Market Overview
The Vietnam solar battery market was valued at USD 1.15 Million in 2024 and is projected to reach USD 3.61 Million by 2033, growing at a CAGR of 12.16% during the forecast period 2025-2033. The market growth is driven by rising electric vehicle adoption, supportive government policies including renewable energy incentives, and decreasing lithium-ion battery prices enhancing affordability. Innovations in battery management systems and expanded renewable energy schemes further augment market shares. For more details, visit the Vietnam Solar Battery Market (https://www.imarcgroup.com/vietnam-solar-battery-market.
Study Assumption Years
- Base Year: 2024
- Historical Year/Period: 2019-2024
- Forecast Year/Period: 2025-2033
Vietnam Solar Battery Market Key Takeaways
- The Vietnam solar battery market size was USD 1.15 Million in 2024
- The market is expected to grow at a CAGR of 12.16% during 2025-2033
- Market forecast value of USD 3.61 Million by 2033
- Electric vehicle sales surged from about 8,000 units in 2022 to nearly 90,000 units in 2024, boosting battery demand
- The Vietnamese government aims for 50% electric vehicle penetration in urban areas by 2030 and net-zero emissions by 2050
- Direct power purchase agreements for renewables and incentives like tax exemptions encourage solar battery deployment
- Lithium-ion battery prices dropped to USD 139 per kilowatt-hour in 2023, supporting increased adoption
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Market Growth Factors
The Vietnam solar battery industry is growing significantly because of the actively pursued strategy for electric vehicle (EVs) adoption in the country. The number of vehicle sales has increased from about 8,000 units in 2022 to 37,800 units in 2023 and is nearing 90,000 units in 2024, which is a 2.5 times increase from the last year. This drives the adoption of solar batteries for charging stations and backup systems. The government is dedicated to ensuring 50% adoption of EVs among urban areas by 2030 and aims to achieve zero carbon emissions by 2050, ensuring fast growth in the adoption of solar batteries.
“Holistic government policies go a long way in propelling the solar battery industry forward. The historically significant Decree No. 80/2024/ND-CP facilitates direct contracts between private power producers and major consumers, which improves the flexibility of electricity trade. Other incentives provided in Decree 58/2025/ND-CPinclude exemptions from land use charges and preferential connection to the power network to encourage the use of battery energy storage. Under the Power Development Plan VIII, the government aims to add 73 GW from solar power, 38 GW from wind power, by 2030, which requires vast battery energy storage to maintain power system stability. “Corporate tax exemptions further improve the incentives offered to investors,” says GlobalData analysis after examining the industry dynamics to understand the impact of the restructuring effort.
Lowering prices of Li-ion batteries and advancements in technology are major market drivers. The prices dropped to USD 139 per kWh in 2023 because of decreases in the prices of raw materials, and with further boosts in production capacities, the prices will go even further down. The domestic battery production in Vietnam is aided by the country’s high quality nickel deposits. Advancements in the battery management systems have helped in increasing the longevity and efficiency of these batteries. The Vietnamese companies are also putting efforts toward decreasing the cost of production.
Market Segmentation
Type Insights:
- Lead Acid: Included as a key solar battery type in Vietnam’s market.
- Lithium Ion: Representing a major segment due to affordability and efficiency.
- Flow Battery: Recognized as part of the market segmentation.
- Others: Additional battery types are acknowledged in the report.
Capacity Insights:
- Below 75 AH: Constitutes part of the capacity-based segmentation.
- 75 To 150 AH: Included as a mid-range capacity segment.
- Above 150 AH: Representing higher capacity solar battery segments.
End User Insights:
- Industrial: Solar battery applications in industrial settings are analyzed.
- Commercial: Commercial sector usage of solar batteries is covered.
- Residential: Residential adoption of solar batteries is part of the segmentation.
Regional Insights
The market segmentation covers Northern Vietnam, Central Vietnam, and Southern Vietnam regions. The report provides a comprehensive analysis of each major regional market within Vietnam, assessing growth trends and market dynamics specific to these areas.
Recent Developments & News
In August 2025, Fluence and ACE Engineering inaugurated a new automated 35GWh utility-scale battery storage manufacturing facility in Bac Giang Province, Vietnam. This facility greatly enhances Vietnam’s battery storage manufacturing capacity and establishes the country as a significant production hub for the Southeast Asian Battery Energy Storage System (BESS) market, utilizing advanced automation technology to boost efficiency.
Key Players
- Fluence
- ACE Engineering
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