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.
Vietnam Power Market Growth
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 Industry Segmentation
“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
Thermal
Hydro
Renewable
Others
Market Breakup by Region
Southeast
Red River Delta
Mekong River Delta
South Central Coast
Others
Vietnam Power Market Share
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.
Leading Companies in the Vietnam Power Market
Major players are focusing on the adoption of cutting-edge technologies and renewable energy practices to gain a competitive edge in the market.
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
TRUNGNAM GROUP
Others
Vietnam Power Market Report Snapshots
Vietnam Power Market Size
Vietnam Power Market Growth
Vietnam Power Market Share
Vietnam Power Companies
- 1 Executive Summary
- 1.1 Market Size 2024-2025
- 1.2 Market Growth 2025(F)-2034(F)
- 1.3 Key Demand Drivers
- 1.4 Key Players and Competitive Structure
- 1.5 Industry Best Practices
- 1.6 Recent Trends and Developments
- 1.7 Industry Outlook
- 2 Market Overview and Stakeholder Insights
- 2.1 Market Trends
- 2.2 Key Verticals
- 2.3 Key Regions
- 2.4 Supplier Power
- 2.5 Buyer Power
- 2.6 Key Market Opportunities and Risks
- 2.7 Key Initiatives by Stakeholders
- 3 Economic Summary
- 3.1 GDP Outlook
- 3.2 GDP Per Capita Growth
- 3.3 Inflation Trends
- 3.4 Democracy Index
- 3.5 Gross Public Debt Ratios
- 3.6 Balance of Payment (BoP) Position
- 3.7 Population Outlook
- 3.8 Urbanisation Trends
- 4 Country Risk Profiles
- 4.1 Country Risk
- 4.2 Business Climate
- 5 Asia Pacific Power Market Overview
- 5.1 Key Industry Highlights
- 5.2 Asia Pacific Power Historical Market (2018-2024)
- 5.3 Asia Pacific Power Market Forecast (2025-2034)
- 6 Vietnam Power Market Overview
- 6.1 Key Industry Highlights
- 6.2 Vietnam Power Historical Market (2018-2024)
- 6.3 Vietnam Power Market Forecast (2025-2034)
- 7 Vietnam Power Market by Generation Source
- 7.1 Thermal
- 7.1.1 Historical Trend (2018-2024)
- 7.1.2 Forecast Trend (2025-2034)
- 7.2 Hydro
- 7.2.1 Historical Trend (2018-2024)
- 7.2.2 Forecast Trend (2025-2034)
- 7.3 Renewable
- 7.3.1 Historical Trend (2018-2024)
- 7.3.2 Forecast Trend (2025-2034)
- 7.4 Others
- 8 Vietnam Power Market by Region
- 8.1 Southeast
- 8.1.1 Historical Trend (2018-2024)
- 8.1.2 Forecast Trend (2025-2034)
- 8.2 Red River Delta
- 8.2.1 Historical Trend (2018-2024)
- 8.2.2 Forecast Trend (2025-2034)
- 8.3 Mekong River Delta
- 8.3.1 Historical Trend (2018-2024)
- 8.3.2 Forecast Trend (2025-2034)
- 8.4 South Central Coast
- 8.4.1 Historical Trend (2018-2024)
- 8.4.2 Forecast Trend (2025-2034)
- 8.5 Others
- 9 Market Dynamics
- 9.1 SWOT Analysis
- 9.1.1 Strengths
- 9.1.2 Weaknesses
- 9.1.3 Opportunities
- 9.1.4 Threats
- 9.2 Porter’s Five Forces Analysis
- 9.2.1 Supplier’s Power
- 9.2.2 Buyer’s Power
- 9.2.3 Threat of New Entrants
- 9.2.4 Degree of Rivalry
- 9.2.5 Threat of Substitutes
- 9.3 Key Indicators for Demand
- 9.4 Key Indicators for Price
- 10 Competitive Landscape
- 10.1 Supplier Selection
- 10.2 Key Global Players
- 10.3 Key Regional Players
- 10.4 Key Player Strategies
- 10.5 Company Profiles
- 10.5.1 Vietnam Electricity
- 10.5.1.1 Company Overview
- 10.5.1.2 Product Portfolio
- 10.5.1.3 Demographic Reach and Achievements
- 10.5.1.4 Certifications
- 10.5.2 PETROVIETNAM POWER CORPORATION
- 10.5.2.1 Company Overview
- 10.5.2.2 Product Portfolio
- 10.5.2.3 Demographic Reach and Achievements
- 10.5.2.4 Certifications
- 10.5.3 Hai Phong Thermal Power Joint Stock Company
- 10.5.3.1 Company Overview
- 10.5.3.2 Product Portfolio
- 10.5.3.3 Demographic Reach and Achievements
- 10.5.3.4 Certifications
- 10.5.4 GIA LAI ELECTRICITY JOINT STOCK COMPANY
- 10.5.4.1 Company Overview
- 10.5.4.2 Product Portfolio
- 10.5.4.3 Demographic Reach and Achievements
- 10.5.4.4 Certifications
- 10.5.5 Mekong Energy Co.
- 10.5.5.1 Company Overview
- 10.5.5.2 Product Portfolio
- 10.5.5.3 Demographic Reach and Achievements
- 10.5.5.4 Certifications
- 10.5.6 SAO MAI Group
- 10.5.6.1 Company Overview
- 10.5.6.2 Product Portfolio
- 10.5.6.3 Demographic Reach and Achievements
- 10.5.6.4 Certifications
- 10.5.7 SOLARBK
- 10.5.7.1 Company Overview
- 10.5.7.2 Product Portfolio
- 10.5.7.3 Demographic Reach and Achievements
- 10.5.7.4 Certifications
- 10.5.8 GCL (Group) Holdings Co., Ltd.
- 10.5.8.1 Company Overview
- 10.5.8.2 Product Portfolio
- 10.5.8.3 Demographic Reach and Achievements
- 10.5.8.4 Certifications
- 10.5.9 BIMGroup
- 10.5.9.1 Company Overview
- 10.5.9.2 Product Portfolio
- 10.5.9.3 Demographic Reach and Achievements
- 10.5.9.4 Certifications
- 10.5.10 TRUNGNAM GROUP
- 10.5.10.1 Company Overview
- 10.5.10.2 Product Portfolio
- 10.5.10.3 Demographic Reach and Achievements
- 10.5.10.4 Certifications
- 10.5.11 Others
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