LS Vina Wins Power Grid Contract for Vingroup's 'Haiphong New City' in Vietnam

LS Eco Energy announced on April 22 that its Vietnamese production subsidiary, LS Vina (LS-VINA), has supplied ultra-high-voltage cables for Haiphong’s new city development project by Vingroup, Vietnam’s largest private company.

Exterior view of LS Vina (LS-VINA), the LS Eco Energy's production subsidiary in Haiphong, Vietnam. LS Eco Energy

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Vingroup is currently developing a mixed-use new city (Vinhomes Vu Yen) in Haiphong that combines residential, commercial, and tourism facilities. As Vingroup leads urban development projects across Vietnam, there is anticipation for further supply opportunities in the future. LS-VINA, the leading player in Vietnam’s ultra-high-voltage cable market with approximately 80% market share, has solidified its position as a key supplier of local power infrastructure with this contract.

In addition, the Vietnamese government aims to achieve an urbanization rate of 50% by 2030 and is pursuing power generation and transmission investments worth approximately 200 trillion won under the National Power Development Plan (PDP8). LS-VINA is therefore expected to benefit directly from this structural expansion of investment. The company explained that, based on its market dominance in Vietnam, it expects to maintain steady mid- to long-term sales growth.

This trend is also reflected in the company’s financial results. LS Eco Energy’s sales and operating profit in the first quarter increased by about 30% year-on-year, with sales reaching an all-time quarterly high. In particular, sales of ultra-high-voltage cables surged 177%, driven by power grid investments and rising demand from AI data centers, propelling overall growth.

A representative from LS Eco Energy stated, “The combination of accelerating urbanization and expanded investments in power infrastructure is rapidly strengthening LS-VINA’s foundation for mid- to long-term growth,” adding, “Recently, we also obtained quality certification for 230kV-class ultra-high-voltage cables from a global certification body, laying the groundwork for entry into the North American market.”

LS-VINA entered the Vietnamese domestic market in 1994 as LG-VINA and has since grown into the largest wire and cable company in ASEAN, with annual sales of approximately 1 trillion won, and the top cable exporter in Vietnam.

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