Vietnam Solar Energy Market Report and Forecast 2025-2034
Description
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.
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 2025-2034” 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 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.
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
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
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 2025-2034” 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 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.
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
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
Table of Contents
115 Pages
- 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 Solar Energy Market Overview
- 5.1 Key Industry Highlights
- 5.2 Asia Pacific Solar Energy Historical Market (2018-2024)
- 5.3 Asia Pacific Solar Energy Market Forecast (2025-2034)
- 6 Vietnam Solar Energy Market Overview
- 6.1 Key Industry Highlights
- 6.2 Vietnam Solar Energy Historical Market (2018-2024)
- 6.3 Vietnam Solar Energy Market Forecast (2025-2034)
- 7 Vietnam Solar Energy Market by Technology
- 7.1 Solar Photovoltaic
- 7.1.1 Historical Trend (2018-2024)
- 7.1.2 Forecast Trend (2025-2034)
- 7.2 Concentrated Solar Power
- 7.2.1 Historical Trend (2018-2024)
- 7.2.2 Forecast Trend (2025-2034)
- 8 Vietnam Solar Energy Market by Solar Module
- 8.1 Monocrystalline
- 8.1.1 Historical Trend (2018-2024)
- 8.1.2 Forecast Trend (2025-2034)
- 8.2 Polycrystalline
- 8.2.1 Historical Trend (2018-2024)
- 8.2.2 Forecast Trend (2025-2034)
- 8.3 Thin-Film Solar Modules
- 8.3.1 Historical Trend (2018-2024)
- 8.3.2 Forecast Trend (2025-2034)
- 8.4 Others
- 9 Vietnam Solar Energy Market by Application
- 9.1 Residential
- 9.1.1 Historical Trend (2018-2024)
- 9.1.2 Forecast Trend (2025-2034)
- 9.2 Commercial and Industrial
- 9.2.1 Historical Trend (2018-2024)
- 9.2.2 Forecast Trend (2025-2034)
- 9.3 Utility
- 9.3.1 Historical Trend (2018-2024)
- 9.3.2 Forecast Trend (2025-2034)
- 10 Vietnam Solar Energy Market by Region
- 10.1 Southeast
- 10.1.1 Historical Trend (2018-2024)
- 10.1.2 Forecast Trend (2025-2034)
- 10.2 Red River Delta
- 10.2.1 Historical Trend (2018-2024)
- 10.2.2 Forecast Trend (2025-2034)
- 10.3 Mekong River Delta
- 10.3.1 Historical Trend (2018-2024)
- 10.3.2 Forecast Trend (2025-2034)
- 10.4 South Central Coast
- 10.4.1 Historical Trend (2018-2024)
- 10.4.2 Forecast Trend (2025-2034)
- 10.5 Others
- 11 Market Dynamics
- 11.1 SWOT Analysis
- 11.1.1 Strengths
- 11.1.2 Weaknesses
- 11.1.3 Opportunities
- 11.1.4 Threats
- 11.2 Porter’s Five Forces Analysis
- 11.2.1 Supplier’s Power
- 11.2.2 Buyer’s Power
- 11.2.3 Threat of New Entrants
- 11.2.4 Degree of Rivalry
- 11.2.5 Threat of Substitutes
- 11.3 Key Indicators for Demand
- 11.4 Key Indicators for Price
- 12 Competitive Landscape
- 12.1 Supplier Selection
- 12.2 Key Global Players
- 12.3 Key Regional Players
- 12.4 Key Player Strategies
- 12.5 Company Profiles
- 12.5.1 SOLARBK
- 12.5.1.1 Company Overview
- 12.5.1.2 Product Portfolio
- 12.5.1.3 Demographic Reach and Achievements
- 12.5.1.4 Certifications
- 12.5.2 GCL (Group) Holdings Co., Ltd.
- 12.5.2.1 Company Overview
- 12.5.2.2 Product Portfolio
- 12.5.2.3 Demographic Reach and Achievements
- 12.5.2.4 Certifications
- 12.5.3 BIMGroup
- 12.5.3.1 Company Overview
- 12.5.3.2 Product Portfolio
- 12.5.3.3 Demographic Reach and Achievements
- 12.5.3.4 Certifications
- 12.5.4 TRUNGNAM GROUP
- 12.5.4.1 Company Overview
- 12.5.4.2 Product Portfolio
- 12.5.4.3 Demographic Reach and Achievements
- 12.5.4.4 Certifications
- 12.5.5 TTC Group
- 12.5.5.1 Company Overview
- 12.5.5.2 Product Portfolio
- 12.5.5.3 Demographic Reach and Achievements
- 12.5.5.4 Certifications
- 12.5.6 Red Solar Energy Joint Stock Company.
- 12.5.6.1 Company Overview
- 12.5.6.2 Product Portfolio
- 12.5.6.3 Demographic Reach and Achievements
- 12.5.6.4 Certifications
- 12.5.7 Others
Pricing
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