Capturing the Vietnamese Offshore Wind Power Market... LS Electric Unveils World-Class Products

Participation in Vietnam's '2023 Electric Energy Show' from 17th to 19th
Largest booth among domestic private companies... Exhibition of offshore wind power solutions

LS Electric announced on the 15th that it will showcase customized power solutions for offshore wind power in Vietnam locally. The company aims to solidify its position as the number one company in the low-voltage power equipment market in Vietnam and accelerate its penetration into the ASEAN power market.

LS Electric revealed that it will participate in the '2023 Electric Energy Show' held from the 17th to the 19th (local time) at the Hanoi International Exhibition Center in Vietnam. It will set up the largest exhibition booth among domestic private companies, covering 33 pyeong (108㎡). The company will unveil locally tailored products centered around three themes: green energy, digital transformation, and smart distribution. Next-generation green smart power solutions will be prominently featured. A large number of the world's best DC and AC products will be introduced.

The exhibition is hosted by the Ministry of Trade, Industry and Energy and organized by the Korea Electrical Industry Promotion Association, Korea Electric Power Corporation, COEX, and others.

LS Electric '2023 Electric Energy Show' exhibition booth aerial view. The exhibition will be held from the 17th to the 19th (local time) at the Hanoi International Exhibition Center in Vietnam. Customized smart energy solutions tailored to the local market will be showcased.
[Photo by LS Electric]

Customized products for offshore wind power generation such as eco-friendly transformers, eco-friendly GIS (Gas Insulated Switchgear) using g3 gas, and eco-friendly power converters (reactors) will be exhibited. LS Electric has accelerated commercialization after successfully commercializing 170kV-class GIS applying g3 gas. The g3 gas GIS replaces the existing SF6 (sulfur hexafluoride) gas, reducing the global warming potential (GWP) by more than 90%. It is essential to install power equipment using eco-friendly insulating materials in offshore wind farms.

The Vietnamese government announced plans to generate 21% of the national energy from renewable energy by 2030, more than doubling from 9.9% in 2020. Vietnam’s territory stretches over 3,200 km north to south, with a long coastline. The average annual wind speed is 8 to 9 m/s, providing excellent conditions for offshore wind power generation.

LS Electric provides DC power equipment such as DC circuit breakers, DC relays, and DC switches. The company emphasizes its capability to apply the world’s best eco-friendly power solution technology across the entire power system from offshore wind power generation to transmission, transformation, and distribution. Digital transformation (DX) solutions will also be exhibited, including the power management platform 'GridSol Cube' and the platform 'GridSol AMS' that optimizes power facility assets.

LS Electric Bac Ninh Plant in Vietnam. [Photo by LS Electric]

LS Electric first entered Vietnam in the mid-1990s, the earliest among domestic power companies. It has held over 40% market share in low-voltage power equipment and maintained the number one position for 10 years since 2013. Last year, the company relocated and completed a new business site in Yen Phong Industrial Park, Bac Ninh Province, increasing local production capacity from $25 million (approximately 33.6 billion KRW) to $40 million (approximately 53.7 billion KRW) annually. Following the low-voltage market, LS Electric plans to diversify its business structure across the entire power system industry by adding high-quality products such as GIS to target the ultra-high voltage market.

An LS Electric official stated, "We expect to firmly establish our technological capabilities among ASEAN customers," adding, "We will boldly invest in local power system businesses and expand our ASEAN operations by introducing customized strategic products."