LS Cable Asia to Supply $65 Million Power Cables to Singapore

[Asia Economy Reporter Suyeon Woo] LS Cable Asia announced on the 12th that its Vietnamese subsidiary, LS VINA, will supply distribution-level power cables to the Singapore market for two years starting this March.

The total contract amount is $65 million (approximately 73.2 billion KRW), which accounts for 13% of LS Cable Asia's sales last year. This is the largest contract ever for Vietnamese power cable exports.

The power cables supplied this time will be used to replace aging power networks in factories and buildings throughout the city of Singapore. LS Cable Asia explained that it was able to secure a long-term supply contract in the Singapore market, which demands stringent quality standards, based on its technological capabilities and price competitiveness.

A company representative said, "Although profitability deteriorated and performance was sluggish last year due to the impact of COVID-19, thanks to the continuous increase in domestic and overseas orders in Vietnam since the second half of last year and the rise in copper prices, record-high performance is expected this year."

LS Cable Asia is the holding company of two production corporations in Vietnam (LS VINA, LSCV) and a production corporation in Myanmar (LSGM), holding the number one market share (about 22%) in the Vietnamese domestic market. LS VINA produces high-voltage and medium-voltage power cables and wire materials, LSCV produces communication cables such as optical cables, medium-voltage power cables, and bus ducts, and the Myanmar corporation produces low-voltage power cables and overhead wires.

LS Cable Asia Vietnam manufacturing subsidiary LS VINA exterior/Photo by LS Cable Asia