LG Electronics to move smart phone production to Vietnam
The Republic of Korea (RoK)’s LG Electronics plans to move its smart phone production to Vietnam to cut down losses for mobile devices business since the second quarter of 2017, Yonhap News Agency reported on April 24.
Hanoi (VNA) – The Republic of Korea (RoK)’s LGElectronics plans to move its smart phone production to Vietnam to cut downlosses for mobile devices business since the second quarter of 2017, YonhapNews Agency reported on April 24.
Accordingly, the firm is scheduled to shut down Pyeongtaekplant in the south of Seoul and shift its production line to the northern portcity of Hai Phong.
The company currently manufactures smart phones in the RoK,Vietnam, Brazil and China while its domestic plants mostly produce premiumdevices.
LG Electronics has struggled in smart phone market for yearsamid intense competition with Samsung Electronics and Apple in hi-end segmentand with Chinese manufacturers in the lower segment.
Last year, its sale of mobile devices hit 1.5 billion USDbut the loss amounted to 280 million USD due to weak revenue and risingmarketing cost.
Meanwhile, the LG Display Co. said on April 24 that its netloss went up to 55 million USD in the first quarter this year, higher than the 42.5billion USD in the same period last year due to low selling prices of liquidcrystal displays.-VNA
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Illustrative image (Source: LG newsroom) 
