The Vietnam Solar Energy market reached approximately 25.43 TWh in 2024. The market is projected to grow at a CAGR of 3.10% between 2025 and 2034, reaching a value of around 34.51 TWh by 2034.
Base Year
Historical Period
Forecast Period
Vietnam's strategic energy development plan for 2021-2030 targets a renewable energy share of 15-20% in the overall primary energy mix by 2030, with a long-term goal of reaching 80-85% by 2050.
The 350MW solar PV project, the Loc Ninh Solar PV Park was inaugurated in 2021. Situated in Binh Phuoc, Vietnam, this project was a significant addition to the region's renewable energy infrastructure.
Vietnam was among the top 10 nations with the largest installed solar energy capacity in 2021, according to the International Renewable Energy Agency (IRENA).
Value in TWh
2025-2034
Vietnam Solar Energy Market Outlook
*this image is indicative*
| Vietnam Solar Energy Market Report Summary | Description | Value |
| Base Year | TWh | 2024 |
| Historical Period | TWh | 2018-2024 |
| Forecast Period | TWh | 2025-2034 |
| Market Size 2024 | TWh | 25.43 |
| Market Size 2034 | TWh | 34.51 |
| CAGR 2018-2024 | Percentage | XX% |
| CAGR 2025-2034 | Percentage | 3.10% |
| CAGR 2025-2034 - Market by Region | Southeast | 3.6% |
| CAGR 2025-2034 - Market by Region | Mekong River Delta | 3.0% |
| CAGR 2025-2034 - Market by Technology | Solar Photovoltaic | 3.7% |
| CAGR 2025-2034 - Market by Solar Module | Thin-Film Solar Modules | 3.9% |
| Market Share by Region | Southeast | 29.4% |
Vietnam has experienced a significant increase in electricity demand, more than doubling due to the country's strong economic growth, population expansion, and rapid industrialisation and urbanisation. As of 2021, Vietnam has a total of 16.5 GW of solar power capacity, along with 11.8 GW of wind power capacity. The government has ambitious plans to further enhance this by installing 12 GW of onshore and offshore wind power by 2025. The region is home to some of the most prominent solar energy facilities, including Trung Nam Solar PV Park I, Dau Tieng Solar PV Park, Loc Ninh Solar PV Park, Phu My Solar PV Power Project, and Hong Phong 1A & 1B Solar PV Park.
The country’s resolve to cut greenhouse gas emissions and growing environmental consciousness are driving the country's transition to solar energy and other renewable energy sources. With 1,109GW of total recorded solar PV capacity, solar PV capacity accounted for 13.0% of all power plant installations worldwide in 2022. By the end of 2030, this is anticipated to contribute 30%, with a total installation capacity of up to 4,002GW. Vietnam accounts for 1.68% of the world's total solar photovoltaic capacity.
The “Vietnam Solar Energy Market Report and Forecast 2025-2034” offers a detailed analysis of the market based on the following segments:
Market Breakup by Technology
Market Breakup by Solar Module
Market Breakup by Application
Market Breakup by Region
| CAGR 2025-2034 - Market by | Technology |
| Solar Photovotaic | 3.7% |
| Concentrated Solar Power | XX% |
| CAGR 2025-2034 - Market by | Solar Module |
| Thin-Film Solar Modules | 3.9% |
| Monocrystalline | 3.3% |
| Polycrystalline | XX% |
| Others | XX% |
| CAGR 2025-2034 - Market by | Region |
| Southeast | 3.6% |
| Mekong River Delta | 3.0% |
| Red River Delta | XX% |
| South Central Coast | XX% |
| Others | XX% |
Based on technology, the market is segmented into solar photovoltaic and concentrated solar power. The solar photovoltaic segment is projected to grow at a CAGR of 3.7% during the forecast period of 2025-2034. Solar photovoltaic (PV) systems offer great scalability and can be installed in various sizes and setups, ranging from small residential rooftops to expansive utility-scale solar farms. This adaptability makes it possible for widespread use in different sectors and areas.
| Market Share by | Region |
| Southeast | 29.4% |
| Red River Delta | XX% |
| Mekong River Delta | XX% |
| South Central Coast | XX% |
| Others | XX% |
Major players are focusing on the adoption of cutting-edge technologies to gain a competitive edge in the market.
Vietnam Solar Energy Market Size
Vietnam Solar Energy Market Growth
*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 25.43 TWh.
The market is estimated to grow at a CAGR of 3.10% between 2025 and 2034.
The market is estimated to witness a healthy growth during 2025-2034 to reach around 34.51 TWh by 2034.
The market is being driven by rapid urbanisation, rising energy demand, and favourable geographical conditions of the country.
The key trends aiding the market expansion include international climate goals and grid modernisation.
The major regions considered in the market are Southeast, Red River Delta, Mekong River Delta, and South Central Coast, among others.
The different applications of solar energy include residential, commercial and industrial, and utility.
The major players in the market are SOLARBK, GCL (Group) Holdings Co., Ltd., BIMGroup, TRUNGNAM GROUP, TTC Group, and Red Solar Energy Joint Stock Company, 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 Technology |
|
| Breakup by Solar Module |
|
| Breakup by Application |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
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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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