LS Ecoenergy to build subsea cable plant in Vietnam, paving the way for ASEAN ‘energy highways’
Joint venture with PetroVietnam set to drive offshore wind and HVDC grid expansion across Southeast Asia
A major subsea cable manufacturing hub is set to rise at Phu My Port in southern Vietnam, as LS Ecoenergy partners with PetroVietnam (PVN) to advance the creation of Southeast Asia’s “energy highways.”
On August 12, LS Ecoenergy announced the signing of a joint development agreement (JDA) with PVN at the Lotte Hotel in Sogong-dong, Seoul. PVN, which accounts for roughly 20% of Vietnam’s GDP, will lead the joint venture through its offshore energy subsidiary, PTSC.
Under the agreement, the two companies plan to build a subsea cable plant and a dedicated pier at Phu My Port. Discussions on permits, investment size, and equity structure are ongoing, with the joint venture slated for formal establishment by the end of this year.
The new facility is designed to support the construction of high-voltage direct current (HVDC) subsea transmission networks linking key Southeast Asian nations, including Vietnam, Indonesia, and Singapore, as well as Vietnam’s offshore wind development and long-distance power transmission projects. The initiative follows a landmark agreement in May between the governments of Vietnam and Singapore to develop an “ASEAN subsea HVDC grid.”
LS Ecoenergy sees this project as a potential showcase of expanding Korea’s West Coast HVDC model to the ASEAN market. The company plans to leverage its collaboration with LS Marine Solution, which recently established a base in Vietnam, to enhance turnkey capabilities—from cable manufacturing to offshore installation.
“This joint venture is more than just a factory project,” an LS Ecoenergy spokesperson said. “It’s a strategic launchpad for capturing the offshore wind and transmission infrastructure market in Southeast Asia, and a first step toward bringing Korea’s energy highway model to the global stage.”
If successful, the project will position LS Ecoenergy to benefit from the rising demand for HVDC-based power infrastructure across ASEAN, laying the groundwork for long-term growth in the region.