LG’s smartphone enterprise might be handed over to a Vietnamese producer | Pocketnow

Yesterday, reviews of LG promoting its smartphone enterprise began doing the rounds. It was reported that LG CEO Kwon Bong-Seok on Wednesday despatched out a message to workers. This message hinted that there can be a “main change” within the operation of the smartphone phase. LG is alleged to be contemplating all potential measures, together with “sale, withdrawal, and downsizing of the smartphone enterprise.” Now, a brand new report claims that LG Electronics desires to unload its smartphone enterprise to Vietnam’s Vingroup Co.

The newest improvement comes from Business Korea. It reviews that Vingroup has put ahead essentially the most enticing provide among the many corporations that covet LG Electronics’ smartphone enterprise.

Vingroup is a giant conglomerate in Vietnam

For the unaware, Vingroup is a giant conglomerate in Vietnam. It has a market capitalization of US$16.5 billion as of the tip of 2020. Plus, it accounts for 14 % of the full market capitalization of Vietnamese listed corporations. The corporate has its fingers dipped in various enterprise areas, together with inns and tourism, actual property, distribution, development, vehicles, and cell phones. Nevertheless, its presence remains to be small on the worldwide stage.

Vingroup has been producing smartphones below an authentic design manufacturing (ODM) contract with LG Electronics since 2018. It’s at the moment the third-largest smartphone producer in Vietnam after Samsung Electronics and OPPO. The corporate is reportedly fascinated by LG’s smartphone enterprise in america as LG shares 12.9 % smartphone market in North America as of 2020.

The report goes on to say that LG is considering promoting off its smartphone enterprise piece by piece as promoting it in its entirety is virtually tough. In the meantime, LG has reportedly stopped the manufacturing of LCD panels at one among its key meeting strains again within the third quarter of 2020 due to low profitability. It’s tipped that LG will now focus its efforts on producing bigger panels for vehicles as a substitute of smartphones. 

I’ve been related to the tech business since 2014 once I constructed my first weblog. I’ve labored with Digit, one among India’s largest tech publications. As of now, I’m working as a Information Editor at Pocketnow, the place I receives a commission to make use of and write about cutting-edge tech. You’ll be able to attain out to me at [email protected]

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