VOV.VN - LG Electronics is taking steps to close down a production plant in the northern port city of Hai Phong, after the firm decided to withdraw from the smartphone business, according to reports by Business Korea.
The Korean media outlet states that the Hai Phong plant, a site which is considered to be the largest among LG Electronics' smartphone plants globally, is expected to be the first place to find a buyer.
The Hai Phong plant produces approximately 10 million smartphones annually, roughly half of LG’s total smartphone output.
However, Business Korea states that it has been difficult for LG Electronics to find a buyer for the plant as local smartphone manufacturers already have sufficient production lines. In addition, many domestic firms are unable to pay the necessary fee to acquire the site.
Alongside the Hai Phong plant, LG is also planning to sell their Taubate (Brazil) and Qingdao (China) plants.