- LS Ecoenergy and PVN partner to build subsea cable facility at Phu My Port.
- Project supports ASEAN HVDC grid linking Vietnam, Indonesia, Singapore.
- Initiative aims to expand Korea’s HVDC energy model across Southeast Asia.
A significant subsea cable production center is set to be established at Phu My Port in southern Vietnam, as LS Ecoenergy collaborates with PetroVietnam (PVN) to enhance the development of Southeast Asia’s “energy highways.”
On August 12, LS Ecoenergy declared the signing of a joint development agreement (JDA) with PVN at the Lotte Hotel located in Sogong-dong, Seoul. PVN, responsible for approximately 20% of Vietnam's GDP, will spearhead the joint venture via its offshore energy branch, PTSC.
According to the agreement, the two firms intend to construct a subsea cable facility and a specialized pier at Phu My Port. Negotiations regarding permits, investment scale, and equity framework are underway, with the partnership expected to be formally established by year-end.
The updated facility aims to facilitate the creation of high-voltage direct current (HVDC) subsea transmission networks connecting major Southeast Asian countries, such as Vietnam, Indonesia, and Singapore, alongside Vietnam’s offshore wind initiatives and long-range power transmission endeavors. The project comes after a significant agreement in May between the Vietnamese and Singaporean governments to create an “ASEAN subsea HVDC grid.”
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LS Ecoenergy views this project as a possible demonstration of extending Korea’s West Coast HVDC model to the ASEAN region. The firm intends to utilize its partnership with LS Marine Solution, which has recently set up operations in Vietnam, to improve turnkey services—from cable production 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 accomplished, the project will enable LS Ecoenergy to take advantage of the increasing need for HVDC-based power infrastructure throughout ASEAN, establishing a foundation for sustained growth in the area.