In a large bowl, combine mayonnaise, sweetened condensed milk, and honey. Stir until well combined.

In a small bowl, dissolve cornstarch in water to make a slurry.

Heat oil in a deep pan or pot for frying. Season the shrimp with salt and pepper, then coat them in the cornstarch slurry.

Fry the shrimp in the hot oil until they turn golden brown and crispy. Remove from the oil and drain on paper towels.

In a separate pan, toast the walnuts until they become fragrant and slightly browned.

Add the cooked shrimp and toasted walnuts to the honey mixture. Stir to coat the shrimp and walnuts.

Serve the honey walnut shrimp hot with steamed rice or vegetables.