LS Eco Energy announced on May 28th that its Vietnam subsidiary, LS-VINA, has secured a contract to supply ultra-high-voltage (UHV) cables valued at approximately $33 million for Vietnam Electricity (EVN)’s national transmission network expansion project.
The company has signed agreements with three EPC (Engineering, Procurement, and Construction) firms to deliver 220kV UHV cables as part of the project. This contract accounts for about 5.2% of LS Eco Energy’s annual revenue forecast for 2024.
This contract marks a significant milestone for LS Eco Energy in establishing a foothold in Vietnam’s high-voltage cable market, which is projected to grow to 1.4 trillion KRW by 2030.
The project involves building the national transmission network connecting Hanoi's city center with outer substations, aiming to stabilize the rapidly increasing power demand in urban areas.
The Vietnamese government plans to expand the current 69GW power generation capacity to over 150GW by 2030, along with the construction of approximately 16,285 km of 220kV transmission lines nationwide.
LS-VINA is currently the only company capable of manufacturing 220kV UHV cables in Vietnam, holding around an 80% market share. This positions the company as a reliable supplier for large-scale transmission projects and reinforces its competitive edge in the Vietnamese market.
LS Eco Energy has been successfully securing orders in the power grid sector and renewable energy fields such as wind and solar. The company achieved record-high revenues and operational profits in the first quarter of this year, its best ever since founding. Recently, LS is also accelerating localizing submarine cable production and securing a supply chain for rare earth elements, demonstrating its strategic efforts to expand globally.
