LG Electronics Vietnam says not sell its Hai Phong plant

A representative of LG Electronics Vietnam has hit back at rumours that it would sell its Hai Phong plant, and said the plant operates normally except for the smartphone line.

LG Electronics Vietnam says not sell its Hai Phong plant

LG Electronics Vietnam says it will only stop the phone production line at its Hai Phong plant

It’s correct that LG Hai Phong will stops running its smartphone production line, but other lines for washing machines, vacuum cleaners and refrigerators operate normally, the representative told VTCNews on April 15.

The executive refuted rumours that LG Electronics is selling its plant in Hai Phong for more than VND2,000 billion. The executive at the same time affirmed that the plant is running normally, and employees working for the smartphone line will move to the refrigerator line.

The phone production line is scheduled to stop its operation in June 2021.

 

Earlier, Korean media outlets reported 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 plant produces approximately 10 million smartphones annually, roughly half of LG’s total smartphone output.

LG Electronics has developed three plants in Vietnam. The Hai Phong plant specializes in mobile phones, television sets, air conditioners, vacuum cleaners, washing machines, and refrigerators. LG Innotek Vietnam manufactures camera modules for smartphones, while LG Display Vietnam produces screens.

VOV

 
 

Other News

.
Index results spark reforms in Vietnamese metropolises
Index results spark reforms in Vietnamese metropolises
BUSINESSicon  01/05/2021 

Despite strong efforts, major cities like Hanoi and Ho Chi Minh City are still lagging behind in the 2020 Provincial Competitiveness Index, triggering concerns over the efficacy of their reforms.

VIETNAM BUSINESS NEWS APRIL 30
VIETNAM BUSINESS NEWS APRIL 30
BUSINESSicon  30/04/2021 

Central province debuts first Ngoc Linh ginseng plant

Association calls for national gold exchange
Association calls for national gold exchange
BUSINESSicon  30/04/2021 

The Vietnam Gold Trading Association (VGTA) has proposed the establishment of a national gold exchange in Hanoi or Ho Chi Minh City.

Restaurant chains fall into crisis amid pandemic
Restaurant chains fall into crisis amid pandemic
FEATUREicon  30/04/2021 

The Tokyo Deli Restaurant on Nguy Nhu Kon Tum Street in Hanoi closed its doors two months ago for the Tet holiday, but it has now decided to never open again. The long Covid-19 pandemic has hit many restaurants hard.

Amid 'land fever', Can Gio district prohibits civil servants from working as land brokers
Amid 'land fever', Can Gio district prohibits civil servants from working as land brokers
FEATUREicon  30/04/2021 

Land prices in the HCM City suburban district of Can Gio have been soaring following the news that Can Gio will become an inner city district, or a city in the future. The local authorities have prohibited civil servants from acting as land brokers.

Vietnam’s potential to drive agri-food recovery ranks second highest in the region
Vietnam’s potential to drive agri-food recovery ranks second highest in the region
BUSINESSicon  01/05/2021 

As a key pillar of the national economy, Vietnam’s agri-food sector remained resilient during the COVID-19 pandemic and has great potential to drive economic recovery, ranking second in the region.

Multinational supply chain evades small industry
Multinational supply chain evades small industry
BUSINESSicon  29/04/2021 

Foreign investments in Vietnam have the ability to change the economics of many of the country’s support industries, who are continually struggling to be part of the larger supply network.

Four-month FDI totals $12.25 billion
Four-month FDI totals $12.25 billion
BUSINESSicon  29/04/2021 

In the first four months to April 20, foreign investors pumped 12.25 billion USD in Vietnam, equal to 99.3 percent of the amount recorded in the same period last year.

Untapped potential in branded luxury living
Untapped potential in branded luxury living
BUSINESSicon  01/05/2021 

The recent assessment of ranking Vietnam as one of the 10 fastest-growing markets for branded residences worldwide poses questions for the infant market’s actual capacity.

Hanoi developments induce delay fluster
Hanoi developments induce delay fluster
BUSINESSicon  30/04/2021 

Tens of millions of dollars poured into infrastructure together with new planning projects have added vibrancy to Hanoi’s real estate market, 

Construction firms face bankruptcy as steel prices soar
Construction firms face bankruptcy as steel prices soar
BUSINESSicon  29/04/2021 

Local construction firms face the risk of bankruptcy as the price of steel has soared 40 percent recently.

Vietnam looks to promote issuance of Gov’t bonds on int’l market
Vietnam looks to promote issuance of Gov’t bonds on int’l market
BUSINESSicon  29/04/2021 

Experts and economists have proposed to expand the issuance of Government bonds to the international market, 

Billionaire Pham Nhat Vuong builds 'entertainment city', considers billion-dollar deal in the US
Billionaire Pham Nhat Vuong builds 'entertainment city', considers billion-dollar deal in the US
BUSINESSicon  29/04/2021 

Billionaire Pham Nhat Vuong's company has recorded impressive business results despite the Covid-19 pandemic. 

Flower and ornamental plant production on the rise
Flower and ornamental plant production on the rise
BUSINESSicon  28/04/2021 

Flower and ornamental plant production has dramatically developed in recent years, bringing high economic value.

Contract enforcement, bankruptcy filings stall because of lack of regulations
Contract enforcement, bankruptcy filings stall because of lack of regulations
FEATUREicon  29/04/2021 

Vietnam’s judicial agencies seemingly cannot catch up with business environment reform. Two judicial indicators – contract enforcement and business bankruptcy – have not seen considerable improvement.

ST25 is a generic rice variety, not a brand: NOIP
ST25 is a generic rice variety, not a brand: NOIP
FEATUREicon  28/04/2021 

The National Office of Intellectual Property (NOIP) says the ST25 rice variety has been granted a Protective Certificate No 21.VN.2020 under Decision No 45/QD-TT-VPBH dated March 6, 2020 by the director of the Department of Crop Production.

49% of Vietnamese delete shopping apps on mobile devices
49% of Vietnamese delete shopping apps on mobile devices
BUSINESSicon  28/04/2021 

The increase in app deletions shows that Vietnamese e-commerce platforms need to improve the quality of services in order to retain customers.

Listed companies look to tap real estate segment
Listed companies look to tap real estate segment
BUSINESSicon  27/04/2021 

A series of listed businesses on the stock market have announced plans to expand and tap real estate investment.

More farming products sold on e-commerce sites
More farming products sold on e-commerce sites
BUSINESSicon  27/04/2021 

The e-commerce sites of Vietnam Post and Viettel Post saw 33 more suppliers of agricultural products and regional specialities open new booths in the first 10 days of April.

Recruitment demand soars in textile & garment, IT sectors
Recruitment demand soars in textile & garment, IT sectors
BUSINESSicon  27/04/2021 

The effectiveness of free trade agreements, especially the EU– Vietnam Free Trade Agreement, has helped to increase export orders for textile and garment enterprises in Vietnam, 

 
 
 
Leave your comment on an article

OR QUICK LOGIN