Long-term, project-based contracts lead South Korean cable maker to ‘record order backlog’

September 18, 2025, by Nadja Skopljak

South Korean Taihan Cable & Solution has reported a record order backlog of KRW 3.25 trillion (approximately €2  billion) as of the end of August, surpassing KRW 3 trillion for the first time ever and marking an all-time high.

Taihan’s Dangjin cable plant. Source: Taihan Cable & Solution

This represents a 3.5-fold increase from KRW 945.5 billion at the end of 2020, just before Taihan was acquired by Hoban Group, with a compound annual growth rate (CAGR) exceeding 30% during the period.

The order backlog includes long-term, project-based contracts with high profitability, primarily focused on extra-high voltage (EHV) power grid projects, and does not include copper rod processing, telecommunications cable business, or sales to domestic private-sector clients.

In August alone, Taihan secured new orders worth over KRW 510 billion, including the turnkey contract for inter-array cables at the 532 MW Anma offshore wind farm in South Korea, the Singapore 400 kV EHV power grid project, and Qatar EHV power grid projects.

Looking ahead, the South Korean company said it plans to further strengthen its growth engine through enhanced competitiveness in submarine and HVDC cables: “Going forward, we will continue to enhance our capabilities in submarine and HVDC cables to play a pivotal role in next-generation power infrastructure projects, including Korea’s ‘West Coast Energy Highway’ initiative.”

$360M investment to be made for first phase of South Korean subsea cable manufacturing plant

Business & Finance

Taihan has finalized investment in its second submarine cable plant, which will be capable of producing 640 kV HVDC submarine cables, and acquired Ocean CNI, a specialized submarine cable installation company.

Vietnam

Taihan recently announced that it had on September 10 held discussions with officials of Dong Nai Province, Vietnam, regarding the construction of an EHV cable plant by its subsidiary Taihan Cable Vina.

The plan to establish Vietnam’s first 400 kV-class EHV cable manufacturing plant was announced in mid-August, with the project involving a total investment of approximately KRW 75 billion.

Construction of the facility, to be located in the Long Thanh Industrial Park, where Taihan Vina’s existing high- and medium/low-voltage plants are based, is scheduled to commence in the first half of 2026, with operations to begin in 2027.

With the new plant, Taihan said it aims to respond to the increasing demand for EHV cables in Vietnam while significantly expanding exports to Europe, the Americas, and ASEAN markets, targeting annual overseas sales of over $100 million and plans to hire over 100 additional employees, adding to the current workforce of about 300.

Governor Vo Tan Duc stated: “This investment is a very meaningful decision that will make a significant contribution to the expansion of Vietnam’s transmission and distribution network. Dong Nai Province will provide active support to ensure that Taihan Cable Vina’s project proceeds without delay.”