market improved sharply in October 2025 thanks to Vietnam's promotion of exports before the 19th anti-dumping duties (POR19) have final results. In addition, Indonesia, the main competitor in breaded shrimp products, has temporarily suspended exports to the US due to radioactive Cesium-137 (Cs-137).
• FMC's export market in 2026 will have a shift from the US to the EU and Japan while waiting for information on preliminary anti-dumping duties in March 2026 and final tariffs in September 2026. The long-term outlook of the business focuses on improving shrimp hatcheries as well as increasing self-farming shrimp production to help improve gross margins.