Vietnamese conglomerate buying smartphone business from LG

With reports that the company wants to leave the smartphone market, LG Electronics has been making headlines. A Vietnamese conglomerate, which is reportedly in talks about buying the smartphone company from LG Electronics, is involved in the latest growth.

Vietnam's Vingroup Co has made the most enticing offer to buy LG's smartphone company, according to BusinessKorea. The group accounts for 14 percent of listed Vietnamese companies' market capitalization. It has a diverse portfolio of companies in various sectors, including hotels, real estate, distribution, vehicles, smartphones, and land development. The company already manufactures ODM contract smartphones for LG and is the third largest producer of smartphones in Vietnam, behind Oppo and Samsung.

Vingroup Co is interested in taking over the smartphone business of LG in the US, according to the article, and an acquisition will drive Vingroup Co to a global presence. LG is reportedly interested in selling its "piece by piece" smartphone company as it would be very difficult to sell off the whole thing.

Recently, LG sent an internal memo that foreshadowed the mobile division's imminent major changes, including "sale, withdrawal, and downsizing of the smartphone business." This does not bode well for the recently teased LG Rollable of the company with this year's marketing date. With this week's reporting, the future of the LG Rollable is now unclear.

Source: https://www.gsmarena.com/lg_reportedly_in_talks_to_sell_smartphone_business_to_vietnamese_conglomerate-news-47343.php