The Vietnam power market reached approximately 416.59 TWh in 2024. The market is projected to grow at a CAGR of 4.60% between 2025 and 2034, aided by the increasing production of renewable energy.
Base Year
Historical Year
Forecast Year
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.
Value in TWh
2025-2034
Vietnam Power Market Outlook
*this image is indicative*
| Vietnam Power Market Report Summary | Description | Value |
| Base Year | TWh | 2024 |
| Historical Period | TWh | 2018-2024 |
| Forecast Period | TWh | 2025-2034 |
| Market Size 2024 | TWh | 265.70 |
| Market Size 2034 | TWh | XX |
| CAGR 2018-2024 | Percentage | XX% |
| CAGR 2025-2034 | Percentage | 4.60% |
| CAGR 2025-2034 - Market by Region | Southeast | 5.1% |
| CAGR 2025-2034 - Market by Region | Mekong River Delta | 4.7% |
| CAGR 2025-2034 - 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 2025-2034” offers a detailed analysis of the market based on the following segments:
Market Breakup by Generation Source
Market Breakup by Region
| CAGR 2025-2034 - Market by | Generation Source |
| Renewable | 7.3% |
| Thermal | 4.3% |
| Hydro | XX% |
| Others | XX% |
| CAGR 2025-2034 - 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% |
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 2025-2034. 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.
*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.*
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In 2024, the market reached an approximate value of USD 265.7 TWh.
The market is estimated to grow at a CAGR of 4.6% between 2025 and 2034.
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.
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
| REPORT FEATURES | DETAILS |
| Base Year | 2024 |
| Historical Period | 2018-2024 |
| Forecast Period | 2025-2034 |
| 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 |
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| Competitive Landscape |
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| Companies Covered |
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+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-723-689-1189
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124
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