LS Eco Energy Ltd. (LSEE), part of LS Cable & System, signed a Joint Development Agreement with PetroVietnam Technical Services Corporation (PTSC) during the Vietnam–Korea Economic Forum on August 12 in Seoul.
A press release said that the agreement covers investment, construction and operation of a high-voltage alternating and direct current cable manufacturing plant, marking a strategic step to strengthen Vietnam’s renewable energy infrastructure and related industries. It noted that as the world shifts to clean energy, demand for high-capacity power transmission, especially offshore high-voltage cables, is rising rapidly. At the same time, a global shortage of quality HVDC cables is slowing many renewable projects. “The partnership between PTSC and LSEE aims to tackle this challenge and position Vietnam as a regional leader in producing and exporting high-quality high-voltage cables.”
The strong backing from the two parent corporations, PetroVietnam and LS Cable & System, serves as a strategic guarantee for the scale and long-term sustainability of the venture, while underscoring their commitment to driving technological innovation, enhancing value creation, and making a positive contribution to the global green energy development goals, the release said.
LS Cable & System currently operates two large-scale manufacturing facilities in Vietnam, namely LS-VINA Cable & System in Haiphong and LS Cable Vietnam in Dong Nai. The company notes that both of its facilities have established a strong reputation for delivering high-quality power cables to domestic and export markets. The addition of the new high-voltage cable plant will complete the production value chain, meeting the rapidly growing demand in this strategic market segment.
