Vingroup would be best positioned to buy LG’s mobile division.
As we’ve already told you, Korean manufacturer LG is considering abandoning the smartphone market after six consecutive years of losses. One way to do this is to sell its mobile communications division.
Today we already know one of the possible buyers of LG’s smartphone division: Vingroup, a Vietnamese group that bought 51% of the capital of the Spanish manufacturer BQ a few years ago.
Vingroup would be in a prime position to buy LG’s smartphone division
The boys from Pocketnow got one of the Special medium Business Korea which states that the Vietnamese group Vingroup would be interested in acquiring LG’s mobile division.
According to the same report, the CEO of LG, Kwon Bong-Seok, sent a message to all of his co-workers letting them know there would be one significant change in the operation of the mobile division.
This important change referred to by the LG President can be Sale, withdrawal or discount the cell phone division and in each of these cases around the 60% of the employees in this area would be newly hired to other departments or they would become part of the staff of one of LG’s subsidiaries.
According to the report produced by Bussiness Korea, LG has already received several offers from various corporate groups to purchase its smartphone range, and one of the best positioned to buy is Vingroup, the largest business conglomerate in Vietnam.
Vingroup is currently the third largest mobile phone manufacturer in Vietnam Samsung Electronics and OPPO and according to the Bussiness Korea report, he would be interested in buying LG’s smartphone division to acquire that Market share of the Korean manufacturer in the USA of 12.9%.
The Vietnamese group is best placed because they presented the most competitive offer among all companies that choose to purchase the LG smartphone range.
Everything seems to indicate that the Korean manufacturer in a short time is going to break away from its mobile department one way or another despite the fact that it recently unveiled its first roller terminal, the LG Rollable.