S Korean cable producer plans to expand operations in Vietnam
LS Eco Energy, the Vietnamese subsidiary of South Korea’s LS Cable & System, plans to build submarine cable plants in Vietnam and Europe to capitalize on the soaring demand for extra-high-voltage submarine cables.
The company held a "Value Up Day" on Thursday where it unveiled its medium- and long-term growth strategies.
At the signing ceremony. Photo courtesy of Vietnam News Agency.
Under its newly released strategy, LS Eco Energy will enhance efforts regarding its submarine cable and rare-earth magnet business for continuous growth. It is also looking to raise sales by 2.5 times by 2030.
LS Eco Energy manufactures extra-high-voltage cables. The facility in Vietnam is the first overseas production base of LS Cable & System, and it has become a leading cable company in Vietnam. More than 30% of its revenue comes from exports to North America and Europe.
LS Eco Energy plans to complete selecting investment locations for the submarine cable plants in Vietnam and Europe this year and start construction soon after.
In Vietnam, a production site is set to be established under a partnership with the Petrovietnam Technical Services Corporation (PTSC)
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