LS

■ LS ELECTRIC will participate in the ‘2022 Vietnam-Korea Smart Electric & Energy Fair’ 
■ LS ELECTRIC seeks to expand its market share with smart energy solution in AC, DC, ESS and FACTS.
■ LS ELECTRIC plans to secure leadership in the electric power infrastructure market in Southeast Asia, leveraging its proven foothold in Vietnam as the market leader in low voltage power equipment.

LS ELECTRIC is on track to accelerate its efforts to capture the high-growth electric power market in Southeast Asia, targeting Vietnam as a pivotal foothold.

‘2022 Vietnam-Korea Smart Electric & Energy Fair’ (KOSEF 2022) will take place from July 20 to July 22 at the Saigon Exhibition and Convention Center (SECC). LS ELECTRIC announced that it will showcase its smart electric power comprehensive solution capabilities from DC to AC.

In the exhibition space taking up 12 booths (108㎡), the company will set up its solutions under the themes of ▲smart distribution, ▲ digital transformation, and ▲critical power. The solutions will be displayed so that visitors will be able to experience them first-hand.

LS ELECTRIC will unveil world-class DC and AC solutions with smart distribution products placed in the front.

The company will exhibit an integrated transmission-distribution monitoring system called Gridsol CARE, as well as DC power equipment like ▲DC 1500V molded case circuit breakers (MCCB) ▲DC 1000V, 1500V grade bi-directional relays, and ▲DC 1500V 1600A grade compact switch-disconnectors.

Notably, the DC 1500V 1600A grade compact switch-disconnector is piquing interest that it could be the ideal product for the large capacity DC power equipment market of Vietnam in full growth owing to its expanding renewable energy industry. In its 8th national power development plan, Vietnam declared its plan to increase the share of electric power generated using renewable energy sources from 9.9% in 2020, to 12.5% in 2025, and 21% in 2030. Vietnam is regarded as one of the world's top markets in wind energy generation, blessed with a 3,200-km coastline and average wind speeds of 8~9m/s, which are ideal conditions for generating electricity from wind power.

LS ELECTRIC will also unveil its next-generation ESS platform (modular scalable string platform) which is essential for expanding the adoption of renewable energy generation. One of the key features of the ESS platform is the modularization of PEBB (power electronic building block) into 200kW-unit modules. PEBB is a core component of electric power transformation and this modularization makes the independent operation of smart power possible.

In addition, the ▲g3 environment-friendly gas insulated switchgear, ▲ environment-friendly vegetable oil transformer, and ▲ large capacity AC power flexible transmission system (FACTS) from LS ELECTRIC will also be featured.

In 1997, LS ELECTRIC established a manufacturing subsidiary in Hanoi, becoming one of the first-wave South Korean companies to start operations in Vietnam. The company entered the Vietnamese market after studying the growth potential of its manufacturing and real estate sector, while investing aggressively in localization (R&D activities & building brand recognition). As a result, its market share, which had remained at a 30% level in 2013, has recently reached around 50%.

LS ELECTRIC is on track to grow its business by winning projects to supply equipment for thermal power plants and renewable energy power plants. With the brand recognition and technological capabilities it has built in Vietnam, the company pursues the strategy of pursuing its business in Laos, Myanmar, and Cambodia. These are key Southeast Asian countries whose infrastructure markets are growing rapidly because of increased consumption of electricity and high economic growth rates. 

An LS ELECTRIC representative explained, “Through our large-scale participation in this fair which is being held after a 3-year break due to the COVID-19 pandemic, we will make a strong impression with our proven competitiveness in Vietnam, a country where global makers compete fiercely,” then adding, “Our sights are set beyond the top market share position in Vietnam’s market for low voltage equipment. We will leverage our market leadership into a strong electric power market presence throughout Southeast Asia.”

This event is organized and hosted by the Korea Electrical Manufacturers Association, KEPCO, and COEX. The purpose of organizing the event is to showcase the excellent electric power technologies and equipment produced by South Korean companies and create sales opportunities in Vietnam. With China’s global value chain beset by disruptions due to the pandemic, Vietnam is better positioned as a center of manufacturing that could replace China.

Besides LS ELECTRIC, 170 other South Korean companies are set to attend the fair, including KEPCO, KEPCO KDN, and Korea Energy Agency.

[Note] Current status of the electric power market in Vietnam

The demand for electric power in Vietnam is peaking due to rapid industrialization and urbanization. To address the mismatch in the demand and supply of electric power, the government of Vietnam has set a goal of increasing the country’s annual electric power generation capacity to 129.5GW by 2030 and the amount of electric power supplied from 164TWh in 2015 to 572TWh by 2030.

Vietnam plans to increase the production of electricity from wind power by up to 40 times the current level of 140MW. Electric power generation capacity using solar power plants will be increased to 12,000MW (3.3% of the total) by 2030, from the current (2020) level of 850MW (0.5% of the total).

Export of electric power products to Vietnam has also been increasing at an annual rate of 20%. In terms of the volume of exports to Vietnam, South Korea is ranked third behind China and the U.S. Vietnam is viewed as an attractive hub for pushing into other markets in Southeast Asia, such as Myanmar, Laos, and Cambodia.