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LG struggles to find buyer for Vietnam plant in smartphone exit

If the Hai Phong facility sale cannot be made, company will sell just land

The plant in Hai Phong, Vietnam currently produces about 10 million LG smartphones every year.   © Reuters

HANOI -- LG Electronics is seeking buyers for one of its key Vietnamese factories after deciding to shut its loss-making smartphone business, though the company appears to be having trouble attracting interest in the facility.

The South Korean electronics maker is halting smartphone production in May and terminating the business altogether in July. It now seeks to unload a plant in Hai Phong, which currently produces roughly 10 million smartphones annually or half of LG's global output, according to several Vietnamese news outlets.

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