LS Cable and System Asia to Supply Undersea Cables to Vietnam
LS Cable and System Asia announced on March 23 that LS-VINA, its subsidiary in Vietnam, will supply undersea cables for an offshore wind farm project in Tan Phu Dong, southern Vietnam.
The client is Power Construction Joint Stock Co. No.1 (PCC1), a plant construction company in Vietnam. The order amounts to about US$5 million and delivery will be made within 2021.
“Vietnam plans to secure wind power capacity of 10 GW by 2030 and will be the 5th largest market in Asia after China, Taiwan, Korea and Japan,” said an LS Cable and System Asia official.
LS Cable and System Asia is planning to expand its offshore wind power market in Vietnam based on LS-VINA’s network in Vietnam that has been built during the past 25 years.
Meanwhile, LS Cable and System Asia signed a $65 million cable supply contract with Singapore on March 15. As of the end of 2020, LS Cable and System Asia’s order backlog stood at 164 billion won, up about 46 percent from 118.5 billion won at the end of 2019. The company has strong confidence in achieving full-fledged growth after COVID-19 subsides.