LS Eco Energy Exploring a New HVDC Cable Factory in Vietnam
LS Eco Energy has committed to a milestone partnership between South Korea’s LS Cable & System subsidiary and PetroVietnam Technical Services Corporation (PTSC). The two firms have formally entered a Joint Development Agreement (JDA) to construct and operate a high-voltage cable factory in Vietnam, positioning the nation as a future hub for both regional production and global export of advanced HVAC/HVDC submarine cables. The agreement was reached earlier this week at the Vietnam–Korea Economic Forum in Seoul, attended by leadership of both corporations and dignitaries from Vietnam and Korea, highlighting the strategic significance of the project on a regional and national scale.
This collaboration addresses acute market needs as offshore wind, grid interconnection, and power export projects accelerate across Southeast Asia. The industry faces record demand for HVDC cables, especially between offshore generation hubs and distant consumption centers. However, global supply remains constrained by both manufacturing capacity and the technical barriers to entry for producing cables that meet the stringent reliability and productivity standards required for next-generation HVDC networks.
Vietnam’s government views this investment as pivotal to both domestic grid modernization and the country’s strategy to tap into regional export markets for renewable energy, including a flagship Vietnam-Singapore subsea interconnector and additional planned submarine links from Vietnam’s fast-growing offshore wind sector. LS Eco Energy and its Vietnamese subsidiaries already hold a dominant position in Vietnam’s 220kV and above cable segments and have secured high-profile contracts with Vietnam Electricity (EVN) and other major EPCs, underlining their technology and market-share leadership. The new facility, jointly overseen with PTSC and LS Marine Solution, will create a technology transfer pipeline and secure rare-earth material supplies, a critical factor given recent global supply chain disruptions and export controls from China.
LS Eco Energy’s move extends the full manufacturing supply chain to Vietnam, with a focus on both HVAC and HVDC submarine and land cables, technologies that underpin transmission expansion and cross-border power trading aspirations in ASEAN. Vietnam is already rapidly scaling its power grid, with plans to more than double its power generation capacity by 2030, heavily emphasizing high-voltage network upgrades and integration of renewable sources. With LS Eco Energy’s planned production the company aims to fill not only Vietnamese government projects but also to meet surging international needs, a market predicted to require tens of thousands of kilometers of new high-voltage cabling by the end of the decade.
The project also comes as Vietnamese and Korean partners strengthen coordination on rare-earth supply chains, a prerequisite for both cable and permanent magnet manufacturing. LS Eco Energy’s sustained cooperation with local mineral refiners secures critical raw materials, providing resilience amid geopolitical volatility and trade restrictions. This, together with the company’s proven track record in the region, including supplying as much as 80% of the market’s ultra-high voltage cable demand, suggests LS Eco Energy will remain central to upcoming grid expansion and offshore wind transmission projects.
