Photograph 1) Panoramic view and interior facilities of LS-VINA
 

Photograph 2) LS Eco Energy's production corporation in Haiphong, Vietnam


■ LS Eco Energy plans early entry into Vietnam's ultra-high voltage cable market, expected to be worth KRW 1.4 trillion by 2030
■ LS-VINA strengthens position as only supply partner producing 220 kV cables in Vietnam
■ LS Eco Energy to expand presence in IDC power grid and renewable energy markets and accelerate localization of submarine cable business


LS Eco Energy (CEO Lee Sang-ho) announced on the 28th that its Vietnamese production subsidiary, LS-VINA, will supply ultra-high voltage cables worth a total of USD 33 million for the grid construction project of Vietnam Electricity (EVN).

LS Eco Energy has signed a contract with three EPC (engineering, procurement, and construction) companies and will supply 220 kV ultra-high voltage cables. The total contract amount is equivalent to approximately 5.2% of LS Eco Energy's annual sales in 2024. 

Through this order, LS Eco Energy is thought to have secured a bridgehead in the Vietnamese ultra-high voltage cable market, which is expected to grow to KRW 1.4 trillion by 2030. 

This project is a national power grid project that will connect Hanoi city center with outlying substations, and aims to stably supply power for the rapidly increasing demand in urban areas.

The Vietnamese government plans to expand its power generation capacity from the current 69 GW to more than 150 GW by 2030 and to build a new 220 kV power grid spanning 16,285 km. 

LS-VINA, which currently holds approximately 80% of the market share, is the only company in Vietnam capable of producing 220 kV ultra-high voltage cables. Accordingly, LS-VINA is expected to maintain its unrivaled position as a stable supply partner in future large-scale power grid projects.

LS Eco Energy has succeeded in signing a series of contracts in the renewable energy sector, including wind and solar power, following the IDC power grid construction project, and has achieved its highest Q1 sales and highest quarterly operating profit this year. More recently, the company has been accelerating efforts to localize its submarine cable business and secure a supply chain for rare earth elements.