South Korean electronics giant LG is looking to find buyers for its smartphone factories, after announcing a decision to quit its loss-ridden smartphone business.

LG currently operates smartphone production plants in Brazil and China. A Vietnam plant is the largest, with an annual capacity of 10 million smartphones.

The company has been in talks with Vietnamese conglomerate Vingroup about selling smartphone plants in Vietnam and Brazil, but neither side has so far agreed on a price.

Counterpoint statistics showed that LG last posted a global handset market share of more than three percent in Q2 2018.

But its handset division has run in the red for 23 consecutive quarters since 2015, with the losses accumulating to US$4.4 billion as of the end of 2020.