Lee Min-hyung joined The Korea Times in 2014 and has worked as a journalist mainly in Korea’s finance, tech and automotive industry. He specializes in content creation, breaking news and in-depth analysis currently on transportation and mobility. You can reach him via mhlee@koreatimes.co.kr.
LS Electric joins Elecs Vietnam 2025 for ASEAN power solution leadership
A virtual rendering of a booth for LS Electric to be set up at Elecs Vietnam 2025 in Ho Chi Minc City / Courtesy of LS Electric
By Lee Min-hyung
LS Electric will participate in the Elecs Vietnam 2025 exhibition next week to showcase a series of its latest power solutions in a move to capitalize on the region’s growing strategic importance amid a rapid influx of global IT giants into the Association of Southeast Asian Nations (ASEAN) region, the company said Thursday.
The Korean electric equipment maker plans to promote its vision for the future of Vietnam’s energy landscape by occupying the event’s largest booth, with an area of 144 square meters. The upcoming fair will run for three days starting Wednesday in Ho Chi Minh City.
LS Electric entered the Vietnamese market in the mid-1990s, becoming the first Korean electric power company to do so. Since 2013, it has maintained a leading position in the country’s low-voltage electrical equipment sector, with a market share exceeding 40 percent.
The company aims to solidify its position not just in Vietnam, but across the ASEAN region, as global tech firms such as Amazon Web Services, Google and Microsoft are poised to make tremendous investments in data center projects throughout the region.
Demand for power solutions is also forecast to surge in the coming years, as global manufacturing players are relocating their production bases to Asian countries with lower labor costs. The rise of artificial intelligence (AI) is also boosting demand for data centers.
LS Electric aims to capture the market by promoting its high-end products at the upcoming fair. The company is paying special strategic attention to expanding its presence in electrical infrastructure markets in Vietnam and Indonesia.
“As Vietnam becomes one of the top three markets for Korean power firms, we are strengthening our leading position there and demonstrating our capabilities to ASEAN clients by attending the exhibition,” an LS Electric spokesperson said.
“Backed by our broad product portfolio, such as transformers and the energy storage system, we are poised to accelerate our expansion in the region, which is emerging as a global data center hub."
In 2023, LS Electric expanded its operations with the relocation and completion of its new production site in Vietnam’s northern province of Bac Ninh. This enabled the firm’s local production capacity to expand from $25 million (34.3 billion won) to $40 million annually.
The company also acquired an Indonesian power equipment firm, Symphos, broadening its product range from low-voltage devices to ultra-high-voltage gas-insulated switchgears and diversifying its portfolio across the entire power systems value chain.