Bq reduces its presence in Spain and increases in Vietnam

BQ is not having the best year. A few months ago, the company experienced the first ERE in its history. In addition, the entry of brands such as Xiaomi in the national market has affected them, causing a decrease in their sales. That is why the company is committed to a new strategy, in order to improve its results. And this happens by lowering its presence in Spain.

BQ reduces its presence in Spain and increases in Vietnam

Therefore, they announce that they will focus only on those channels that are profitable. So there are likely to be stores or channels where it will not be possible to find your phone.

BQ heading to Vietnam

These changes that BQ is going to carry out in the Spanish market, means that the brand will have to look for other markets. Something that seems they have already done, because they are heading to Vietnam. The company has closed an agreement with Vingroup, the largest holding company in Vietnam. In this way, some of the brand's phones will be sold in the country, under the name VSmart.

The company's first factory in the country has also been built, which has involved an investment of 30 million euros for the firm. So they change the Chinese factories for Vietnam. Vingroup also obtains the intellectual property of the company.

With these steps, BQ hopes to conquer the Vietnam market. Given Vingroup's importance in the country, they are likely to do so and could help them expand in the near future in other markets in Asia. We will see if this helps the company to improve its results.

Source Digital Economy