LS Eco Energy Signs Submarine Cable JDA with Vietnamese State-Owned Enterprise

Full-Fledged Export of the "Energy Highway" Model Begins
Submarine Cable Factory Considered at Southwestern Vietnam Port
JV Targeted for Establishment Within the Year... Application of "West Coast HVDC"
Turnkey System for Manufacturing and Installation with LS Marine Solution

LS Eco Energy is considering building a submarine cable factory in Vietnam, marking a full-fledged effort to export the government-led "energy highway" model overseas.

At the 'Korea-Vietnam Business Forum' held on the 12th at Lotte Hotel in Jung-gu, Seoul, Lee Sangho, CEO of LS Eco Energy (second from the right in the front row), Tran Ho Bach, President of PTSC (third from the right in the front row), and Le Man Khuong, Vice President of PVN (first from the right in the front row), are posing for a commemorative photo. Photo by LS Cable & System

On August 12, LS Eco Energy announced that it had signed a Joint Development Agreement (JDA) with the Vietnamese state-owned energy company PetroVietnam Group at Lotte Hotel in Sogong-dong, Seoul, to establish a submarine cable joint venture (JV). PetroVietnam is a key energy company that accounts for about 20% of Vietnam's GDP. The JV will be promoted through PTSC, PetroVietnam's offshore energy subsidiary.

The signing ceremony was attended by Prime Minister Kim Minseok, To Lam, General Secretary of the Communist Party of Vietnam, Lee Sangho, CEO of LS Eco Energy, Le Manh Hung, Chairman of PetroVietnam, and Tran Ho Bach, President of PTSC.

Both sides are considering building a factory and dedicated pier at Phu My Port in southwestern Vietnam. They plan to discuss licensing procedures, investment scale, and equity structure, with the goal of establishing the JV as early as this year. The factory is expected to serve as a hub supporting the construction of submarine HVDC transmission networks among major Southeast Asian countries such as Vietnam, Indonesia, and Singapore, as well as Vietnam's offshore wind power development and long-distance north-south transmission projects.

In particular, the project has gained momentum since the governments of Vietnam and Singapore reached an agreement in May to build the "ASEAN Submarine HVDC Transmission Network" connecting the two countries. If LS Eco Energy participates in this project and applies its West Coast HVDC model, it could be recognized as a case of expanding the energy highway model overseas.

Additionally, LS Eco Energy plans to strengthen its turnkey contract capabilities by working with LS Marine Solution, which has recently established a base in Vietnam, to carry out all processes from submarine cable manufacturing to installation.

This content was produced with the assistance of AI translation services.