LS Eco Energy to expand into Vietnam's submarine cable market
LS Eco Energy announced Thursday that representatives from Petro Vietnam Technical Service, a subsidiary of Vietnam's state-owned energy group Petro Vietnam, visited LS Cable & System's submarine cable factory in Gangwon Province to discuss potential cooperation.
The visit marks a key step in expanding the company's submarine cable business in Vietnam and Southeast Asia. It plans to collaborate with PTSC and its affiliates and LS Marine Solution to review the production and supply chain for submarine cables.
'Vietnam is rapidly emerging as a renewable energy hub in Southeast Asia, and submarine cables are a key infrastructure component for expanding the renewable energy supply chain,' LS Eco Energy CEO Lee Sang-ho stated. 'We aim to lead the Southeast Asian market alongside LS Marine Solution, leveraging our technology and supply chain capabilities.'
PTSC is currently planning a major project to transmit renewable energy generated from Vietnam's offshore wind farms to Singapore via submarine cables. LS Eco Energy is exploring ways to collaborate on this project, while LS Marine Solution is seeking routes for overseas expansion.
Additionally, LS Marine Solution is considering involvement in submarine optical cable projects connecting North America and Asia. With global demand for submarine communication infrastructure rising, LS Marine Solution plans to establish a business office in Vietnam. It intends to finalize new vessel investments within the year and strengthen cooperation with local businesses.
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