**PVS Forges Ahead with Wind Power: A Pivotal Partnership for Vietnam’s Energy Future**
On August 11, 2025, Vietnam Oil and Gas Technical Services Corporation (PVS) and LS Eco Energy Ltd. (LSEE) inked a Joint Development Agreement, marking a strategic collaboration to develop, construct, and operate a high-voltage submarine cable manufacturing facility in Vietnam.
LSEE, a member of LS Cable & System, a leading global manufacturer of high-voltage power cables, brings exceptional expertise to the table. The facility will produce internationally-certified products, specifically catering to domestic and regional renewable energy projects with a focus on the global market.
PVS, a subsidiary of Vietnam Oil and Gas Group (PVN), is the sole domestic provider of oil and gas technical services, excluding drilling. They dominate related industries, holding a significant market share in oil and gas technical vessel services, oil and mechanical engineering, port base services, and floating services.
With an estimated capital investment of 40 million USD, PVS foresees this project as a pivotal step towards realizing Vietnam’s ambitious 10-billion-USD offshore wind power export project. Submarine cables are among the most technically challenging aspects of this large-scale endeavor.
At the Annual General Meeting in May, PVS’ General Director highlighted the potential for the Singapore offshore wind power export project to become a decades-long growth driver, possibly eclipsing the scale of the Lot B project.
Emphasizing the long-term sustainability of this venture, PVS underscored the potential for stable revenue and profits over 30-50 years if the project succeeds. Initially intended to supply electricity to Singapore, the project has now expanded its scope to include Malaysia.
The first phase of Vietnam’s offshore wind power export project is estimated at a minimum of 10 billion USD and encompasses three key components: a 2,000+ MW offshore wind farm in Vietnam, a submarine cable transmission system connecting Vietnam to Malaysia and Singapore, and offshore substations in Vietnam and Singapore. The targeted commercial operation date is set for 2033, with the feasibility study currently underway, aiming for completion by 2026, followed by the final investment decision in 2027.
In the past three months, PVS’s stock has surged by 46%, closing at 37,900 VND on August 12, translating to a market capitalization of over 18 trillion VND.
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