At the signing ceremony. — VNA/VNS Photo

LS Eco Energy, the Vietnamese subsidiary of the Republic of Korea’s LS Cable & System, is planning to build submarine cable plants in Việt Nam and Europe to capitalise on the soaring demand for extra-high-voltage submarine cables.

The company held a "Value Up Day" on May 30 where it unveiled its medium- and long-term growth strategy.

In the newly released strategy, it plans to enhance efforts regarding its submarine cable and rare-earth magnet business for its continuous growth. It also looks to raise sales by 2.5 times by 2030.

LS Eco Energy manufactures extra-high-voltage cables. The facility in Việt Nam is the first overseas production base of LS Cable & System and has become the leading cable company in Việt Nam. More than 30 per cent of its revenue comes from the exports to North America and Europe.

LS Eco Energy plans to complete selecting investment locations for the submarine cable plants in Việt Nam and Europe this year and start construction soon.

In Việt Nam, a production site is set to be established under the partnership with the Petrovietnam Technical Services Corporation (PTSC). — VNS