Aims to Expand Presence in Renewable Energy Market
LS Cable & System Asia is solidifying its position as the No. 1 general cable company in Vietnam. Recently, LSCV, the company's subsidiary in Ho Chi Minh City, invested approximately 6.8 billion won to expand its unshielded twisted pair (UTP) LAN cable facility.
In June, LSCV supplied optical cables to Viettel, Vietnam’s largest mobile communication operator. The state-run mobile company accounts for about 50 percent of the Vietnamese market. It is currently building high-speed communication networks not only in Vietnam but in Southeast Asia and Africa.
LS Cable & System Asia is also making progress in new business fields. The company supplied bus ducts, a large-capacity power supply system, to Vinhomes, the largest real estate developer in Vietnam.
Based on these achievements, LS Cable & System Asia recorded cumulative sales of 624.2 billion won, the highest ever, in the first three quarters of this year.
LS Cable & System Asia entered the Vietnamese market in 1996 by establishing LS-VINA, a power cable production corporation, in Hai Phong, Vietnam. Later, in 2006, LSCV, the second production corporation, was established in Ho Chi Minh City to expand its southern Vietnamese market. Vietnam is facing a steady increase in demand for power cables as urbanization progresses. In particular, LS Cable & System Asia, the only company capable of producing extra-high voltage underground cables in Vietnam, benefited from a transmission line undergrounding project.
LS Cable & System Asia is expanding businesses in line with the Vietnamese government’s policy to ramp up the proportion of renewable energy in power generation. LS-VINA has been supplying submarine cables to a number of offshore wind power projects, starting with Vietnam’s first offshore wind power project. The Southeast Asian country plans to build an offshore wind farm with a capacity of about 10 gigawatts (GW) by 2030. It has the largest market in Asia after China, Korea, and Japan.