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Study Period | 2019 - 2030 |
Base Year For Estimation | 2024 |
Forecast Data Period | 2025 - 2030 |
Market Volume (2025) | 18.81 gigawatt |
Market Volume (2030) | 25.12 gigawatt |
CAGR | 5.96 % |
Market Concentration | Medium |
Major Players![]() *Disclaimer: Major Players sorted in no particular order |
Vietnam Solar Energy Market Analysis
The Vietnam Solar Energy Market size in terms of installed base is expected to grow from 18.81 gigawatt in 2025 to 25.12 gigawatt by 2030, at a CAGR of 5.96% during the forecast period (2025-2030).
- Over the medium period, the increasing investments in the renewable energy industry, increasing electricity demand in major provinces, and the country's growing efforts to transition from fossil fuel-based power generation are among the factors expected to drive the market during the forecast period.
- On the other hand, market growth is also expected to be hindered by the increasing adoption of alternative clean energy sources and high initial investment costs of solar projects during the study period.
- Nevertheless, Vietnam's Power Development Plan VII intends to boost the share of renewable energy to 10% in eight years. The country also plans to reduce the use of imported coal-fired electricity, culminating in a major opportunity for its solar energy market.
Vietnam Solar Energy Market Trends
The Solar Photovoltaic (PV) Segment is Expected to Dominate the Market
- The solar PV segment will likely account for the largest market share during the forecast period, in line with the declining costs of solar modules and their versatility in various applications, like electricity generation and water heating.
- According to the International Renewable Energy Agency (IRENA) Renewable Energy Statistics 2024, the installed solar PV capacity in Vietnam was around 17,077 MW in 2023, up from 16,698 MW in 2022. The growth resulted from massive deployments of solar PV installations in Vietnam, particularly for utility projects. The Ministry of Industry and Trade (MOIT) has more plans to increase the solar PV installed capacity over the coming years.
- In early 2024, the Ministry of Industry and Trade (MoIT) released a draft decree on rooftop solar PV, signaling a shift away from electricity trading. MoIT now advocates for solar PV to be used exclusively for self-consumption, allowing any surplus to be fed back to the grid without charge. This decision stems from concerns about the risks surplus electricity poses to grid safety.
- In a Significant move, In September 2024, Vietnam plans to introduce a new net-metering scheme for rooftop PV installations, as reported by the state-run news outlet Bao Chinh Phu. The government has raised the threshold for excess PV electricity sold to the grid, increasing it from the previous 10% to a new limit of 20%.
- Moroever, in September 2024, LONGi and Solar Electric Vietnam JSC (SEV) bolstered Vietnam's green energy initiatives by completing a cutting-edge solar photovoltaic (PV) project for Tan De Company. Tan De, a prominent garment manufacturer and exporter in Vietnam, employs over 17,000 individuals. The project involved installing 11 MWp solar PV rooftop systems across nine of Tan De's factories. With an expected annual generation of 12,603 MWh, the initiative aims to reduce CO2 emissions by 8,527 tons each year, aligning Tan De with global green manufacturing standards. These milestones highlight the significance of rooftop solar PV in propelling Vietnam’s green energy vision, particularly for its industrial and commercial sectors.
- Owing to the aforementioned developments, the solar PV segment is expected to have the largest market share in Vietnam during the forecast period.
Increasing Electricity Demand is Driving Market
- The Vietnamese Ministry of Energy has projected that the country is expected to suffer power shortages because the development of new power plants is lagging behind the rapidly expanding energy consumption in the country.
- Energy demand in Vietnam is expected to rise by more than 8% annually over the next seven years, in line with increasing industrialization and economic modernization.
- The government unveiled a revised plan to raise the supply of power by 2024 to 310.6 billion kWh overall, an increase of 4.4 kWh. This action is consistent with the nation's quick economic recovery, which has increased electricity demand.
- In the first quarter of 2024, Vietnam Power achieved a commercial power output of 62.66 billion kWh, an increase of 11.42% over the same period in 2023. With preparations spanning April through July 2024 and a total energy requirement of 111.468 billion kWh, the plan represents a 2.3 billion kWh increase over the prior plan.
- Moreover, Vietnam is expected to need 96,500MW of electricity in the next two years and 129,500MW in the next seven years to meet the rising demand. To meet the upcoming electricity demand, Vietnam requires around USD 10 billion annually until 2030 to cater to the growing demand. Owing to such high capital requirements, the government has allowed 100% foreign ownership of Vietnamese companies in the energy industry.
- According to the Statistical Review of World Energy Data, in 2023, electricity generation across the country was 276.4 Terawatt-hours. Solar energy registered a significant share in the total electricity generation across the country in 2023, which is likely to rise in the coming years.
- Moreover, the implementation of solar PV projects has partly fulfilled Vietnam's increased electricity demand. These projects play a crucial role in diversifying the country's energy mix, reducing reliance on fossil fuels, and meeting growing electricity needs. Investments have risen significantly across the region in the past few years.
- Furthermore, In April 2024, a Chinese firm announced a USD 450 million investment in a solar panel production facility spanning 50 hectares in Hoang Mai II Industrial Park. The project has a 14 GW designed capacity and is being developed in two phases, with the first phase expected to be completed by the end of 2024.
- Thus, Vietnam is focusing on renewable energy sources to meet the future electricity demand, which is propelling the growth of its solar energy market.
![Vietnam Solar Energy Market Trends Vietnam Solar Energy Market: Electricity Generation, in Terawatt-hours, Vietnam, 2015- 2023](https://s3.mordorintelligence.com/vietnam-solar-energy-market/1737354886622-vietnam-solar-energy-market-Vietnam-Solar-Energy-Market-Electricity-Generation-in-Terawatt-hours-Vietnam-2015--2023.png)
Vietnam Solar Energy Industry Overview
The Vietnamese solar energy market is semi-consolidated. Some of the major companies operating in the market (in no particular order) include Song Giang Solar Power JSC, Vietnam Sunergy Joint Stock Company, Sharp Energy Solutions Corporation, Berkeley Energy Commercial & Industrial Solutions, and Tata Power Solar Systems Ltd.
Vietnam Solar Energy Market Leaders
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Vietnam Sunergy Joint Stock Company
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Sharp Energy Solutions Corporation
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Berkeley Energy Commercial & Industrial Solutions
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Tata Power Solar Systems Ltd.
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Song Giang Solar Power Joint Stock Company
- *Disclaimer: Major Players sorted in no particular order
![Vietnam Solar Energy Market Concentration Vietnam Solar Energy Market Concentration](https://s3.mordorintelligence.com/vietnam-solar-energy-market/vietnam-solar-energy-market_1643630184493_Market_Concentration-Vietnam_Solar_Energy_Market.webp)
Vietnam Solar Energy Market News
- December 2024: Bamboo Capital Group from Vietnam, alongside Taiwanese firms Foxlink and Micro Electricity, inked a strategic cooperation agreement aimed at propelling renewable energy technologies and solutions. The trio will work together to craft energy technology and data service solutions, catering not only to Bamboo Capital’s renewable projects but also to other clients throughout ASEAN. A joint venture, set to be established by June 2025, will act as a springboard for pioneering technologies such as Energy Storage Systems (ESS), Energy Management Systems (EMS), and Energy Blockchain Technology (EBT).
- July 2024: Levanta Renewables, a prominent renewable energy platform in Southeast Asia and backed by global sustainable infrastructure investor Actis, has set its sights on acquiring a 28.7 MWp rooftop solar system. This system, sourced from affiliates of Tien Nga Joint-Stock Company, stands as a testament to Tien Nga's stature as a leading logistics provider in Vietnam. Nestled in Dong Nai Province, South Vietnam, this solar installation boasts the distinction of being one of the nation's largest, covering nearly 200,000 sqm of rooftop space.
Vietnam Solar Energy Industry Segmentation
Solar energy comprises heat and radiant light from the sun that can be harnessed by leveraging technologies such as solar power (used to generate electricity) and solar thermal energy (used for applications such as water heating).
The Vietnamese solar energy market is segmented by technology. By technology, the market is segmented into solar photovoltaic (PV) and concentrated solar power (CSP). For each segment, the market sizing and forecasts have been done based on installed capacity.
Vietnam Solar Energy Market Research Faqs
How big is the Vietnam Solar Energy Market?
The Vietnam Solar Energy Market size is expected to reach 18.81 gigawatt in 2025 and grow at a CAGR of 5.96% to reach 25.12 gigawatt by 2030.
What is the current Vietnam Solar Energy Market size?
In 2025, the Vietnam Solar Energy Market size is expected to reach 18.81 gigawatt.
Who are the key players in Vietnam Solar Energy Market?
Vietnam Sunergy Joint Stock Company, Sharp Energy Solutions Corporation, Berkeley Energy Commercial & Industrial Solutions, Tata Power Solar Systems Ltd. and Song Giang Solar Power Joint Stock Company are the major companies operating in the Vietnam Solar Energy Market.
What years does this Vietnam Solar Energy Market cover, and what was the market size in 2024?
In 2024, the Vietnam Solar Energy Market size was estimated at 17.69 gigawatt. The report covers the Vietnam Solar Energy Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Vietnam Solar Energy Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
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Vietnam Solar Energy Industry Report
The Vietnam Solar Energy Market Report is segmented by technology, focusing on photovoltaic (PV) and concentrated solar photovoltaic (CSP). This industry report highlights significant market growth driven by rapid industrialization, economic development, and favorable government policies. The market size and market share are expected to increase due to the declining costs and versatility of PV technology. The industry outlook is positive, with applications spanning on-grid and off-grid systems, catering to residential, commercial, and industrial sectors.
Regional insights indicate widespread solar energy adoption across Northern, Central, and Southern Vietnam. The industry overview suggests that environmental sustainability and international collaborations are key drivers, with technological advancements in solar panel efficiency and energy storage further bolstering the market. The report PDF download provides detailed industry statistics and market forecast, offering a comprehensive market analysis and industry analysis for stakeholders.
The market growth is supported by governmental incentives and efforts to reduce carbon emissions, creating a conducive environment for solar energy adoption. The industry trends and market segmentation indicate a diverse and expanding market structure. The market outlook and market review show a promising future for renewable energy companies in Vietnam, with market leaders benefiting from the favorable conditions.
The industry information and market data included in the report example provide valuable insights for research companies and industry reports. The industry research and market predictions highlight the potential for continued growth in the Vietnam solar energy market. The industry sales and market value are expected to rise, driven by the increasing emphasis on sustainability and technological advancements.
The report also includes a market overview and market segmentation, detailing the various applications and regional adoption of solar energy. The market forecast and industry size provide a historical overview and future projections, ensuring a comprehensive understanding of the market dynamics. The industry trends and market leaders are identified, offering a clear picture of the competitive landscape.
In conclusion, the Vietnam Solar Energy Market Report is a valuable resource for stakeholders, providing detailed industry statistics, market growth projections, and insightful analysis. The report PDF is available for download, offering a thorough examination of the market size, market share, and industry forecast. The industry outlook remains positive, with continued support from governmental policies and technological innovations driving the market forward.