(Seoul = Yonhap News) Reporter Jang Hana = LS Eco Energy announced on the 28th that its production subsidiary in Vietnam, LS-Vina, will supply ultra-high voltage cables worth a total of $33 million (about 45.4 billion KRW) for the power grid construction project of the Vietnam Electricity (EVN).
The total contract volume is approximately 5.2% of LS Eco Energy’s annual sales for 2024.
Through this order, LS Eco Energy has secured a foothold in the Vietnamese ultra-high voltage cable market, which is expected to grow to about 1.4 trillion KRW by 2030.
The project involves the construction of a national power grid that connects transformer stations in and outside the Hanoi urban area. It is being promoted to stably supply the rapidly increasing power demand in urban areas.
The Vietnamese government plans to expand its current generation capacity of 69GW (gigawatts) to over 150GW by 2030 and construct a new 16,285 km of 220kV power transmission lines.
LS-Vina is the only company in Vietnam capable of producing 220kV ultra-high voltage cables, currently securing about 80% market share.
LS Eco Energy has successfully secured consecutive orders in IDC power grid construction and renewable energy sectors such as wind and solar power, achieving the highest sales and operating profit ever for the first quarter of this year. Recently, the company has been accelerating the localization of the submarine cable business and securing rare earth supply chains.