Market Size of Vietnam Power Industry
|2020 - 2029
|Base Year For Estimation
|Forecast Data Period
|2024 - 2029
|Historical Data Period
|2020 - 2022
|> 5.00 %
*Disclaimer: Major Players sorted in no particular order
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Vietnam Power Market Analysis
The Vietnamese power market is expected to record a CAGR of more 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.