LS Electric Completes Bac Ninh Plant in Vietnam... "ASEAN Market Hub"

LS Electric Bac Ninh Plant in Vietnam. (Photo by LS Electric)

[Asia Economy Reporter Moon Chaeseok] LS Electric is making the Bac Ninh plant in Vietnam its new base to target the ASEAN market.

LS Electric announced on the 27th that it held a completion ceremony at its Bac Ninh plant located in Yen Phong Industrial Park, Bac Ninh Province, Vietnam.

The company plans to accelerate business expansion by relocating both its existing Hanoi corporation and plant to the Bac Ninh plant. The plant covers an area of 30,000㎡, with production facilities twice the size of the existing Hanoi factory.

As a first-generation company entering Vietnam, LS Electric established its Hanoi plant in 1997 and has been producing power systems for 25 years.

Commemorative photo at the completion ceremony of LS Electric's Bac Ninh plant in Yen Phong Industrial Park, Bac Ninh Province, Vietnam. Attendees included Koo Ja-kyun, Chairman of LS Electric (fourth from the left), Nguyen Huong Giang, Chairwoman of the Bac Ninh Provincial People's Committee (third from the left), and Oh Young-joo, Ambassador of the Republic of Korea to Vietnam (fourth from the right). (Photo by LS Electric)

With the completion of the plant, local production capacity is expected to increase from 25 million USD to 40 million USD annually, and the company anticipates surpassing 100 million USD by 2030.

Gu Ja-kyun, Chairman of LS Electric, said, "Thorough localization and establishing regional hub strategies are essential for aggressive global market expansion," adding, "The new Bac Ninh plant will grow beyond just relocating the existing Hanoi factory to become a key hub for targeting the ASEAN market."

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