LS Electric bets big on Vietnamese plant for ASEAN leadership

BAC NINH, Vietnam — In a small city located some 30 kilometers northeast of Hanoi stands LS Electric’s primary overseas production line used to supply its switchgears and other electric equipment to local and international clients. The factory’s strategic importance is growing rapidly, as global demand for the firm’s low voltage electric products surges for not just Vietnamese customers, but global firms seeking expansion here. LS Electric completed construction for the Bac Ninh factory in October 2022 with an area of 30,000 square meters, after relocating its outdated facility in Hanoi. The decision was necessary to expand its manufacturing capacity in line with soaring demand for its products. Last year, LS Electric Vietnam achieved a landmark sales figure of more than $100 million (140 billion won) for the first time, driven largely by the increased production capacity of the Bac Ninh plant. LS Electric is betting on the factory's continued expansion, with plans to build another production line on an unused piece of land nearby. The company has set a sales target of $300 milliWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times