November 21, 2024

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LS Electric Chairman Koo Ja-kyun (fourth from left, back row), Becamex Chairman Nguyen Van Hung (on Koo's left) and other company officials pose for a photo after signing a memorandum of understanding on Monday at the Becamex WTC Tower located in Binh Duong Province, Vietnam. (LS Electric)

LS Electric forged a partnership with Becamex, an industrial development firm in Vietnam, in a bid to enter the booming smart factory solutions market.

The companies signed a memorandum of understanding on Monday, outlining ways to advance smart factory businesses in Vietnam’s manufacturing sector to contribute to creating a sustainable industrial ecosystem.

LS Electric Chairman Koo Ja-kyun and Becamex Chairman Nguyen Van Hung and other executives attended the signing ceremony held at the Becamex WTC Tower in Binh Duong Province, Vietnam.

Under the agreement, LS Electric will be responsible for the implementation of smart factory solutions including automation technologies for companies within industrial complexes. Additionally, it plans to expand its business to renewable energy sectors such as energy storage systems. Becamex will act as a coordinator, promoting industrial complexes through smart factory marketing and identifying potential customer companies.

According to LS Electric, Vietnam is emerging as a key Southeast Asian market for digital innovation and eco-friendly manufacturing. The Vietnamese automation market, valued at approximately 3.7 trillion won ($2.7 billion) last year, is expected to grow to around 6.1 trillion won by 2028 with an average annual growth rate of 8.8 percent.

With the strategic partnership, the company plans to boost the smart factory solution business in the broader ASEAN market.

“This partnership will be a significant milestone in supporting the digital transformation of Vietnam’s manufacturing industry and the local companies’ RE100 (100 percent renewable energy) goals,” stated Joo Uk-dong, executive director at LS Electric. “LS Electric is committed to actively promoting a sustainable production environment through its smart factory solutions and eco-friendly technologies.”

By Byun Hye-jin (hyejin2@heraldcorp.com)