LS C&S Asia is partnering up with a local state-owned enterprise to expand into the submarine cable market in Vietnam.
LS C&S Asia has signed an MOU for a submarine cable business partnership with PetroVietnam Technical Services Corporation (PTSC) of Vietnam.
PTSC is a subsidiary of the state-owned petroleum gas company of Vietnam, PetroVietnam, and it provides technical services, including facility operation, maintenance, and research in the energy and petroleum industries.
Starting with Vietnam, LS C&S Asia and PTSC will explore various submarine cable business opportunities across ASEAN countries.
Vietnam is currently in the process of building an offshore wind farm with an output of approximately 10 GW by 2030. In terms of output, this wind farm will be in the top 5 in Asia, following Korea and Taiwan.
The demand to connect power grids between ASEAN countries is also rising. PTSC is currently working on building a submarine power grid between Vietnam and Singapore, and the two companies expect to use such business opportunities to expand into the surrounding ASEAN countries.
A spokesperson for LS C&S Asia said, “This MOU is significant in the sense that LS C&S Asia, the market leader in the power cable market of Vietnam, is aiming to become a first mover in other submarine cable markets based on its 30 years of local business experience and capabilities.”
LS C&S has been expanding its reach in the submarine cable market through the overseas expansion of its subsidiaries, including the expansion of LS Marine Solution into Taiwan, which was announced recently.
Image source: Courtesy of LS C&S
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