LS Eco Energy announced on August 12th that it is exploring the establishment of an offshore cable factory in Vietnam as part of its efforts to export the government’s ‘Energy Highway’ model to international markets.
The company revealed that it has signed a Joint Development Agreement (JDA) with Vietnam’s state-owned energy entity, PetroVietnam, to form a joint venture (JV) focused on submarine cable manufacturing. The signing took place at the Lotte Hotel Seoul’s Sogong-dong location.
The ceremony was attended by key officials, including Prime Minister Kim Min-seok, Vietnamese Communist Party Secretary Trong Lam, LS Eco Energy CEO Lee Sang-ho, PetroVietnam Chairman Le Manh Hung, and PTSC President Tran Ho Bac.
The two sides discussed building a factory and dedicated port near Phu My Port in southwestern Vietnam. They plan to coordinate on permitting procedures, investment scale, and shareholdings, with the goal of establishing the joint venture as early as later this year.
The new facility aims to support the development of HVDC (high-voltage direct current) submarine transmission networks across Southeast Asia, including Vietnam, Indonesia, and Singapore, as well as the development of Vietnam’s offshore wind power and long-distance north-south power transmission projects. Notably, Vietnam and Singapore agreed in May to jointly build an ASEAN-wide HVDC submarine transmission grid, which is accelerating project momentum.
LS Eco Energy intends to leverage its experience with the Seosan HVDC project in South Korea to expand this initiative into a Southeast Asian ‘Energy Highway’ model. Additionally, in partnership with LS Marine Solution, based in Vietnam, the company aims to strengthen turnkey capabilities from manufacturing to installation of submarine cables.
PetroVietnam, an energy company accounting for approximately 20% of Vietnam’s GDP, is leading this JV through its offshore energy subsidiary, PTSC (PetroVietnam Technical Services Corporation).
