Expansion of South Korean Cable Manufacturer in the Vietnamese Market

LS C&S Asia, on October 12, announced the signing of a Memorandum of Understanding (MoU) for a submarine cable business partnership with PetroVietnam Technical Services Corporation (PTSC) in Vietnam. PTSC, a subsidiary of the state-owned petroleum gas company PetroVietnam, specializes in providing technical services such as facility operations, maintenance, and research for the energy and petroleum industries.

The collaboration between LS C&S Asia and PTSC will initially focus on exploring business opportunities in Vietnam and subsequently expand to other ASEAN countries. Vietnam is currently in the process of constructing a 10GW offshore wind farm, expected to be completed by 2030. This wind farm will rank among the top five in Asia in terms of output, following similar projects in Korea and Taiwan.

The demand for interconnecting power grids among ASEAN countries is also increasing. PTSC is currently involved in building a submarine power grid between Vietnam and Singapore, and both companies anticipate leveraging these opportunities to expand their presence in the surrounding region. A spokesperson for LS C&S Asia emphasized the significance of this MoU, highlighting LS C&S Asia’s ambition to become a pioneer in other submarine cable markets, leveraging their 30 years of local business experience and capabilities. LS C&S has been expanding its presence in the submarine cable market through the overseas growth of its subsidiaries, including LS Marine Solution’s recent expansion into Taiwan.