GrowMax, a top-share maker of shrimp-farming feed in Vietnam, announced in August 2026 that it will continue its policy of holding the prices of all feed products. Feed is the largest cost item, accounting for 60% of farming costs, and holding off on a price increase bears directly on farmers' economics. It is a contrarian move at a time when many peers are moving toward price increases since June. For Japan's shrimp procurement too, it is material that shapes supply stability and price firmness.
The freeze is "all feed products, from June 23, until the shrimp market recovers"
According to the originating report (Nong nghiep & Moi truong, August 7, 2026), GrowMax's price freeze is an extension of the pledge the company made on June 23, 2026. In a notice signed by CEO Mai Van Hoang dated August 6, it said it will "hold the selling prices of all shrimp-feed products until the market for commodity shrimp (shrimp for shipment) improves." The feature is that it is not a temporary, deadline-bound discount, but a freeze conditioned on market recovery.
Behind it is a supply-demand distortion in which raw-material costs stay high while shrimp farmgate prices languish with no sign of recovery. Reports say most peer makers had already moved to raise prices since June citing high raw-material costs, and GrowMax's freeze stands out against that backdrop.
Feed is about 60% of cost—so the freeze bites
The weight of this decision becomes clear when looking at the cost structure of shrimp farming. Industry data show feed costs account for about 60–65% of Vietnam's shrimp production cost, the largest variable cost, well ahead of seed-stock costs (about 10%). In other words, for farming households, a move of just a few percent in feed prices greatly swings the final economics.
In a phase where farmgate prices are low, farmers easily fall into the dilemma that "the more they feed, the more the losses swell." If feed prices are frozen here, the judgment of whether to keep farming or empty the pond changes. GrowMax's measure can be read not as mere price appeal but as a supply-side shore-up that fixes the largest cost item and backs farmers' continued production.
| Item | Confirmed value | Source |
|---|---|---|
| Share of production cost held by feed | About 60–65% (the largest variable cost) | Industry data |
| Start of the price freeze | June 23, 2026 | Originating report |
| Signing of the notice | August 6, 2026 (CEO Mai Van Hoang) | Originating report |
| Conditions of the freeze | Until the commodity-shrimp market improves | Originating report |
| GrowMax's feed production volume | 220,000 tonnes (third in the country for shrimp-feed production as of 2022) | Related reports |
GrowMax is the only Vietnamese-capital brand, third in the country for shrimp feed
GrowMax is one of the few Vietnamese-capital brands in the shrimp-feed field. According to related reports, it reached a production volume of 220,000 tonnes in only about two years from entry, and in 2022 it ranked third in the country for shrimp-feed production. It is headquartered in the Loc An industrial park in Dong Nai province, holds three seed-stock farms in Binh Thuan province, and flies an annual production capacity of 2 billion shrimp postlarvae.
It flies the banner of a vertically integrated model that bundles everything in-house from seed stock, feed, biological products and advanced farming to processing, and the feed freeze is exactly the kind of move such a model can make. Even if it shaves the margin on feed alone, it can draw a structure of recouping across the whole if it keeps the upstream and downstream running. In a feed market with much foreign capital, placing the relationship with farmers at the core becomes a differentiator.
Implications for Japan's shrimp procurement
Vietnam is one of Japan's main shrimp-supplying countries, and on a reporting basis, in Vietnam's shrimp exports Japan is the third market after China and the United States, with a value share of about 13%. Shrimp exports to Japan in 2025 are said to be in the US$500 million range. Much of Vietnamese shrimp flows to Japan's restaurant sector and retail as highly processed, ready-cooked or peeled shrimp.
If feed prices are frozen, farmers' withdrawals are curbed and next season's pond stocking is easier to maintain. Seen from the Japanese side, this works in the direction of lowering procurement-volume volatility. Conversely, if feed rises and farming area shrinks, there is a risk that a shortage of processing raw material pushes up Japan's purchase prices. One company's pricing policy does not decide the whole market, but the trend of feed, which holds 60% of cost, is worth watching as a leading indicator of supply to Japan.
In practice for procurement staff, both the feed market and farmgate prices must be watched. Even if feed is frozen, if farmgate prices fall further, farmers will lean toward cutting output. As long as the freeze's "release condition" is set at a recovery in the commodity-shrimp market, the next inflection point is when the shrimp farmgate price bottoms. That is the key to reading the timing of a reversal in the export price to Japan.
Sources referenced
- GrowMax tiếp tục giữ cam kết chưa điều chỉnh giá thức ăn nuôi tôm（Nông nghiệp & Môi trường, 2026-08-07）
- GrowMax lọt top 3 công ty có sản lượng thức ăn tôm lớn nhất nước（Nông nghiệp & Môi trường）
- The cost of feed accounts for up to 60% of shrimp production costs（Vietnam Fisheries Magazine）
- Vietnam’s shrimp exports to Japan（VASEP）
