Vietnam Solar Battery Market Size, Share, Trends and Forecast 2025-2033

MARKET OVERVIEW

The Vietnam solar battery market was valued at USD 1.15 Million in 2024 and is forecasted to reach USD 3.61 Million by 2033, growing at a CAGR of 12.16% during 2025-2033. Growth is driven by rising electric vehicle adoption, supportive government policies including regulations and incentives, and declining lithium-ion battery prices improving affordability. Innovations in battery management systems and renewable energy initiatives further boost market expansion.

STUDY ASSUMPTION YEARS

• Base Year: 2024

• Historical Period: 2019-2024

• Forecast Period: 2025-2033

VIETNAM SOLAR BATTERY MARKET KEY TAKEAWAYS

• Current Market Size: USD 1.15 Million (2024)

• CAGR: 12.16% (2025-2033)

• Forecast Period: 2025-2033

• Vietnam's electric vehicle sales surged from around 8,000 units in 2022 to nearly 90,000 in 2024, fueling battery demand.

• The government targets 50% EV penetration in urban areas by 2030 and net-zero emissions by 2050.

• Key decrees enable direct renewable energy power purchase agreements and incentives for battery storage systems.

• Lithium-ion battery prices reached a historic low of USD 139 per kWh in 2023, boosting market affordability.

• The government aims for 73 GW solar and 38 GW wind capacity by 2030, requiring substantial battery storage.

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MARKET GROWTH FACTORS

The rapid adoption of electric vehicles is a primary driver of the Vietnam solar battery market. Electric vehicle sales climbed sharply from approximately 8,000 units in 2022 to 37,800 units in 2023, reaching close to 90,000 in 2024—a 2.5-times growth from the previous year. This surge creates strong demand for energy storage solutions, with solar batteries supporting EV charging infrastructure and backup power needs. The government's commitment to achieving 50% EV penetration in urban areas by 2030 and net-zero emissions by 2050 is accelerating market growth and electrification in the country.

Vietnam's government has established a comprehensive policy and regulatory framework to support renewable energy and battery storage. Key initiatives include Decree No. 80/2024/ND-CP, allowing direct power purchase agreements between private renewable generators and large electricity consumers, and Decree 58/2025/ND-CP, which offers incentives such as land use fee exemptions and preferential grid access for battery integration. The Power Development Plan VIII targets installation of 73 GW solar and 38 GW wind capacity by 2030, increasing demand for battery storage to ensure grid stability. Corporate income tax exemptions further attract investment.

Lithium-ion battery cost reductions and technological innovation also fuel market growth. In 2023, lithium-ion battery prices fell to a historic low of USD 139 per kWh due to decreased raw material costs and expanded production capacity. Vietnam's domestic battery manufacturing is growing, supported by rich nickel reserves attracting international mining companies. Innovations in smart battery management systems improve efficiency and durability. These trends enable wider solar battery adoption across residential, commercial, and grid-scale renewable applications.

MARKET SEGMENTATION

Type Insights:

• Lead Acid

• Lithium Ion

• Flow Battery

• Others

Description: Market analysis by battery type including lead acid, lithium ion, flow battery, and other variants.

Capacity Insights:

• Below 75 AH

• 75 To 150 AH

• Above 150 AH

Description: Segmentation based on battery capacity, covering below 75 AH, 75 to 150 AH, and above 150 AH categories.

End User Insights:

• Industrial

• Commercial

• Residential

Description: The market is segmented by end users comprising industrial, commercial, and residential sectors.

Regional Insights:

• Northern Vietnam

• Central Vietnam

• Southern Vietnam

Description: Comprehensive analysis of the market covering the three key regional markets in Vietnam.

REGIONAL INSIGHTS

The report covers Northern Vietnam, Central Vietnam, and Southern Vietnam as primary regions. However, the source does not specify a dominant region or provide exact market shares or CAGR data by region.

Summary: The Vietnam solar battery market is analyzed across Northern, Central, and Southern Vietnam, reflecting a geographically diverse demand base. Specific regional growth statistics are not detailed in the source.

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 significantly expands Vietnam's battery storage manufacturing capacity and positions the country as a key hub in Southeast Asia for Battery Energy Storage Systems (BESS), leveraging advanced automation technology to enhance manufacturing efficiency.

KEY PLAYERS

• Fluence

• ACE Engineering

CUSTOMIZATION NOTE

If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

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