Photograph) LS Cable & System CEO Bon-kyu Koo, LS Eco Energy CEO Sang-ho Lee, LS Marine Solution CEO Byeong-ok Kim, Vietnamese Industry and Trade Minister Nguyen Hong Dien and related officials take a photo at a meeting for “strengthening cooperation for rare earth and electric power infrastructure” held at Lotte Hotel in Sogong-dong, Seoul, on the 25^th.


■ Held meeting with Vietnamese Industry and Trade Minister and officials from Vietnam Electricity and state-owned oil and gas company 
■ Will expand business opportunities by securing rare earth supply chain and building new nuclear power plant 
■ Will supply eco-friendly power through submarine cables, with LS Marine Solution to embark on new market development 


On the 25^th, LS Eco Energy (CEO: Sang-ho Lee) announced its plan to secure a stable rare earth supply chain and expand its power infrastructure business by cooperating with the Vietnamese Ministry of Industry and Trade. 

In a meeting held on the same day, LS Eco Energy discussed cooperation plans for rare earth development and power network expansion with Minister Nguyen Hong Dien and other officials of the Vietnamese Industry and Trade Ministry as well as related individuals from Vietnam Electricity (EVN), the Electricity and Renewable Energy Authority and Petro Vietnam.

Vietnam holds approximately 18% of the world’s rare earth reserves (22 million tons), the second most following China. However, as the Vietnamese government strictly controls mining rights, only a small number of companies can produce rare earth oxides. 

“Lately, the competition among global enterprises over rare earths has been intensifying due to China’s rare earth export restrictions and the US’ de-Sinicization policy,” said LS Eco Energy CEO Sang-ho Lee. He added, “By securing a stable supply chain, we will be able to promote permanent magnet-related new businesses more swiftly.” 

LS Eco Energy will also expand cooperation with Vietnam for the development of electric power infrastructure. The Vietnamese government plans to increase the country’s power generation capacity to 150 GW by 2030 and is reviewing the expansion of its offshore wind power generation capacity and the establishment of a new nuclear power plant.

With the new nuclear power plant construction, LS Eco Energy is expected to secure an opportunity for a project to establish a power network with a scale of tens to hundreds of billions of won. As Vietnam's number one cable company and the only company equipped with ultra-high voltage cable production facilities, LS is expected to play a pivotal role in expanding Vietnam’s electric power infrastructure.

Meanwhile, Petro Vietnam, the country’s state-owned petroleum and gas company, is promoting a project to supply eco-friendly electric power to Singapore through submarine cables. For this, LS Marine Solution, predicting a new market opportunity, plans to open an office in Vietnam during the first half of this year.