LS Eco Energy said on the 2nd that on the 1st (local time) in Haiphong, Vietnam, it held a ceremony marking the 30th anniversary of the founding of its Vietnam manufacturing subsidiary LS-VINA.
LS-VINA is a first-generation Korea-Vietnam diplomatic relations corporations launched in 1996 and has participated in building local power infrastructure since the early days of Vietnam's economic opening.
Sales, which were about 6 billion won in the early days of its establishment, have expanded to about 1 trillion won now.
The company said LS-VINA has now established itself as the No. 1 wire corporations in the ASEAN region and is the only corporations in Vietnam that can directly produce and supply extra-high-voltage cables.
As a key supplier to Vietnam Electricity (EVN), it maintains the No. 1 market share in the local wire market and holds about 80% share in the extra-high-voltage institutional sector.
At the Haiphong production base, it manufactures high-voltage (HV), medium- and low-voltage (MV·LV) cables and overhead lines.
It started with a focus on the domestic market, but it has now expanded exports to Europe and North America as well as ASEAN, growing into Vietnam's largest wire-export corporations.
Recently, it has been expanding its business scope by winning power grid projects for Southeast Asian AI data centers and power grids in Europe, Singapore and Australia. LS-VINA plans to strengthen its global power infrastructure business with a goal of achieving $1 billion (about 1.45 trillion won) in sales by 2030.
Koo Bon-kyu, CEO of LS Cable & System, said, "I am deeply grateful to the local executives and employees who started on a barren field and have turned the impossible into possible," adding, "the next 30 years will be a new journey for LS-VINA to leap into a global top-tier power infrastructure corporations, and we will spare no continued support."