Vietnam Solar Energy Market Report and Forecast 2024-2032

Vietnam Solar Energy Market Size

The Vietnam Solar Energy market reached approximately 25.43 TWh in 2023. The market is projected to grow at a CAGR of 3.1% between 2024 and 2032, reaching a value of around 33.47 TWh by 2032.

Vietnam Solar Energy Market Outlook

• 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).

Vietnam Solar Energy Market Growth

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.

Vietnam Solar Energy Industry Segmentation

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

Market Breakup by Technology

• Solar Photovoltaic

• Concentrated Solar Power

Market Breakup by Solar Module

• Monocrystalline

• Polycrystalline

• Thin-Film Solar Modules

• Others

Market Breakup by Application

• Residential

• Commercial and Industrial 

• Utility

Market Breakup by Region

• Southeast

• Red River Delta

• Mekong River Delta

• South Central Coast

• Others

Vietnam Solar Energy Market Share

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 2024-2032. 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.

Leading Companies in the Vietnam Solar Energy Market

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

• SOLARBK

• GCL (Group) Holdings Co., Ltd.

• BIMGroup

• TRUNGNAM GROUP

• TTC Group

• Red Solar Energy Joint Stock Company.

• Others

Key Highlights of the Report

Vietnam Solar Energy Market Report Snapshots

Vietnam Solar Energy Market Size

Vietnam Solar Energy Market Growth

Vietnam Solar Energy Market Share

Vietnam Solar Energy Companies