LS Eco Energy said Tuesday that its Vietnam manufacturing unit, LS-VINA, has supplied extra-high-voltage cables for Vingroup’s new city development project in Hai Phong.
LS-VINA is the top player in Vietnam’s extra-high-voltage cable market, with about an 80% share, the company said. It said the order strengthens LS-VINA’s position as a key supplier for local power infrastructure.
Vingroup, Vietnam’s largest private company with businesses spanning real estate, retail, automobiles and energy, is developing a mixed-use new city in Hai Phong that combines residential, commercial and tourism functions under the Vinhomes Vu Yen project.
The company said Vietnam’s accelerating urbanization is supporting demand. The government aims to raise the urbanization rate to 50% by 2030 and, under the national power development plan known as PDP8, is pursuing about 200 trillion won in generation and transmission investment.
LS-VINA is the only company producing extra-high-voltage cables in Vietnam, LS Eco Energy said, positioning it to benefit directly from the investment cycle and to sustain mid- to long-term revenue growth.
LS Eco Energy said the trend is reflected in results: first-quarter revenue and operating profit rose about 30% from a year earlier, and revenue hit a quarterly record. Extra-high-voltage cable sales jumped 177%, driven by grid investment and rising demand tied to AI data centers.
“Urbanization and expanding power investment are combining to rapidly broaden LS-VINA’s mid- to long-term growth base,” a company official said. The official added that LS-VINA recently obtained quality certification for 230-kilovolt extra-high-voltage cables from a global certification body, laying groundwork to enter the North American market.
LS-VINA entered Vietnam’s domestic market in 1994 as LG-VINA and has since grown into ASEAN’s largest wire and cable company, with annual revenue of about 1 trillion won, and Vietnam’s top cable exporter, LS Eco Energy said.
* This article has been translated by AI.
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