Vietnam Solar Energy Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Vietnam Solar Energy Market Report is Segmented by Technology (Photovoltaic (PV) and Concentrated Solar Photovoltaic (CSP)). The Report Offers Market Sizes and Forecasts in Installed Capacity (GW) for all the Above Segments.

Vietnam Solar Energy Market Size

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Vietnam Solar Energy Market - Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Market Volume (2024) 18.80 gigawatt
Market Volume (2029) 20.76 gigawatt
CAGR (2024 - 2029) 2.44 %
Market Concentration Medium

Major Players

Vietnam Solar Energy Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Vietnam Solar Energy Market Analysis

The Vietnam Solar Energy Market size in terms of installed base is expected to grow from 18.80 gigawatt in 2024 to 20.76 gigawatt by 2029, at a CAGR of 2.44% during the forecast period (2024-2029).

  • 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 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 May 2023, the Vietnamese government launched a USD 135 billion energy strategy. Through a net-metering scheme, half of the country's residential rooftops will be outfitted with photovoltaic (PV) systems. The government hopes to be a power exporter in eight years.
  • Furthermore, Vietnam has experienced significant growth in solar PV projects in recent years. The government has also implemented supportive policies and incentives to encourage investments in renewable energy, including solar power. The government has allotted several projects to leading solar companies to improve infrastructure across the country and increase energy production over the coming year across the country.
  • For instance, as of February 2024, the government announced several projects, including Hai Lang Green Hydrogen Solar PV Park, with a capacity of 4,300 MW and expected to be commissioned by 2027; Ho Chi Minh Rooftop Solar PV Park, with a capacity of 1,000 MW and to be commissioned by 2025; Thuan Nam Solar Power Plant Project, with a capacity of 630 MW and to be commissioned by 2027. These projects are likely to increase solar energy production across the region in the coming years.
  • Owing to the aforementioned developments, the solar PV segment is expected to have the largest market share in Vietnam during the forecast period.
Vietnam Solar Energy Market: Total Solar PV Installed Capacity, in MW, Vietnam, 2018-2023

Increasing Electricity Demand is Driving Market Demand

  • 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 2022, electricity generation across the country was 180.4 Terawatt-hours, an increase of 2.3% compared to 2021. 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.
  • 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.
  • For instance, in November 2023, Trina Solar, a Chinese solar panel manufacturer, announced an investment of USD 420 million for research and development in rooftop solar power projects across the region in the coming years. These types of investments help upcoming solar projects to fulfill the rising electricity demand during the forecast period.
  • 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: Electricity Generation, in Terawatt-hours, Vietnam, 2018- 2022

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

  1. SONG GIANG SOLARPOWER JSC

  2. Vietnam Sunergy Joint Stock Company

  3. Sharp Energy Solutions Corporation

  4. Berkeley Energy Commercial & Industrial Solutions

  5. Tata Power Solar Systems Ltd.

*Disclaimer: Major Players sorted in no particular order

Vietnam Solar Energy Market Concentration
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Vietnam Solar Energy Market News

  • June 2023: AD Green, a Vietnamese solar panel producer, started production at its new Thai Binh factory. The project was launched with a capacity of 500 MW and was expected to expand to 3 GW within a year. The fully functioning facility distributes its 540 W monocrystalline solar panels to domestic and international customers.
  • March 2023: SP Group bought 100 megawatt-peak (MWp) solar power farm assets in central Vietnam's Phu Yen province. Europlast Phu Yen and Thanh Long Phu Yen are 50 MWp facilities. The transactions represent SP's first investment in solar farm assets in Vietnam, and they are part of SP Group's green goals in Vietnam, which include investing in and developing 1.5 GW of utility-scale and rooftop solar projects in the next three years.

Vietnam Solar Energy Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Scope of the Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions

  2. 2. EXECUTIVE SUMMARY

  3. 3. RESEARCH METHODOLOGY

  4. 4. MARKET OVERVIEW

    1. 4.1 Introduction

    2. 4.2 Renewable Energy Mix, Vietnam, 2023

    3. 4.3 Solar Energy Installed Capacity and Forecast, in GW, till 2029

    4. 4.4 Government Policies and Regulations

    5. 4.5 Recent Trends and Developments

    6. 4.6 Market Dynamics

      1. 4.6.1 Drivers

        1. 4.6.1.1 Increasing Investments in the Renewable Energy Industry

        2. 4.6.1.2 Increasing Electricity Demand in Major Provinces

      2. 4.6.2 Restraints

        1. 4.6.2.1 Increasing Adoption of Alternative Clean Energy Sources

    7. 4.7 Supply Chain Analysis

    8. 4.8 PESTLE Analysis

  5. 5. MARKET SEGMENTATION

    1. 5.1 Technology

      1. 5.1.1 Solar Photovoltaic (PV)

      2. 5.1.2 Concentrated Solar Power (CSP)

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Strategies Adopted by Leading Players

    3. 6.3 Company Profiles

      1. 6.3.1 SONG GIANG SOLARPOWER JSC

      2. 6.3.2 Vietnam Sunergy Joint Stock Company

      3. 6.3.3 Sharp Energy Solutions Corporation

      4. 6.3.4 TATA POWER SOLAR SYSTEMS LTD

      5. 6.3.5 Vivaan Solar Private Limited

      6. 6.3.6 B.Grimm Power Public Co Ltd

      7. 6.3.7 ACWA Power Company

      8. 6.3.8 Wuxi Suntech Power Co. Ltd

      9. 6.3.9 Berkeley Energy Commercial & Industrial Solutions

    4. *List Not Exhaustive
    5. 6.4 Market Ranking Analysis

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Vietnam's Power Development Plan VII Intends to Increase the Share of Renewable Energy

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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 (GW).

Technology
Solar Photovoltaic (PV)
Concentrated Solar Power (CSP)
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Vietnam Solar Energy Market Research FAQs

The Vietnam Solar Energy Market size is expected to reach 18.80 gigawatt in 2024 and grow at a CAGR of 2.44% to reach 20.76 gigawatt by 2029.

In 2024, the Vietnam Solar Energy Market size is expected to reach 18.80 gigawatt.

SONG GIANG SOLARPOWER JSC, Vietnam Sunergy Joint Stock Company, Sharp Energy Solutions Corporation, Berkeley Energy Commercial & Industrial Solutions and Tata Power Solar Systems Ltd. are the major companies operating in the Vietnam Solar Energy Market.

In 2023, the Vietnam Solar Energy Market size was estimated at 18.34 gigawatt. The report covers the Vietnam Solar Energy Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Vietnam Solar Energy Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Vietnam Solar Energy Industry Report

Statistics for the 2024 Vietnam Solar Energy market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Vietnam Solar Energy analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Vietnam Solar Energy Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)