Vietnam Solar Energy Market Size, Share, Growth, Trends and Outlook 2026-2034

Market Overview

The Vietnam solar energy market reached USD 756.5 Million in 2025 and is expected to grow to USD 904.1 Million by 2034, with a CAGR of 2.00% during 2026-2034. Growth is driven by abundant sunlight, supportive government policies such as feed-in tariffs and tax exemptions, technological advances, and rapid economic development. Rising environmental awareness and decreasing costs of photovoltaic panels further boost market expansion.

Study Assumption Years

• Base Year: 2025

• Historical Year/Period: 2020-2025

• Forecast Year/Period: 2026-2034

Vietnam Solar Energy Market Key Takeaways

• The Vietnam solar energy market size was USD 756.5 Million in 2025.

• The market is projected to grow at a CAGR of 2.00% during 2026-2034.

• The forecast period for market growth is 2026-2034.

• Vietnam benefits from abundant sunlight supporting large-scale and distributed solar projects.

• Government incentives include feed-in tariffs, tax exemptions, and preferential loans driving solar adoption.

• Decreasing costs of photovoltaic technology increase accessibility and cost-effectiveness.

• International partnerships enhance knowledge and technology transfer in solar energy.

• Rapid economic growth and evolving grid infrastructure boost energy demand and reliable solar integration.

  
  

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Market Growth Factors

Vietnam's solar energy industry is mainly driven by the high intensity of sunlight that the country receives all year round. This is an obvious advantage for solar energy production. In addition to that, favorable policies set by the Vietnamese government, including feed-in tariffs and exemptions of taxes and favorable loans for companies that invest in solar energy, have created an enabling environment for a growth in Vietnam's solar industry. This is because many companies are investing in solar power due to these policies.

Sustainability in the environment is an important driver of this market. As awareness concerning reduced carbon emissions has grown, a motivation has been created to move towards cleaner energy production methods such as solar power. Moreover, a steady fall in the cost of photovoltaic cell prices has made it even more feasible to opt for this alternative energy solution. On a similar note, international cooperation has also acted as an important driver concerning expanding this market.

The growing economy and industrialization of Vietnam have fuelled the country’s energy consumption. Enhancements in the national power infrastructure introduce efficiency in the harnessing of solar energy, ensuring a constant energy supply with increased adoption of solar energy. Improvements in the efficiency of converting sunlight into energy through advanced storage mechanisms have presented lucrative investment opportunites, boosting the growth of the Vietnam solar energy market. These contributing elements have fueled the future of the Vietnam solar energy market.

Market Segmentation

Technology Insights:

• Solar Photovoltaic (PV): This technology converts sunlight into electricity using semiconductor materials like silicon.

• Concentrated Solar Power (CSP): This system concentrates sunlight to generate high-temperature heat for electricity or heating.

Application Insights:

• On-grid: Systems connected to the national electricity grid that feed electricity directly.

• Off-grid: Independent systems providing electricity to remote locations without grid access.

End User Insights:

• Residential: Solar installations for household electricity needs.

• Commercial: Solar systems deployed in business and commercial establishments.

• Industrial: Large-scale solar energy use in industrial operations.

Regional Insights

The report identifies Northern Vietnam, Central Vietnam, and Southern Vietnam as the key regional markets. While the source does not provide explicit dominance statistics, all three regions are considered significant for solar energy deployment. These regions collectively support the country's solar market expansion through varied climatic and infrastructural advantages.

Competitive Landscape

The competitive landscape of the industry has also been examined along with the profiles of the key players.

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