Reports
Reports
Sale
The Vietnam power market reached approximately 265.7 TWh in 2023. The market is projected to grow at a CAGR of 4.6% between 2024 and 2032, aided by the increasing production of renewable energy.
Vietnam Power Market Report Summary | Description | Value |
Base Year | TWh | 2023 |
Historical Period | TWh | 2018-2023 |
Forecast Period | TWh | 2024-2032 |
Market Size 2023 | TWh | 265.7 |
Market Size 2032 | TWh | XX |
CAGR 2018-2023 | Percentage | XX% |
CAGR 2024-2032 | Percentage | 4.6% |
CAGR 2024-2032 - Market by Region | Southeast | 5.1% |
CAGR 2024-2032 - Market by Region | Mekong River Delta | 4.7% |
CAGR 2024-2032 - Market by Generation Source | Renewable | 7.3% |
Market Share by Region | Southeast | 26.3% |
Vietnam Electricity (EVN) reported that the country's renewable energy production increased significantly to an impressive 37,865 GWh in 2022. This growth has positioned Vietnam as the leading renewable energy producer in Southeast Asia, contributing to 69% of the region's solar and wind power generation by 2022. The initial plan aimed for 800 MW of wind power by 2020, with a goal of 2,000 MW by 2025. However, by May 2023, the combined capacity of wind, solar, and rooftop solar projects in Vietnam had already exceeded expectations, reaching a total of 21,839 MW, surpassing the targets outlined in PDP7.
Vietnam's rapid industrialisation has led to a significant increase in the demand for energy, particularly electricity. With a large population and strong economic growth, Vietnam is considered one of the fastest-growing energy markets in Asia. The country is facing a surge in power demand, as reported by the Institute of Energy of Vietnam (IEV), which is anticipated to impact its energy security. The Vietnamese government anticipates an annual growth rate of 10-12% in power consumption until 2030, making it one of the highest in Asia.
The anticipated Power Development Plan VIII (PDP8) received approval on May 15, 2023, covering the timeframe from 2021 to 2030. As outlined in PDP8, the projected total power capacity to be installed by 2030 will reach approximately 146,000 MW and escalate to over 416,000 MW by 2045. It is envisioned that coal will contribute around 30,000 MW towards power generation by 2030. With the diminishing role of coal in power generation, natural gas, solar, and wind energy sources are expected to account for a larger percentage in the forecast period.
“Vietnam Power Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
CAGR 2024-2032 - Market by | Generation Source |
Renewable | 7.3% |
Thermal | 4.3% |
Hydro | XX% |
Others | XX% |
Market Breakup by Generation Source
CAGR 2024-2032 - Market by | Region |
Southeast | 5.1% |
Mekong River Delta | 4.7% |
Red River Delta | XX% |
South Central Coast | XX% |
Others | XX% |
Market Share by | Region |
Southeast | 26.3% |
Red River Delta | XX% |
Mekong River Delta | XX% |
South Central Coast | XX% |
Others | XX% |
Market Breakup by Region
Based on source, the market is segmented into thermal, hydro, and renewable, among others. Renewable energy sources are projected to grow at a CAGR of 7.3% during the forecast period of 2024-2032. Vietnam possesses considerable potential for renewable energy, particularly solar and wind power. The government's dedication to boosting the proportion of renewable energy in the country's power grid has spurred investment in renewable energy initiatives and stimulated growth in the power sector.
Major players are focusing on the adoption of cutting-edge technologies and renewable energy practices to gain a competitive edge in the market.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
Breakup by Generation Source |
|
Breakup by Region |
|
Market Dynamics |
|
Competitive Landscape |
|
Companies Covered |
|
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Asia Pacific Power Market Overview
8.1 Key Industry Highlights
8.2 Asia Pacific Power Historical Market (2018-2023)
8.3 Asia Pacific Power Market Forecast (2024-2032)
9 Vietnam Power Market Overview
9.1 Key Industry Highlights
9.2 Vietnam Power Historical Market (2018-2023)
9.3 Vietnam Power Market Forecast (2024-2032)
10 Vietnam Power Market by Generation Source
10.1 Thermal
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Hydro
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 Renewable
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Others
11 Vietnam Power Market by Region
11.1 Southeast
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Red River Delta
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 Mekong River Delta
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 South Central Coast
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Others
12 Market Dynamics
12.1 SWOT Analysis
12.1.1 Strengths
12.1.2 Weaknesses
12.1.3 Opportunities
12.1.4 Threats
12.2 Porter’s Five Forces Analysis
12.2.1 Supplier’s Power
12.2.2 Buyer’s Power
12.2.3 Threat of New Entrants
12.2.4 Degree of Rivalry
12.2.5 Threat of Substitutes
12.3 Key Indicators for Demand
12.4 Key Indicators for Price
13 Competitive Landscape
13.1 Market Structure
13.2 Company Profiles
13.2.1 Vietnam Electricity
13.2.1.1 Company Overview
13.2.1.2 Product Portfolio
13.2.1.3 Demographic Reach and Achievements
13.2.1.4 Certifications
13.2.2 PETROVIETNAM POWER CORPORATION
13.2.2.1 Company Overview
13.2.2.2 Product Portfolio
13.2.2.3 Demographic Reach and Achievements
13.2.2.4 Certifications
13.2.3 Hai Phong Thermal Power Joint Stock Company
13.2.3.1 Company Overview
13.2.3.2 Product Portfolio
13.2.3.3 Demographic Reach and Achievements
13.2.3.4 Certifications
13.2.4 GIA LAI ELECTRICITY JOINT STOCK COMPANY
13.2.4.1 Company Overview
13.2.4.2 Product Portfolio
13.2.4.3 Demographic Reach and Achievements
13.2.4.4 Certifications
13.2.5 Mekong Energy Co.
13.2.5.1 Company Overview
13.2.5.2 Product Portfolio
13.2.5.3 Demographic Reach and Achievements
13.2.5.4 Certifications
13.2.6 SAO MAI Group
13.2.6.1 Company Overview
13.2.6.2 Product Portfolio
13.2.6.3 Demographic Reach and Achievements
13.2.6.4 Certifications
13.2.7 SOLARBK
13.2.7.1 Company Overview
13.2.7.2 Product Portfolio
13.2.7.3 Demographic Reach and Achievements
13.2.7.4 Certifications
13.2.8 GCL (Group) Holdings Co., Ltd.
13.2.8.1 Company Overview
13.2.8.2 Product Portfolio
13.2.8.3 Demographic Reach and Achievements
13.2.8.4 Certifications
13.2.9 BIMGroup
13.2.9.1 Company Overview
13.2.9.2 Product Portfolio
13.2.9.3 Demographic Reach and Achievements
13.2.9.4 Certifications
13.2.10 TRUNGNAM GROUP
13.2.10.1 Company Overview
13.2.10.2 Product Portfolio
13.2.10.3 Demographic Reach and Achievements
13.2.10.4 Certifications
13.2.11 Others
14 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Asia Pacific Power Market: Key Industry Highlights, 2018 and 2032
2. Vietnam Power Market: Key Industry Highlights, 2018 and 2032
3. Vietnam Power Historical Market: Breakup by Generation Source (TWh), 2018-2023
4. Vietnam Power Market Forecast: Breakup by Generation Source (TWh), 2024-2032
5. Vietnam Power Historical Market: Breakup by Region (TWh), 2018-2023
6. Vietnam Power Market Forecast: Breakup by Region (TWh), 2024-2032
7. Vietnam Power Market Structure
In 2023, the market reached an approximate value of USD 265.7 TWh.
The market is estimated to grow at a CAGR of 4.6% between 2024 and 2032.
The market is being driven by rapid urbanisation, a growing population, and rising infrastructure development projects.
The key trends aiding the market expansion include the growing adoption of renewable energy practices and the expansion of grid infrastructure.
The major regions considered in the market are Southeast, Red River Delta, Mekong River Delta, and South Central Coast, among others.
The different sources of power include thermal, hydro, and renewable, among others.
The major players in the market are Vietnam Electricity, PETROVIETNAM POWER CORPORATION, Hai Phong Thermal Power Joint Stock Company, GIA LAI ELECTRICITY JOINT STOCK COMPANY, Mekong Energy Co., SAO MAI Group, SOLARBK, GCL (Group) Holdings Co., Ltd., BIMGroup, and TRUNGNAM GROUP, among others.
Datasheet
Single User License
Five User License
Corporate License
Any Question? Speak With An Analyst
View A Sample
Did You Miss Anything, Ask Now
Right People
We are technically excellent, strategic, practical, experienced and efficient; our analysts are hand-picked based on having the right attributes to work successfully and execute projects based on your expectations.
Right Methodology
We leverage our cutting-edge technology, our access to trusted databases, and our knowledge of the current models used in the market to deliver you research solutions that are tailored to your needs and put you ahead of the curve.
Right Price
We deliver in-depth and superior quality research in prices that are reasonable, unmatchable, and shows our understanding of your resource structure. We, additionally, offer attractive discounts on our upcoming reports.
Right Support
Our team of expert analysts are at your beck and call to deliver you optimum results that are customised to meet your precise needs within the specified timeframe and help you form a better understanding of the industry.