After initially denying that they would be selling off their smartphone business, it was later revealed that LG was indeed considering such a move. While there are no concrete plans yet, the company did state that this was something that they were looking into and that it was one of their options.
Now in a new report from BusinessKorea, it appears that LG might have a potential buyer for their smartphone division. The report claims that LG could be interested in selling off their smartphone business to a Vietnamese conglomerate called Vingroup. The company is pretty huge over in Vietnam where it is estimated that they account for 14% of the total market capitalization of Vietnamese listed companies.
It seems that they dabble in a wide variety of businesses, which includes hotels, real estate, distribution, construction, automobiles, and also mobile phones, which might explain why they could be interested in acquiring LG’s smartphone business, which we imagine could give them a huge boost.
In fact, Vingroup has actually been working with LG for the past few years under an ODM contract, so acquiring LG’s smartphone division could be a huge step up for them and it could also help the company break into the US market. However, like we previously stated, nothing official has been announced yet so we’ll just have to wait and see.