Taihan Cable & Solution plans to invest 75 billion won ($54.2 million) in Vietnam’s first ultra-high voltage cable factory, positioning itself to capitalize on the country’s surging electricity demand while seeking to overcome regulatory challenges at home.
The Korean manufacturer will construct the 400kV-class facility through its Vietnamese subsidiary Taihan Vina in Dong Nai Province, with production scheduled to begin in 2027. The investment represents Taihan’s first overseas extra-high voltage cable factory and would make it Vietnam’s sole producer in this category.
Vietnam’s power demand is expected to grow 10-12% annually through 2030, driven by rapid industrialization and infrastructure projects. The country’s high voltage cable market is projected to reach $1.56 billion by 2032, though imported cables, particularly from China, continue to pose strong competition to local manufacturers.
The timing comes as Taihan navigates reputational challenges. The World Bank debarred the company for 30 months in April 2024 due to collusive and obstructive practices in a Mongolia project, potentially limiting its access to multilateral development bank-funded projects.
Taihan Vina, established in 2005, reported sales of 140.3 billion won last year, representing 20% growth. The new facility aims to serve not just Vietnam but also export markets across Europe, the Americas, and Oceania, leveraging the country’s strategic location and trade agreements.
