LG finds buyer to offload smartphone business

LG is one of the biggest consumer electronics goods-maker in the world. It has excelled in smart TV, other home & kitchen appliances sectors and even manufactures top-quality mobile displays for high-profile clients including Apple. But, it hasn't been able to turnaround its smartphone business.

Now, reports have coming in from LG's home South Korea that the company may sell-off the mobile division and it has found one already in Vietnam-based Vingroup. The latter, which is said to have a market capitalisation value of $16.5 billion, has put forth a lucrative offer to LG, Business Korea reported.

It should be noted that Vingroup has been the primary supply chain contractor for assembling LG Electronics' phones for a few years now. Also, it has the own brand and is currently the top 3 mobile brands in Vietnam below the leader Samsung and Oppo.

LG still commands good brand recognition among global consumers and also with Google Nexus series phones, invokes nostalgic feelings for mobile users.

LG is said to have a market share of 12.6% in the US and Vingroup sees this as a potential entry point to the developed western market.

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