LS Cable & System Asia made a public notice on March 25 that LS-VINA, a Vietnamese production company, will supply 50 million U.S. dollars worth of power cables to a large solar power plant project in Vietnam.
LS-VINA has signed a contract with Vietnamese builder Hoanh Son Group to supply medium and low-pressure cables to about 10 solar power plants to be built in central Vietnam for two years.
The Vietnamese government has announced a plan to expand 3.5 GW power generation capacity in solar power by 2030, which is expected to continue related businesses in the future.
"Because LS-VINA has been receiving recognition for its technological prowess and quality by supplying cables to Vietnam's electricity authorities and construction companies for more than 20 years, it has been able to successfully enter this renewable energy business," said a company official.
LS Cable & System Asia is the No. 1 cable maker in the Vietnamese market. After completing investments in medium-pressure cables and Bus Duct last year, it is expected that production facilities of copper wire, which is used as a conductor of cables, will be more than quadruple in the first half of this year, and its sales and operating profit will grow significantly this year from the previous year.