LG Electronics to shut South Korea phone plant, move production to Vietnam

FILE PHOTO: An LG Electronics logo is pictured on a TV displayed at a shop in Seoul, South Korea, April 26, 2016. REUTERS/Kim Hong-Ji/File Photo

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.

The restructuring of its money-losing business comes as LG, once one of the world's top three mobile phone makers, has seen its global market share spiralling to less than 3% in the decade that smartphones came to dominate the mobile market.