LS Eco Energy Secures Rare Earth Supply Chain to Support Vietnam Aid

Lee Sangho: "Accelerating Our New Permanent Magnet Business"
Further Progress Through Additional Cooperation on Power Infrastructure Expansion

LS Eco Energy has secured a stable rare earth supply chain through cooperation with the Vietnamese government. Based on this, the company plans to expand local power infrastructure projects, including the construction of new nuclear power plants.

According to industry sources on the 25th, LS Cable CEO Koo Bon-gyu, LS Eco Energy CEO Lee Sang-ho, and LS Marine Solution CEO Kim Byung-ok held a meeting at Lotte Hotel in Sogong-dong, Seoul, to discuss cooperation plans for rare earth development and power grid expansion with key Vietnamese government officials, including Nguyen Hong Dien, Minister of Industry and Trade of Vietnam. Representatives from the Vietnam Electricity (EVN), the Department of Electricity and Renewable Energy, and PetroVietnam Group also attended.

On the 25th, at the 'Rare Earth and Power Infrastructure Cooperation Enhancement' meeting held at Lotte Hotel in Sogong-dong, Seoul, Bon-gyu, CEO of LS Cable & System, Sang-ho Lee, CEO of LS Eco Energy, Byung-ok Kim, CEO of LS Marine Solutions, and Nguyen Hong Dien, Minister of Industry and Trade of Vietnam, took a commemorative photo. Photo by LS Cable & System

Vietnam holds about 18% (22 million tons) of the world's rare earth reserves, ranking second after China. However, the Vietnamese government strictly manages mining rights, allowing only a few companies to produce rare earth oxides. Lee Sang-ho, CEO of LS Eco Energy, stated, "Competition to secure rare earths is intensifying due to China's export restrictions and the U.S.'s de-China policy," adding, "Securing a stable supply chain will enable us to accelerate new businesses related to permanent magnets."

LS Eco Energy also plans to expand cooperation in building power infrastructure with Vietnam. The Vietnamese government is considering expanding offshore wind power and introducing new nuclear power plants to increase generation capacity to 150 gigawatts (GW) by 2030. LS Eco Energy is expected to secure opportunities for power grid construction projects worth hundreds of billions to trillions of Korean won associated with new nuclear power plant construction. As the leading cable company with the only ultra-high voltage production facility in Vietnam, it is expected to play a key role in expanding power infrastructure.

Meanwhile, PetroVietnam, the state-owned oil and gas company of Vietnam, is promoting a project to supply eco-friendly power to Singapore through submarine cables. LS Marine Solution, the submarine cable construction company, anticipates new market opportunities and plans to establish a sales office in Vietnam during the first half of this year.

This content was produced with the assistance of AI translation services.