LS Eco & Energy’s Vietnam Production Subsidiary Expands Revenue to 1 Trillion Won in 30 Years
On March 1, the LS-VINA celebrated its 30th anniversary at its facility in Hai Phong, Vietnam, with attendees such as Ku Bon-kyu, CEO of LS Cable & System (second from left), Lee Sang-ho, CEO of LS Eco & Energy (third from left), and Jang Dong-wook, head of the LS-VINA branch (first from left), taking a commemorative photo.
According to a statement on the 2nd from LS Eco & Energy, the Vietnam production subsidiary LS-VINA commemorated its 30th anniversary with a ceremony at the Hai Phong location on March 1.
Originally launched in 1996 as LG-VINA, LS-VINA was one of the first joint venture companies following the establishment of diplomatic relations between Korea and Vietnam. It grew alongside Vietnam’s economic opening and industrialization, focusing on building local power infrastructure. From an initial revenue of about 6 billion won, the company expanded to approximately 1 trillion won over 30 years.
LS-VINA is the only company in Vietnam capable of directly producing and supplying ultra-high voltage cables, holding a core supplier status with the Vietnam Electricity (EVN) and maintaining a leading position in the local cable market with about 80% market share in the ultra-high voltage sector.
The Hai Phong production facility plays a crucial role in building Vietnam’s power grid by producing high (HV), medium, and low voltage (MV/LV) cables, as well as overhead lines. Initially focused on the domestic market, the company has since expanded its exports to ASEAN, as well as Europe and North America.
Recently, LS-VINA has been winning contracts for major power grid projects, including Southeast Asian AI data centers, Europe, Singapore, and Australia, continuously achieving record-breaking performances each year. Based on this growth trend, LS-VINA is aiming to expand its business with a target revenue of USD 1 billion by 2030.
Ku Bon-kyu, CEO of LS Cable & System, in a congratulatory speech, expressed his deep gratitude towards the local employees for turning impossibilities into realities from scratch. He stated that the next 30 years would be a new journey for LS-VINA to become a top-tier global power infrastructure company, with unwavering support promised for its continued success.