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/ February 9, 2021

LG Display Vietnam Haiphong increases capital by $750 million

LG Display receiving the authorisation for investment expansion The meeting between Haiphong City Party Committee and industrial zone (IZ) infrastructure investors aimed to resolve the difficulties and promote investment in IZs. Additionally, LG Display Haiphong Co., Ltd. has been awarded the certificate to expand investment by $750 million. The LG project is located in Trang Due Industrial Park, Haiphong city. Haiphong Economic Zone Authority has issued its first investment registration certificate on April 15, 2016 with the total registered investment capital of $2.5 billion, authorising it to manufacture OLED TV screen, plastic OLED screens, and LCD screens, among others. After the capital expansion, the project will have a total investment capital of $3.25 billion, becoming the biggest foreign project in Haiphong city. The project is expected to launch in March and officially begin production in May this year, providing jobs for about 5,000 workers as well as meeting the housing demand of about 10,000 workers and experts. It will contribute about $5 million to the state budget annually. The LG Display facility in Haiphong Le Trung Kien, head of Haiphong Economic Zone Authority, assessed that the quick evaluation of the project shows extremely high determination by the province to reform administrative procedures, improve the business and investment environment, as well as make Haiphong an important destination for domestic and foreign investors. In his speech after receiving the investment certificate at the conference, Suk Myung Su, general director of LG Display Vietnam Haiphong Co., Ltd. affirmed: “We realise that Haiphong’s management board always strives to improve the investment environment, giving foreign investors the opportunity to discover opportunities and encouraging them to make the investment decision. We believe that the Haiphong management board will continue to support foreign investors like us with a safe, secure, and …

/ January 21, 2021

LG Electronics intends to sell off smartphone business to Vietnam’s Vingroup

The Hanoitimes - Vingroup is one of the most potential buyers for LG Electronics' smartphone business. South Korea’s LG Electronics reportedly intends to sell off its smartphone business to Vietnam’s conglomerate Vingroup, according to South Korea’s media. LG Electronics intends to sell off smartphone business to Vingroup. Photo: Vingroup The South Korean brand is considering all options for its loss-making mobile division that could include closing or selling off its business, according to Reuters in Seoul. The brand would be focusing resources on premium home appliance and automotive electronics. Possible buyers are Vietnamese conglomerate Vingroup, Facebook, Volkswagen and Google, and Vingroup is one of the strong acquisition candidates, according to NewDaily. Vingroup, with a market capitalization of US$16.5 billion as of the end of 2020, accounts for 14% of the total market capitalization of Vietnamese listed companies. The group is operating in diverse business areas, including hotels and tourism, real estate, distribution, construction, automobiles, and mobile phones. VinSmart, Vingroup’s subsidiary, entered Vietnam’s smartphone market in 2018. It has been producing smartphones under an original design manufacturing (ODM) contract with LG Electronics. Although it hasn’t yet had a strong presence in the global smartphone market, in Vietnam, VinSmart's smartphone outstripped Apple’s iPhone to reach the third place in terms of market share after Samsung and Oppo. Newspim reported that LG Electronics’ sales network, research & development center, Brazil-based production plant attract VinSmart for its expansion. LG Electronics' share in the North American smartphone market was 12.9% in 2020, according to Strategy Analytics. Until now, Vingroup has no comment on this. However, the group also revealed it will export 5G-enabled smartphones to the US this year. Last September, its subsidiary VinSmart exported the first …

/ February 23, 2021

Vingroup fails to acquire LG Electronics smartphone business

Vingroup and LG have been negotiating since January LG Electronics' recent discussions to sell its mobile phone factories to Vingroup fell through as the Vietnamese conglomerate's bid did not match the South Korean company’s expectation, according to information from Korea Times . "LG had been negotiating with Vingroup to sell its smartphone-manufacturing facilities in Vietnam and Brazil, however, the discussions recently collapsed mostly due to different price expectations," said an industry insider familiar with the matter. Last month, the Asian media was in a huge stir over the rumoured take-over deal between Vingroup and LG Electronics, the fourth biggest “chaebol” in South Korea. Accordingly, Vingroup has emerged as the most potential bidder to acquire LG Electronics’ smartphone production line as an important milestone for the Vietnamese group to penetrate the US. LG reportedly aims to withdraw from the smartphone business due to difficulties, with intentions announced around a month after CEO Kwon Bong-seok said there would be a significant change in operations. The mobile communications business has witnessed losses of around $4.5 billion since 2015. If the negotiation process is successful, Vingroup could take advantage of LG Electronics’ reputation, innovation, and sales network. However, with the two sides unable to agree on a mutually acceptable valuation, LG will move on to find another buyer. Also, the company's smartphone production lines in Vietnam and Brazil can be realigned to manufacture home appliances, noted an official from LG Electronics. He also added there would be no more negotiations with Vingroup, and LG would seek a new buyer, according to Korea Times . By Lam Tien …