LG now seems more serious about exiting the smartphone market. The news that the company is evaluating several options surfaced a while ago. LG has entered into negotiations with a Vietnam-based company to sell its mobile device, according to a new claim.
In the news on the Business Korea website, Vingroup Co. a serious offer to LG. Vingroup, one of the largest companies in Vietnam, is active in a wide range from tourism to technology.
The company has been producing phones for LG under an ODM contract for some time now. Vingroup is the third largest manufacturer in the smartphone market in Vietnam, after Oppo and Samsung.
According to the report, Vingroup wants to increase its presence on a global level by purchasing LG’s smartphone unit. LG, on the other hand, would rather sell piece by piece rather than wholesale sale.
In a note to its employees, LG mentioned the prospects for its future in the smartphone market. It was mentioned here about the options for sell, withdraw and reduce. LG’s plan, which recently introduced its foldable screen phone, was considered a surprise.