Latest news with #ElecsVietnam2025
Korea Herald
a day ago
- Automotive
- Korea Herald
LS Electric ramps up Vietnam strategy as ASEAN demand surges
Korean firm highlights power conversion, smart factory solutions at Vietnam's premier electrical industry expo Korea Herald correspondent HANOI, Vietnam — LS Electric presented its advanced electric solutions for sustainable energy transition at Elecs Vietnam 2025, underscoring the growing importance of the ASEAN region as its second-largest market after North America. 'Southeast Asia stands out as a crucial market for us and continues to grow,' said Kim Jong-woo, chief operating officer of LS Electric, during a media briefing at the company's exhibition booth on Wednesday. 'In Vietnam, where we expanded our production facility three years ago, we are now increasing its manufacturing capacity. Our goal in Southeast Asia is to win more local projects by expanding local production capabilities, like we've done in Vietnam.' Highlighting 'K-electricity' as a new buzzword following 'K-food' and 'K-culture,' Kim added that LS Electric aims to strengthen its production, engineering and service maintenance capabilities to drive both organic and inorganic growth in the ASEAN market, which also serves as a strategic export hub for North America and the Middle East. LS Electric was the first among Korean heavy electrical equipment manufacturers to enter Vietnam, making its debut in the 1990s. It has since maintained dominance in the local low-voltage power equipment market, boasting a 45 percent market share as of last year. Tran Viet Cuong, deputy director of Consrich Vietnam, a power distribution panel manufacturer, said his company has maintained business ties with LS Electric for over 20 years, primarily due to its strong brand recognition. 'Although we've also used products from HD Hyundai Electric, LS Electric's Korean rival, which is more competitively priced, LS still has a stronger presence in Vietnam,' Cuong noted. 'LS Electric also stands out for its delivery speed. Even during the COVID-19 pandemic, while Japan's Mitsubishi faced production delays, LS maintained efficient operations through its local distribution network.' Building on the trust of its client companies, LS Electric is pioneering the next-generation electric solutions market in Vietnam. This sector is also in line with the Vietnamese government's commitment to expanding power infrastructure as a key driver of economic growth. Notably, the power equipment supplier focuses on 'energy storage systems,' a crucial component for stabilizing the rising power demand. The ESS largely consists of a battery and power conversion systems. 'While battery manufacturers are venturing into the ESS sector, it has traditionally been the domain of electric companies, which are in charge of the PCS to ensure stable management of the power system,' said an LS Electric official. LS Electric's Bac Ninh facility in Hanoi supplies PCS for Samsung SDI's Samsung Battery Box, a utility-scale ESS that is fully contained within a standardized shipping container. LS Electric also looks to provide smart factory solutions, already integrated in its Cheongju plant in South Korea, for Vietnamese manufacturing companies, including real estate developers. Last year, the company signed an agreement to build a smart factory for Becamex's industrial complex in Binh Duong. 'We are already targeting smart factory markets in Europe, particularly Germany,' said another LS Electric official. 'Our solutions enable full automation of the equipment, with facility data being uploaded via (Internet of Things) for monitoring within a digital twin. This setup allows for remote quality inspections and operations. It can improve the efficiency of the equipment by accumulating and analyzing collected data.'
Korea Herald
10-07-2025
- Business
- Korea Herald
LS Electric to showcase next-gen power solutions at Elecs Vietnam 2025
LS Electric said Thursday it is participating in the upcoming Elecs Vietnam 2025 exhibition, bolstering its efforts to penetrate the ASEAN power solutions market. At the event, scheduled for July 16 to 18 at the Saigon Exhibition and Convention Center in Ho Chi Minh City, LS Electric will present its next-generation power management system integrated with a smart grid distribution solution and ultra-high voltage transformers. Leveraging its world-leading manufacturing capabilities in power electronics-based inverters known for high energy efficiency, the company plans to showcase an advanced energy storage system platform alongside locally tailored ESS products. A key feature of this platform is the modularization of its power electronics building block in 200-kilowatt units, allowing for easy power scaling and flexible applicability without needing to redesign the entire system. Additionally, LS Electric will unveil IoT-based digital technology solutions for energy optimization, including its digital twin smart factory platform, 'Smart Management Insight,' asset management systems, the energy efficiency management platform 'GridSol CUBE,' and the power facility integrated management platform 'GridSol CARE.' The company will also introduce the 'LS SHE (Safety, Health, Environment) with AI' platform, an artificial intelligence-based safety control solution that integrates and analyzes real-time data from smart safety devices and camera monitoring. LS Electric aims to expand its presence in the ASEAN power infrastructure market, capitalizing on Vietnam and Indonesia as strategic bases. Vietnam, in particular, has been pushing for renewable energy generation projects under its 8th Power Development Plan, launching policies to build smart grids for enhanced efficiency and stability. Since entering Vietnam in the mid-1990s, the company has maintained its leadership position with a market share exceeding 40 percent in the low-voltage power equipment sector since 2013. In 2023, LS Electric significantly increased its production capacity in Vietnam from $25 million to $40 million annually by relocating its Bac Ninh facility to the Yen Phong Industrial Complex. The company has diversified its business across the entire power system industry by acquiring Symphos, an Indonesian power equipment supplier, and expanding into high-end products such as ultra-high voltage gas-insulated switchgear. 'We aim to solidify our position as the leading company in Vietnam -- a top-three market for Korean power suppliers -- and firmly establish our business capabilities for ASEAN customers,' stated an official from LS Electric. 'With aggressive investments in local power systems and high-end strategic products such as transformers and ESS, we will deepen our reach into the ASEAN region, emerging as a global data center hub.'
