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| LS Cable & System Asia LSCV plant in Ho Chi Minh, Vietnam. / Courtesy of LS Cable & Systems |
LS Cable & System Asia seeks to expand new businesses to be better prepared for and adapt to the changing pandemic. The company continues to grow after achieving record-high quarterly results in the first quarter of this year. Its strategy is to go beyond Vietnam and advance into global markets such as ASEAN countries and North America with its renewable energy and telecommunication businesses.
LS Cable & System Asia is the "No. 1" cable maker, occupying more than 20 percent of the power cable market in Vietnam, the company said. It has three production subsidiaries ― Vietnam LS-VINA (Hanoi), LSCV (Ho Chi Minh City) and Myanmar LSGM (Yangon) ― to produce high-quality power and communication cables, and is playing a leading role in LS Cable & System's success in the global market.
LS-VINA is the only cable company capable of producing ultra-high-voltage cables in Vietnam, and it is expected to benefit from the expansion to new and renewable energies such as wind and solar power. In particular, the Vietnamese government announced a plan to build 18GW of wind power capacity by 2030, which opened the way to a 3.6-trillion-won ($2.8 billion) cable market
LSCV's telecommunication cable business is also expected to expand following the establishment of high-speed communication networks in North America and Southeast Asia. LSCV exports around 80 percent of all its telecommunication cables to the U.S.
"Growth is expected due to the urbanization of the ASEAN countries, the establishment of high-speed communication networks and the development of new and renewable energies," Baek In-jae , CEO of LS Cable & System Asia said. "We will focus on investing in high-value-added products to improve our profit margins." (Advertorial)
