Vietnam Power Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

The Vietnam Power Market is Segmented by Generation Source (Thermal, Hydro, Renewable, and Other Generation Sources) and Transmission & Distribution. The report offers the market size and forecasts in revenue (USD Billion) for all the above segments.

Vietnam Power Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

Vietnam Power Market Size

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Study Period 2020 - 2030
Base Year For Estimation 2024
Forecast Data Period 2025 - 2030
Historical Data Period 2020 - 2023
CAGR 5.00 %
Market Concentration Medium

Major Players

*Disclaimer: Major Players sorted in no particular order

Compare market size and growth of Vietnam Power Market with other markets in Energy & Power Industry

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Vietnam Power Market Analysis

The Vietnam Power Market is expected to register a CAGR of greater than 5% during the forecast period.

The market was negatively impacted by COVID-19 in 2020. Presently the market has now reached pre-pandemic levels.

  • Over the medium term, in Vietnam, the power market is undergoing significant transformation owing to the efforts taken by the government to improve electricity access in the country, along with its plans to increase the share of renewables in the country's power generation mix, these factors aid in driving the market growth.
  • On the other hand, huge investments are required to set up and modernize power generation, transmission, or distribution networks, and weak private sector investments are restraining the power market in Vietnam.
  • Nevertheless, Vietnam has some of the most significant wind resources, creating enormous opportunities to exploit wind energy for power generation. The factors above clubbed with foreign investment and extensive R&D projects, offer an opportunity to grow the power market in Vietnam.

Vietnam Power Industry Overview

The Vietnamese power market is moderately consolidated. Some key players in this market (not in particular order) include Vietnam Electricity, Jera Co. Inc., AES Mong Duong Power Company Limited, General Electric, and Mekong Energy Company Ltd, among others.

Vietnam Power Market Leaders

  1. Vietnam Electricity

  2. General Electric

  3. AES Mong Duong Power Company Limited

  4. Mekong Energy Company Ltd

  5. Jera Co Inc.

  6. *Disclaimer: Major Players sorted in no particular order
Vietnam Power Market Concentration
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Vietnam Power Market News

  • In December 2022, the Toyo Ink and Song Hau 2 Power Company signed an engineering, procurement, and construction (EPC) contract with the Sunway-PECC2 Consortium for the Song Hau 2 thermal power plant project in Vietnam. The contract is worth USD 2.2 billion, and the EPC agreement can be terminated if the contract is not executed in six months.
  • In September 2022, ANDRITZ announced receiving an order from Vietnam Electricity (EVN) to supply electro-mechanical equipment and technical services for Vietnam's laly hydropower plant extension project. With the expansion, the total capacity would become 1080 MW.
  • In March 2022, PetroVietnam Power awarded a contract worth USD 940 million to a consortium of Samsung C&T Corp and Lilama Corp to construct an LNG-fired power plant. Under the EPC contract, the consortium will build the Nhon Trach 3 and 4 plants with a combined capacity of 1,500 MW in Dong Nai.

Vietnam Power Market Report - Table of Contents

1. INTRODUCTION

  • 1.1 Scope of the Study
  • 1.2 Market Definition
  • 1.3 Study Assumptions

2. EXECUTIVE SUMMARY

3. RESEARCH METHODOLOGY

4. MARKET OVERVIEW

  • 4.1 Introduction
  • 4.2 Market Size and Demand in USD billion, till 2028
  • 4.3 Recent Trends and Developments
  • 4.4 Government Policies and Regulations
  • 4.5 Market Dynamics
    • 4.5.1 Drivers
    • 4.5.2 Restraints
  • 4.6 Supply Chain Analysis
  • 4.7 PESTLE Analysis

5. MARKET SEGMENTATION

  • 5.1 Generation Source
    • 5.1.1 Thermal
    • 5.1.2 Hydro
    • 5.1.3 Renewable
    • 5.1.4 Other Generation Sources
  • 5.2 Transmission and Distribution

6. COMPETITIVE LANDSCAPE

  • 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
  • 6.2 Strategies Adopted by Leading Players
  • 6.3 Company Profiles
    • 6.3.1 Vietnam Electricity
    • 6.3.2 Jera Co. Inc.
    • 6.3.3 AES Mong Duong Power Company Limited
    • 6.3.4 General Electric
    • 6.3.5 Mekong Energy Company Ltd
    • 6.3.6 Vietnam Sunergy Joint Stock Company
    • 6.3.7 Sharp Energy Solutions Corporation
  • *List Not Exhaustive

7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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Vietnam Power Industry Segmentation

Power generation is generated through various primary sources such as coal, hydro, solar, thermal, etc. In utilities, it's a step before its delivery to end users. The process is followed by transmission and distribution. Under this, the power generated is distributed via high-voltage lines (transmission lines) and low-voltage lines (distribution lines) as per the requirement of the end user.

The Vietnam power market is segmented by power generation and transmission & distribution. By power generation, the market is segmented into thermal, hydro, renewables, and other generation sources. For each segment, the market sizing and forecasts have been done based on revenue (USD billion).

Generation Source Thermal
Hydro
Renewable
Other Generation Sources
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Vietnam Power Market Research FAQs

What is the current Vietnam Power Market size?

The Vietnam Power Market is projected to register a CAGR of greater than 5% during the forecast period (2025-2030)

Who are the key players in Vietnam Power Market?

Vietnam Electricity, General Electric, AES Mong Duong Power Company Limited, Mekong Energy Company Ltd and Jera Co Inc. are the major companies operating in the Vietnam Power Market.

What years does this Vietnam Power Market cover?

The report covers the Vietnam Power Market historical market size for years: 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Vietnam Power Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.

Vietnam Power Industry Report

The Vietnam power market is experiencing dynamic growth and significant transformation, driven by a mix of thermal, renewable, and hydropower sources. The thermal power sector currently holds the largest share, reflecting the country's robust economic activities. The market is projected to expand further, with forecasts highlighting an increase in capacity, generation, and consumption. The government is actively diversifying energy sources, with substantial support for renewable energy through policies like feed-in tariffs, aiming to reduce reliance on depleting coal reserves and mitigate climate change impacts.

Sector analysis indicates a shift towards cleaner energy, with renewables expected to play a crucial role in the energy mix. The regulatory environment continues to evolve, supporting the market's growth through strategic initiatives and investments in both power generation and transmission infrastructure to meet rising demand and ensure sustainable development. This evolution is pivotal for the future of Vietnam electricity and Vietnam energy sectors, positioning them for a more sustainable and efficient future.

Industry analysis reveals that the industrial sector is the primary consumer of power. Market data and industry trends show a significant increase in the adoption of renewable energy sources. The industry outlook remains positive, with market forecast and market growth indicating robust expansion. Market leaders are expected to drive innovation and efficiency in the sector.

Industry reports and research companies provide valuable insights into the market segmentation and market value. The market overview and market review highlight the strategic initiatives taken by the government and private players. Market predictions suggest a continued emphasis on renewable energy, enhancing the overall market value.

The industry research underscores the importance of sustainable practices and the transition towards renewable energy. Industry sales and industry size are expected to grow, driven by increased demand and supportive policies. Industry statistics and market segmentation provide a detailed understanding of the market dynamics.

The report example and report pdf offer comprehensive information on the market structure and growth rate. The market outlook and market predictions emphasize the potential for future growth and development in the Vietnam power market. The market review and market overview provide a holistic view of the industry's current state and future prospects.