Vietnam Battery Market Size and Forecast (2021–2030) – Analysis by Battery Type (Lead-Acid, Dry Cell), Application (Automotive, Consumer Electronics, Energy Storage Systems, Industrial), Capacity Range, Source (Domestic and Imported), and Region

Vietnam Battery Market Size

Vietnam’s battery market has experienced consistent growth in recent years, registering a compound annual growth rate (CAGR) exceeding 5% between 2021 and 2024. This growth is primarily driven by rising demand for electric vehicle (EV) batteries and the expansion of domestic lithium-ion battery manufacturing capacity. These advancements have established Vietnam as an emerging hub within the Southeast Asia battery market, strengthening its role in the regional EV battery supply chain and supporting the country’s strategic ambitions in the renewable energy battery market and green mobility transition.

Vietnam Battery Market Growth Amid Import Dependence and Localization Efforts

• Despite continued reliance on imports for advanced lithium-ion battery cells, increasing investments in local battery pack manufacturing and assembly are progressively mitigating supply chain risks within Vietnam’s battery market.

• Although Vietnam’s current installed battery storage capacity remains limited, its rate of deployment is outpacing neighbouring countries like Indonesia. Projections indicate the country will achieve over 10 GW of battery storage capacity by 2030 under the Economic Transition Scenario (ETS), and exceed 15 GW under the Net Zero Scenario (NZS).

• Production of lead-acid batteries, which continue to dominate the two-wheeler and industrial sectors in Vietnam, is anticipated to maintain steady growth. However, lithium-based battery technologies are gradually gaining market share in premium segments, signaling a shift in Vietnam’s rechargeable battery market landscape. 

Vietnam Battery Industry Insights

Vietnam Battery Market Revenue, 2021–2024

Steady Growth in Vietnam Battery Market Driven by Industrial and EV Demand

Vietnam’s battery market has experienced consistent expansion in recent years, propelled by increasing demand from industrial applications and the rapidly growing electric vehicle (EV) sector. While large-scale battery manufacturing plants were under development and gradually ramping up production between 2022 and early 2023, thereby constraining short-term revenue growth, these investments have established a robust foundation for enhanced battery manufacturing capacity and output in the subsequent years.

Recent Developments and Investments in Vietnam Battery Market

• Vietnam Launches BESS Task Force to Boost Renewable Integration and Grid Stability: On April 9, 2025, the Electricity Authority of Vietnam, in collaboration with the Vietnam Energy Partnership Group (VEPG) and the Global Energy Alliance for People and Planet (GEAPP), launched the Battery Energy Storage Systems (BESS) Task Force in Hanoi. The initiative aims to offer technical and advisory support to enhance renewable energy integration and stabilize the national grid in alignment with the Eighth Power Development Plan (PDP8). 

• Exquisite Power Launches USD 20 Million Battery Plant in Hai Phong: China-invested Exquisite Power Technology Co., Ltd inaugurated a USD 20 million battery manufacturing facility at Nam Dinh Vu Industrial Park in Hai Phong in January 2025. Approved in July 2023, the 1.37-hectare project is designed to produce 900,000 battery units annually, totaling 2,500 KWh in capacity. 

Market Share (in Sales) of Dominant OEMs in Vietnam’s Automotive Market, 2024

Vietnam’s automotive landscape is undergoing a major transformation as domestic manufacturer VinFast rises to prominence. Previously dominated by foreign brands, the market is now witnessing a growing presence of local players. This surge has enabled the company to surpass several established foreign competitors, including Hyundai, Toyota, and Ford.

Scope of the Study for Vietnam Battery Market

Makreo Research has released a detailed report titled “Vietnam Battery Market Size and Forecast (2021–2030) – Analysis by Battery Type (Lead-Acid, Dry Cell), Application (Automotive, Consumer Electronics, Energy Storage Systems, Industrial), Capacity Range, Source (Domestic and Imported), and Region”, providing an extensive assessment of Vietnam’s rapidly evolving battery industry. The report begins with a thorough review of the market’s historical and current performance, highlighting key growth drivers such as:

• Increasing battery demand within the electric two-wheeler and automotive battery markets

• Expansion and adoption of Battery Energy Storage Systems (BESS) in Vietnam’s renewable energy battery market

• Recent market developments and investment trends shaping Vietnam’s battery manufacturing and supply chain landscape

Vietnam Battery Market Metrics and Pricing Analysis Overview

The report evaluates Vietnam’s battery ecosystem using key market indicators such as industrial production index for batteries and accumulators, market size and growth trends, battery capacity demand by vehicle type, and pricing trends across chemistries. It also covers:

• Specifications and cost structures of two-wheeler batteries in Vietnam’s automotive battery market

• Dynamics between renting and purchasing electric two-wheeler (e-2W) battery types

• Total Cost of Ownership (TCO) comparison between leading battery types

Vietnam Automotive Sector Driving Battery Market Demand

The study provides an in-depth analysis of automotive sales and production trends in Vietnam, encompassing two-wheelers, passenger vehicles, and the expanding electric mobility segment. Special emphasis is placed on the increasing adoption of electric vehicles, particularly electric motorcycles and buses, and their significant impact on the short- and mid-term growth of Vietnam’s electric vehicle battery market.

Vietnam Battery Market Competitive Landscape and Key Players Analysis

This section provides a comprehensive overview of the competitive landscape within Vietnam’s battery market, highlighting the core operational strengths and strategic positioning of leading domestic and international companies. It offers a comparative analysis of major players based on metrics such as production capacity, number of manufacturing facilities, product specialization, and workforce size, supplemented by detailed company profiles. Each profile outlines essential capabilities, including:

• Manufacturing Capacity and Facility Footprint
• Battery Type Specialization and Target Segments
• Ownership Structure and Foreign Collaboration
• Recent business highlights, including expansion plans and targets along with the latest financials.

Future Outlook and Strategic Insights for Vietnam Battery Market

The report concludes with an in-depth analysis of the structural challenges and emerging opportunities influencing the future trajectory of Vietnam’s battery market. It provides a forward-looking perspective designed to guide strategic planning, manufacturing expansion, and investment decisions through 2030, supporting sustainable growth within Vietnam’s battery industry.

Vietnam Battery Market Segmentation

Geography Assessed

Market Share of Total Lithium-Ion Battery Exports by Key Companies in Vietnam

Key Recent Business Highlights of Leading Battery Manufacturers in Vietnam

• Samsung Commemorated the 1st 46 Module Shipment: In March 2025, Samsung SDI commemorated the first shipment at its Vietnam subsidiary. 4,695 batteries, measuring 46 millimeters in diameter and 95 millimeters in height were produced at the Cheonan plant in South Korea, and assembled into modules at the Vietnam subsidiary. 

• PINACO’s Strategic Partnership with VinFast: On October 31, 2024, PINACO announced a strategic partnership with VinFast to supply high-quality batteries that meet the stringent standards of the EV industry. 

• VinES Merger with VinFast: On October 11, 2023, Vingroup's Chairman, Mr. Pham Nhat Vuong, announced the donation of 99.8% of VinES shares to VinFast. This strategic move aimed to enhance VinFast's self-sufficiency in battery technology and its production chain.

Companies Covered in the Vietnam Battery Market

There are 10 players covered in this report. To know more, please reach out to sales@makreo.com