PTSC and LS Eco Energy to establish plant for manufacturing high-voltage power cables
Vietnam and South Korea Partner to Boost Renewable Energy Manufacturing
In a significant move towards strengthening Vietnam's renewable energy infrastructure and related industries, the PetroVietnam Technical Services Corporation (PTSC) and LS Eco Energy Ltd. (LSEE) have signed a Joint Development Agreement on August 11, 2025, in Seoul, South Korea. This marks the formal beginning of their cooperation to invest in, construct, and operate a factory producing High Voltage AC/DC (HVAC/HVDC) cables, which are crucial for renewable energy projects in Vietnam and the region.
The strategic significance of the plant cannot be overstated. It is central to supporting Vietnam’s renewable energy ambitions, including offshore wind power, and is pivotal for domestic grid modernization as well as regional export markets such as Singapore and Malaysia. The signing was witnessed by senior leaders from Vietnam and South Korea, including the Vietnamese General Secretary Tô Lâm and South Korean Prime Minister Lee Jae Myung, underscoring the project’s strategic importance.
The agreement entails developing internationally certified underground and offshore high-voltage cables to serve local renewable energy projects and export markets. This includes anticipated technological transfers and securing supply chains for rare-earth materials, critical for meeting stringent next-generation cable standards. Both sides plan to establish a joint venture (JV) by the end of 2025, discussing licensing, investment size (with PTSC’s planned investment around $40 million), equity structure, and potentially constructing the factory with an associated pier at Phu My port in southwestern Vietnam.
The cable plant will support the development of subsea interconnectors, such as the Vietnam-Singapore HVDC link, integral to ASEAN’s undersea high-voltage transmission network. This expansion will bolster Vietnam's role as a manufacturing and export hub in Southeast Asia. The project is linked to a larger $10 billion offshore wind power export scheme, expected to run commercial operations by 2033, which could act as a long-term growth driver for PTSC and bolster Vietnam's green energy industry competitiveness.
LS Eco Energy Ltd. will leverage its world-class advanced manufacturing technology to ensure products meet international standards. As a core subsidiary of PetroVietnam, PTSC is pursuing a strategy to expand manufacturing capacity, diversify products and services, and strengthen partnerships with leading international players. The partnership aims to tackle the global shortage of quality HVDC cables and position Vietnam as a regional leader in producing and exporting high-quality high-voltage cables. The addition of the new high-voltage cable plant will complete the production value chain for the company.
Meanwhile, France's HDF Energy is exploring opportunities to develop integrated hydrogen renewable energy projects in Vietnam, particularly on islands with underdeveloped power infrastructure. Additionally, Prime Minister Pham Minh Chinh met with Nate Franklin, chairman of Pacifico Energy Group, to discuss wind power projects. Pacifico Energy Group is eyeing major wind energy investments in Vietnam.
The new partnership is just one of many initiatives aimed at boosting Vietnam's renewable energy sector. As the country continues to invest in its green energy future, it is poised to become a key player in the region's energy infrastructure.
Technology plays a crucial role in the joint venture between PTSC and LS Eco Energy, as the partners aim to develop internationally certified underground and offshore high-voltage cables using advanced manufacturing technology. This technology will ensure the products meet international standards and position Vietnam as a regional leader in producing and exporting high-quality high-voltage cables.
