LS Eco Energy to Supply Extra-High Voltage Cables Worth KRW 45.4 Billion to Vietnam Electricity

Securing the Vietnamese Extra-High Voltage Cable Market
LS-VINA, Vietnam's Only Producer and Supplier of 220kV Cables

LS Eco Energy announced on May 28 that its Vietnam manufacturing subsidiary, LS-VINA, has been selected to supply extra-high voltage cables worth a total of $33 million (approximately KRW 45.4 billion) for a transmission network construction project by the Vietnam Electricity (EVN).

LS Eco Energy Vietnam manufacturing subsidiary LS-VINA exterior. Photo by LS Cable & System

Accordingly, LS-VINA has signed contracts with three engineering, procurement, and construction (EPC) companies to supply 220kV-class extra-high voltage cables. The total contract value is equivalent to about 5.2% of LS Eco Energy's annual sales last year. With this order, LS Eco Energy has secured a foothold in the Vietnamese extra-high voltage cable market, which is expected to grow to KRW 1.4 trillion by 2030.

The project involves the construction of a national transmission network connecting substations in downtown Hanoi and its outskirts. It is being pursued to stably supply the rapidly increasing electricity demand in urban areas. The Vietnamese government plans to expand its current power generation capacity of 69GW to over 150GW by 2030 and newly construct a total of 16,285 km of 220kV-class transmission networks.

LS-VINA is regarded as the only company in Vietnam capable of producing 220kV-class extra-high voltage cables. It currently holds about 80% market share. As a result, the company is expected to maintain its unrivaled position as a stable supply partner for future large-scale transmission projects.

Meanwhile, LS Eco Energy has achieved its highest-ever quarterly sales and record quarterly operating profit in the first quarter of this year, driven by consecutive orders in IDC power grid construction and the renewable energy sector, including wind and solar power. Recently, the company has also been accelerating the localization of its subsea cable business and securing a rare earth supply chain.

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