Vietnam Solar Energy Market Size, Share, Industry Trends, Growth and Report 2025-2033

Vietnam Solar Energy Market Overview

Base Year: 2024

Historical Years: 2019-2024

Forecast Years: 2025-2033

Market Size in 2024: USD 742.0 Million

Market Forecast in 2033: USD 901.8 Million

Market Growth Rate (2025-33): 1.97%

Vietnam solar energy market size reached USD 742.0 Million in 2024. Looking forward, IMARC Group expects the market to reach USD 901.8 Million by 2033, exhibiting a growth rate (CAGR) of 1.97% during 2025-2033. Shifting preference for sustainable energy, the implementation of favorable government policies, ongoing technological advancements, rapid economic development, and industrialization represent some of the key factors driving the market.

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Vietnam Solar Energy Market Trends and Drivers:

The shift of Vietnam's solar energy market towards a consumer-centric model, away from utility-scale projects, has become essential due to reaching grid saturation in key southern provinces. This transition is driven by the need to alleviate transmission bottlenecks and follows a decentralized approach that favors distributed solar generation, with an emphasis on roof-mounted solar systems rather than large solar farms. Supportive government programs have encouraged commercial buildings, industry, and households to self-consume their rooftop solar PV systems instead of selling power to the EVN and further adding burden to the grid. These programs have been so successful that total rooftop capacity has exceeded 9000 MWac across the country, far beyond the previous government's target. Most new installations occur in commercial and industrial applications seeking to reduce energy operating costs and improve their green credentials. The increases in retail electricity prices combined with the falling price of photovoltaic panels makes the financial return on investment for the rooftop systems worthwhile; typically four to five years. It is this combination of aspirational national targets, as well as an increased understanding of the need for energy independence, on the part of businesses and households, that is driving these exponential growth rates in the installation of rooftop PV systems, reshaping the future demand outlook for electricity generation in Vietnam.

One major trend shaping market evolution is how energy storage solutions (ESS) complement, or are paired with, both new solar power plants and existing operating solar power plants. In Vietnam the value of energy storage has been recognized, given the intermittent nature of solar power generation and the very high levels of curtailment that occur during peak generation times. The opportunity to store energy produced during the peak production hours for use in the evening or when there is low irradiation is becoming a key value driver, particularly for larger plants, with some compulsory or strongly incentivized battery storage, beyond the solar farm to improved solar and storage hybrid plants, and in conjunction with pilot schemes and regulatory changes to create a market for ancillary services where stored solar energy can firm the grid frequency. The energy storage market is expected to reach several gigawatt-hours in the medium term and international technology and finance providers are expected to follow. Solar generation with storage is now the primary standard for reliable and dispatchable renewable energy to ensure that the solar energy capacity can meet base-load demand and as well as secure its role, rather than just an additional generation source, as a foundation of energy security for Vietnam.

The newest procurement mechanism to emerge in the market is called a corporate direct Power Purchase Agreement or DPPA. Driven by intense corporate demand, a strong market for virtual as well as behind the meter PPAs has rapidly developed, even while the institutional law and market for cross-border DPAs is still evolving. Corporate renewable sustainability is indeed necessary beyond global supply chains. Also, internal Environmental, Social and Governance (ESG) mandates to major domestic manufacturers and multinationals in electronics, textiles and footwear add to this powerful demand pull for solar capacity which is not covered by the state utility's single-buyer model. For long-term cost-stable and clean power, many companies now source custom-built solar power installations, behind-the-meter or off-site, developed in partnership with independent power producers, creating billions of dollars in new off-the-books investment, and resulting in a more liberalized and competitive energy system. This dynamic fundamentally alters the investment calculus of solar developers. It also sets the stage for a more diverse, more market-driven energy sector in Vietnam. It will, for example, see large energy consumers as partners, helping unlock energy transitions rather than as passive users.

Vietnam Solar Energy Market Industry Segmentation:

Technology Insights:

• Solar Photovoltaic (PV)

• Concentrated Solar Power (CSP)

Application Insights:

• On-grid

• Off-grid

End User Insights:

• Residential

• Commercial

• Industrial

Regional Insights:

• Northern Vietnam

• Central Vietnam

• Southern Vietnam

Competitive Landscape:

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

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Key highlights of the Report:

• Market Performance (2019-2024)

• Market Outlook (2025-2033)

• COVID-19 Impact on the Market

• Porter’s Five Forces Analysis

• Strategic Recommendations

• Historical, Current and Future Market Trends

• Market Drivers and Success Factors

• SWOT Analysis

• Structure of the Market

• Value Chain Analysis

• Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.

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