LS Eco Energy is relocating its headquarters from Seoul to Donghae City, Gangwon State, to further its foothold in the global renewable energy market, and that focus could also lead the business—part of LS Cable & System—to establishing a manufacturing presence in Vietnam.

Per a report in BusinessKorea, the decision was approved at an April 3 board meeting to accelerate the company’s expansion into the submarine cable business, a critical component of offshore wind power infrastructure. The new headquarters will be situated at the Donghae facility of LS Cable & System, which specializes in producing submarine and industrial cables.

The relocation to the base for LS Cable & System will make it easier for the two companies to collaborate in cable design, joint project bidding and related production activities. High-voltage direct current (HVDC) cables are particularly crucial for long-distance transmission due to their efficiency. The global submarine cable market is poised for substantial growth, projected to increase from $4.9 billion in 2022 to $21.7 billion by 2029, according to market research firm CRU.

In February, LS Eco Energy officials engaged in discussions with Nguyen Hong Dien, Vietnam’s minister of industry and trade, and state-owned enterprises like PetroVietnam during their visit to Korea. These talks focused on potential cooperation in transmitting power from Vietnam’s offshore wind farms to Singapore. The company is considering joint participation with LS Marine Solutions in this ambitious project. LS Cable & System is also discussing possible options with PTS—a subsidiary of the PetroVietnam Group—for establishing submarine cable production facilities in Vietnam.

On March 26, LS Eco Energy amended its articles of association during a shareholders’ meeting to include offshore wind and energy-related businesses. This could help the company expand its portfolio in response to policy trends such as the Special Act on Offshore Wind Power and initiatives like the West Coast Energy Highway.

CEO Lee Sang-ho described Southeast Asia as a strategically important renewable energy hub. “As Southeast Asia, including Vietnam, emerges as a renewable energy hub, submarine cables are gaining attention as key infrastructure. We will accelerate our entry into the global market with the relocation of our headquarters.”