The country would also account for 20% of iPad and Apple Watch output and 5% of MacBook, TechCrunch quoted them as saying in a note to clients.
Apple is set to move 5% of iPhone 14 production to India this year, and expand its manufacturing capacity there to produce 25% of all iPhones by 2025, they said.
About 25% of all products, including Mac, iPad, Apple Watch, and AirPods, are expected to be manufactured outside China by 2025, up from 5% currently, they added.
Vietnam has seen increasing investment by Apple suppliers in recent years amid the U.S.-China tension.
They are reportedly in talks to produce Apple Watch and MacBook in Vietnam for the first time.