Submarine Cable Factory Overseas... LS Eco Energy, JV with Vietnamese State Group
- Input
- 2025-08-12 16:55:15
- Updated
- 2025-08-12 16:55:15
Establishment as early as this year
The signing ceremony was attended by Kim Min-seok, Prime Minister, To Lam, Secretary General of the Communist Party of Vietnam, Lee Sang-ho, CEO of LS Eco Energy, and Le Man Hung, Chairman of PetroVietnam.
Both sides are considering the construction of a factory and dedicated pier at Phu My Port in southwestern Vietnam, and plan to establish the JV as early as this year by discussing licensing procedures, investment scale, and equity structure.
This factory is planned to support the construction of a submarine high-voltage direct current (HVDC) transmission network between major Southeast Asian countries such as Vietnam, Indonesia, and Singapore, as well as Vietnam's offshore wind power development and long-distance transmission projects between the North and South.
The project is gaining momentum as the governments of each country agreed to build the 'ASEAN Submarine HVDC Transmission Network' connecting Vietnam and Singapore last May. If LS Eco Energy participates in this project and integrates the West Coast HVDC model, it can be evaluated as a case of overseas expansion of the energy highway. LS Eco Energy plans to strengthen its turnkey order capabilities by collaborating with LS Marine Solutions, which recently established a base in Vietnam, to perform everything from submarine cable manufacturing to construction. PetroVietnam, a key energy company accounting for about 20% of Vietnam's GDP, is promoting this JV through its offshore energy specialist subsidiary PTSC.
kjh0109@fnnews.com Kwon Jun-ho Reporter