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Photograph 1) Lee Sang-ho, CEO of LS Eco Energy (second from the right in the front row), Tran Ho Bac, president of PTSC (third from the right in the front row), and Le Manh Hung, vice president of PVN (first from the right in the front row), at the Korea-Vietnam Business Forum held at Lotte Hotel in Jung-gu, Seoul, on the 12th.



Photograph 2) Koo Bon-kyu, CEO of LS Cable & System, Lee Sang-ho, CEO of LS Eco Energy, Tran Ho Bac, president of PTSC, and Le Manh Hung, vice president of PVN (from the left), at the Korea-Vietnam JDA Signing Ceremony held at Lotte Hotel in Jung-gu, Seoul, on the 11th.


■ Considering submarine cable plant at port in southwestern Vietnam, with goal of establishing JV within year
■ Plans to take lead in ASEAN long-distance submarine transmission network project and apply West Coast HVDC model overseas
■ Establishing turnkey manufacturing and construction system with LS Marine Solutions
 

LS Eco Energy (CEO Lee Sang-ho) plans to export the ‘energy highway’ model promoted by the Korean government by building a submarine cable factory in Vietnam. 

LS Eco Energy has announced that at Lotte Hotel in Sogong-dong, Seoul, on the 12th, it signed a joint development agreement (JDA) with Vietnam's state-owned energy company PetroVietnam Group to establish a submarine cable joint venture.

Attendees of the signing ceremony included Korean Prime Minister Kim Min-seok, General Secretary of the Communist Party of Vietnam To Lam, LS Eco Energy CEO Lee Sang-ho, PetroVietnam Chairman Le Manh Hung, and PTSC President Tran Ho Bac. 

The two sides plan to consider building a factory and dedicated wharf at Phu My port in southwestern Vietnam, and to establish a joint venture as early as this year after discussing the licensing procedures, investment scale, and shareholding structure.

The aim of this plant is to support the development of offshore wind power in Vietnam, long-distance power transmission projects between north and south Vietnam, and the construction of a submarine HVDC transmission network between major Southeast Asian countries such as Vietnam, Indonesia, and Singapore.

In particular, the agreement reached between the governments of Vietnam and Singapore in May on the construction of an ASEAN submarine HVDC transmission network has accelerated the project. If LS Eco Energy participates in this project and incorporates the West Coast HVDC model into its operations, it could become an example of a successful overseas expansion of the energy highway.

In addition, LS Eco Energy plans to strengthen its turnkey order acquisition capabilities by establishing a comprehensive system for carrying out everything from submarine cable manufacturing to construction through collaboration with LS Marine Solutions, which recently established a base in Vietnam.

PetroVietnam is a key energy company, accounting for approximately 20% of Vietnam's GDP. It plans to pursue this joint venture through its offshore energy subsidiary, PetroVietnam Technical Services Corporation.