Vietnam Power Market Report and Forecast 2024-2032

Vietnam Power Market Size

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 Outlook

• In a significant step towards sustainable development, the Vietnamese government approved the National Electricity Development Plan 2021-2030 with a vision to achieve net-zero emissions by 2050.

• As of the year 2023, Vietnam's total electricity consumption stood at approximately 266 TWh.

• Vietnam has committed to achieving zero emissions by 2050 and is also investing in the introduction of renewable energy practices.

Vietnam Power Market Growth

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 Industry Segmentation

“Vietnam Power Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Generation Source

• Thermal

• Hydro

• Renewable

• Others

Market Breakup by Region

• Southeast

• Red River Delta

• Mekong River Delta

• South Central Coast

• Others

Vietnam Power Market Share

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.

Leading Companies in the Vietnam Power Market

Major players are focusing on the adoption of cutting-edge technologies and renewable energy practices to gain a competitive edge in the market.

• 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

• TRUNGNAM GROUP

• Others

Key Highlights of the Report

Vietnam Power Market Report Snapshots

Vietnam Power Market Size

Vietnam Power Market Growth

Vietnam Power Market Share

Vietnam Power Companies