SEOUL: LG Electronics Inc said on April 25 it would stop producing smartphones in South Korea and move manufacturing to Vietnam, joining global rivals in reorganising production as they battle a slump in global demand. "Their existence may be barely noticeable in the global smartphone market, but they have solid presence in the US market. It said Vietnam provides an "abundant labour force", and that 750 workers at its South Korean handset factory would be relocated to its home appliance plant. Japan's Sony Corp is also closing its Beijing smartphone plant as it works to make its money-losing handset business profitable. Shares in LG Electronics gained 3%, versus a 0.2% decline in the broader market as of 0224 GMT.

Source: The Star April 25, 2019 03:45 UTC