(From left) LS Cable & System Vice President Kim Hyung-won, LS Eco Energy CEO Lee Sang-ho, LS Cable & System CEO Koo Bon-kyu, Vietnam’s Minister of Industry and Trade Nguyen Hong Dien, Vietnam Oil and Gas Group Vice President Le Manh Cuong, PetroVietnam Technical Services Corporation President Tran Ho Bac and LS Marine Solutions CEO Kim Byeong-ok pose for a photo after a meeting at a Seoul hotel on Tuesday.

Wedoany.com Report-Feb 25, On Tuesday, LS Eco Energy, a Vietnam-based cable manufacturer under Korea’s LS Cable & System, disclosed that its senior executives held talks with a Vietnamese delegation led by Minister of Industry and Trade Nguyen Hong Dien. The meeting, which took place at a hotel in Seoul, explored potential collaborations in rare-earth elements and power utility infrastructure.

Present at the discussion were key figures from LS Group, including LS Cable & System CEO Koo Bon-kyu, LS Eco Energy CEO Lee Sang-ho, and LS Marine Solutions CEO Kim Byeong-ok, joined by representatives from Vietnam’s state-operated energy firms. The talks centered on rare-earth elements, vital for manufacturing permanent magnets used in electric vehicles, robots, and semiconductors. LS Cable & System has been focused on ensuring a reliable supply of these materials to support its plans for a new business venture in permanent magnet production.

Vietnam possesses around 18 percent of global rare-earth reserves, ranking it as the second-largest holder after China. The Vietnamese government maintains tight oversight, allowing only a select few companies to process these resources. LS Eco Energy CEO Lee Sang-ho stated: "Recent export limits on rare-earth elements from China, alongside U.S. efforts to reduce reliance on Chinese supply chains, have heightened worldwide efforts to secure these materials." He added: "A steady supply will enable us to advance our permanent magnet business more quickly."

Previously known as LS Cable & System Asia, LS Eco Energy has become a prominent Korean player in Vietnam’s rare-earth sector. Through a partnership with Hung Thinh Mineral, a local refining company, LS Eco Energy will obtain up to 5 million tons of rare-earth materials each year starting in 2025. The company estimates this volume can support the production of permanent magnets for 400,000 electric vehicles annually.

The meeting also covered LS Eco Energy’s interest in contributing to Vietnam’s power grid development. The Vietnamese government aims to boost its electricity generation capacity to 150 gigawatts by 2030, with a focus on expanding wind and nuclear power facilities. This initiative reflects Vietnam’s commitment to enhancing its energy infrastructure, offering opportunities for collaboration with companies like LS Eco Energy.

The discussions underscore the growing importance of rare-earth elements in global industries and the strategic efforts of firms to secure stable supplies amid shifting international trade dynamics. For LS Eco Energy, the partnership with Vietnam represents a step toward strengthening its position in both the rare-earth and energy sectors.