In a medium saucepan, combine sugar and water over medium heat. Stir until sugar dissolves, then add walnuts. Cook for about 5 minutes, stirring frequently, until the walnuts are golden brown. Remove from heat and let cool on a parchment-lined baking sheet.
In a large bowl, mix mayonnaise, sweetened condensed milk, honey, lemon juice, salt, and black pepper until smooth. Set aside.
In a large skillet or deep fryer, heat vegetable oil over medium-high heat.
In a bowl, toss the shrimp with a pinch of salt and pepper. Fry the shrimp in batches for 2-3 minutes or until they turn pink and are cooked through. Remove and drain on paper towels.
Once the shrimp are cooked, gently fold them into the mayonnaise mixture until well coated.
Serve the shrimp over cooked white rice, topped with candied walnuts and garnished with chopped green onions.