Greenway Supplies the Batteries Behind VinFast’s Scooter Surge

VinFast is now the second-largest motorcycle brand in Vietnam, behind only Honda. Behind that rise sits a supplier most buyers have never heard of. Chinese battery maker Greenway has signed a cooperation agreement with VinFast and says it now supplies close to half of the batteries VinFast puts into its electric two-wheelers, after its products for VinFast began mass production and shipment in July 2026. VinFast’s annual battery demand is no less than 3 million packs, according to Greenway, which says VinFast will prioritize it as a core supplier.

The partnership shows how fast Vietnam’s two-wheeler market is changing, and who is actually building the parts. VinFast’s scooter sales have grown so quickly that batteries appear to have become a key constraint.

A market that flipped in seven months

Vietnam sold 1.86 million motorcycles in the first seven months of 2026, up 19.6 percent year-on-year. Electric two-wheelers accounted for 513,700 of them, up 97.2 percent, nearly five times the growth rate of the overall market. The electrification rate rose to 27.7 percent from 16.8 percent a year earlier, meaning more than one in every four motorcycles sold was electric.

The brand rankings moved with it. Honda’s sales grew 8 percent and Yamaha’s 7.7 percent over the same period, while VinFast’s rose 170.1 percent and Chinese brand Yadea’s grew 57.2 percent. VinFast has risen to second place in the motorcycle market, behind only Honda. The figures come from a trade report on the Greenway partnership, based on market data for January to July 2026.

From supplier to core partner

Greenway’s agreement with VinFast covers product development, technology coordination, supply assurance and local manufacturing. The company says it began participating in VinFast’s battery supply from the outset and now supplies close to 50 percent of VinFast’s delivery volume. Its battery products for VinFast began mass production and shipment in July 2026, and the new agreement turns an initial supply relationship into a long-term strategic partnership.

The scale is what makes the deal matter. At no less than 3 million battery packs a year, VinFast’s demand alone is large enough to anchor a supplier’s factory planning. For Greenway, entering VinFast’s supply chain means direct participation in the growth of a leading electric brand in Southeast Asia’s two-wheeler boom. For VinFast, a second large battery source reduces the risk of a single supplier failing to keep up with sales that have nearly tripled in a year.

The scooter numbers behind the battery orders

VinFast sold 406,500 electric motorcycles in Vietnam in 2025, according to the same report. Deliveries kept accelerating in 2026: the company delivered 429,200 electric scooters and e-bikes globally in the first half of the year, up 275 percent year-on-year, with second-quarter deliveries alone reaching 286,000 units. Its Evo and Feliz series contributed about 80 percent of deliveries.

That volume explains why batteries have emerged as a strategic question rather than a purchasing detail. Every scooter needs a pack, and a pack is the most expensive component in the vehicle. A supplier that can deliver hundreds of thousands of packs on schedule is worth more to VinFast than a supplier that offers a lower price and misses a quarter.

The battery chain around VinFast is widening beyond packs alone. POSCO is building an anode plant in Vietnam that has drawn Hyundai into the country’s battery supply chain, and VinFast’s own battery arm, VinES, makes cells at its Ha Tinh plant. Greenway’s role sits in the middle of that chain: it turns cells and materials into finished packs at the volume VinFast’s assembly lines need, week after week. The more suppliers localize each step, from anodes to finished packs, the less exposed VinFast is to shipping delays and export controls on any single input.

New electric scooters with V-shaped emblems parked on a Ho Chi Minh City street. — VinFast’s Evo and Feliz series contributed about 80 percent of its electric scooter deliveries in the first half of 2026. Photo illustration

What the partnership does not change

Greenway is a core supplier, not the only one. VinFast also makes batteries through its own arm, VinES, and works with other suppliers, so the Greenway deal diversifies supply rather than replacing it. The agreement’s mention of local manufacturing is also worth watching: Vietnam encourages foreign suppliers to build capacity inside the country, and a battery partner that localizes production is more valuable to VinFast than one that ships finished packs across the border.

VinFast is also taking the demand abroad. Since the start of 2026, the company has continued to build its presence in Indonesia and the Philippines, and has listed Thailand and Malaysia as key expansion markets. If those markets grow the way Vietnam has, Greenway’s share of a much larger order book will follow. The partnership that started with a supply contract in July is now, in effect, a bet by both companies that Southeast Asia’s electric two-wheeler boom has years left to run.