Seoul, South Korea, August 11, 2025 – PetroVietnam Technical Services Corporation (PTSC) and LS Eco Energy Ltd. (LSEE), a member of LS Cable & System, one of the world’s leading high-voltage cable manufacturers have signed a Joint Development Agreement (JDA) to invest in, construct, and operate a high-voltage cable manufacturing plant (HVAC/HVDC) in Vietnam. The signing ceremony took place under the witness of senior leaders from Vietnam National Industry - Energy Group (Petrovietnam) and LS Cable & System, marking a strategic milestone in strengthening the renewable energy supply chain and supporting industries in Vietnam. The event was also formally featured at the Vietnam–Korea Economic Forum on August 12, 2025, witnessed by General Secretary of the Communist Party of Vietnam To Lam and Prime Minister of the Republic of Korea Lee Jae Myung, as part of the Vietnamese State Delegation’s high-level visit to Korea.
PTSC and LSEE executives attended the JDA handover ceremony at the Vietnam–Korea Economic Forum on August 12, 2025, witnessed by H.E. Tô Lâm, General Secretary of Vietnam, and H.E. Lee Jae Myung, Prime Minister of the Republic of Korea, as part of the Vietnamese State delegation’s high-level official visit.
Amid the global energy transition towards clean energy, the demand for high-capacity power transmission, particularly via offshore high-voltage cables, has been surging at an unprecedented rate. Meanwhile, the global supply of high-quality HVDC cables is facing a severe shortage, directly impacting the pꦉrogress of numerous renewable energy projects. The cooperation project between PTSC and LSEE is being implemented to help address this urgent challenge, while positioning Vietna🧸m as a leading regional hub for the production and export of high-quality high-voltage cables.
Mr. Trần Hồ Bắc – President & CEO of PTSC and Mr. Lee Sang Ho – CEO of LSEE sign the JDA under the witness of Mr. Lê Mạnh Cường – Executive Vice President of Petrovietnam and Mr. Koo Bon-Kyu – President & CEO of LS Cable & System.
The strong backing from the two parent corporations, Petrovietnam and LS Cable & System, serves as a strategic guarantee for the scale and long-term sustainability of the project, while underscoring their commitment to driving technological innovation, enhancing value creation, and making a positive contribution to the global green energy development goals. LSEE will take a central role, leveraging its world-class advanced manufacturing technology to ensure products meet the most stringent international standards while optimizing productivity and quality.
Representatives of the Leadership of both Groups and Companies
LS Cable & System currently operates two large-scale manufacturing facilities in Vietnam: LS-VINA Cable & System in Hai Phong and LS Cable Vietnam in Dong Nai. Both facilities have established a strong reputation for delivering high-quality power cables to domestic and export markets. The addition of the new high-voltage cable plant will complete the production value chain, meeting the rapidly growing demand in this strategic market segment. As the core subsidiary of Petrovietnam in the fields of oil and gas technical services, industry, and renewable energy, PTSC remains steadfast in pursuing its strategy to expand manufacturing capacity, diversify products and services, and strengthen partnerships with leading international players. The collaboration with LSEE not only develops a highly skilled technical workforce but also brings breakthrough technological advantages, marking a strategic step forward in positioning Vietnam on the global renewable energy map.
Bui Thi My - Tran Thi Huyen Trang