LS Cable Asia announced on March 25 that LS Vina, its Vietnamese manufacturing subsidiary, would supply US$50 million worth of power cables to a large-scale solar power plant project in Vietnam. The contract volume corresponds to about 14 percent of LS Vina's sales last year.
LS Vina signed the contract with Vietnam's Hoanh Son Group to supply mid- to low-voltage cables to more than 10 solar power plants to be built in central Vietnam for the next two years.
Hoanh Son Group is engaged mainly in construction and real estate development and is also participating in the construction of new and renewable energy power plants including hydropower and solar power plants in Vietnam,.
The Vietnamese government plans to increase the nation’s photovoltaic power generation capacity to 3.5 GW by 2030 so related projects are expected to bring more business opportunities to LS Vina in the future.