Vietnam bifacial solar market report Size, Share, Growth Drivers, Trends, Opportunities & Forecast 2025–2030
Description
Vietnam Bifacial Solar Market Overview
The Vietnam Bifacial Solar Market is valued at USD 1.5 billion, based on a five-year historical analysis. This growth is primarily driven by the increasing demand for renewable energy sources, government incentives such as feed-in tariffs, and advancements in solar technology. The adoption of bifacial solar panels, which offer higher efficiency and energy yield, has significantly contributed to the market's expansion, alongside the country's robust solar PV deployment and manufacturing ecosystem .
Key hubs for solar market activity include
Ho Chi Minh City, Hanoi, and Da Nang
, which dominate due to their strategic locations, robust infrastructure, and supportive government policies. These cities have seen substantial investments in solar energy projects, making them centers for solar technology development and deployment .
The regulatory framework for solar projects in Vietnam is governed by the
Decision No. 13/2020/QD-TTg issued by the Prime Minister of Vietnam in 2020
. This regulation sets out requirements for solar power development, including technical standards, licensing, and eligibility for feed-in tariffs. While it does not mandate a specific percentage of bifacial technology, it establishes operational standards and incentives for advanced solar technologies, promoting higher efficiency and environmental performance in new projects .
Vietnam Bifacial Solar Market Segmentation
By Cell Technology:
The bifacial solar market is segmented based on cell technology, which includes various types of bifacial panels that cater to different consumer needs and preferences. The primary subsegments are N-type TOPCon bifacial panels, Heterojunction (HJT) bifacial panels, PERC bifacial panels, and others such as IBC panels. Each technology offers unique advantages in terms of efficiency, cost, and application suitability .
The
N-type TOPCon bifacial panels
are currently dominating the market due to their superior efficiency and performance in low-light conditions. This technology has gained traction among utility-scale projects, where maximizing energy output is crucial. The increasing awareness of the benefits of bifacial technology among consumers and developers has further propelled its adoption, making it the leading choice in the market .
By End-User:
The bifacial solar market is also segmented by end-user categories, which include utility-scale power plants, commercial and industrial (C&I) users, residential consumers, and government and institutional projects. Each segment has distinct requirements and preferences, influencing the choice of bifacial technology .
Utility-scale power plants
are the leading end-user segment, accounting for a significant portion of the market. This dominance is attributed to the large-scale deployment of bifacial solar technology in solar farms, where the focus is on maximizing energy generation and reducing costs. The commercial and industrial sector is also growing rapidly, driven by the need for sustainable energy solutions and cost savings on electricity bills .
Vietnam Bifacial Solar Market Competitive Landscape
The Vietnam Bifacial Solar Market is characterized by a dynamic mix of regional and international players. Leading participants such as Vietnam Electricity (EVN), Trung Nam Group, SolarBK, BCG Energy, First Solar, JinkoSolar, Canadian Solar, Hanwha Q CELLS, LONGi Green Energy, TTP Solar, Sharp Corporation, Trina Solar, REC Group, SunPower Corporation, Yingli Green Energy contribute to innovation, geographic expansion, and service delivery in this space .
Vietnam Electricity (EVN)
1954
Hanoi, Vietnam
Trung Nam Group
2004
Ho Chi Minh City, Vietnam
SolarBK
2009
Ho Chi Minh City, Vietnam
BCG Energy
2016
Ho Chi Minh City, Vietnam
First Solar
1999
Tempe, Arizona, USA
Company
Establishment Year
Headquarters
Group Size (Large, Medium, or Small as per industry convention)
Installed Bifacial Capacity (MW)
Annual Revenue from Bifacial Solar (USD Million)
Market Share in Vietnam Bifacial Segment (%)
Project Pipeline (MW, Announced/Under Construction)
Module Efficiency (%)
Vietnam Bifacial Solar Market Industry Analysis
Growth Drivers
Increasing Energy Demand:
Vietnam's energy consumption is projected to reach 450 terawatt-hours (TWh) in future, driven by rapid industrialization and urbanization. The country's electricity demand is growing at an annual rate of 11%, necessitating a shift towards renewable sources. This surge in energy needs is prompting investments in solar technologies, particularly bifacial solar panels, which can generate more energy per unit area compared to traditional panels, thus addressing the energy gap effectively.
Government Incentives for Renewable Energy:
The Vietnamese government has implemented various incentives to promote renewable energy, including a feed-in tariff of 2,200 VND per kWh for solar power. In future, the government aims to increase the share of renewable energy in the national energy mix to 25%. These policies are designed to attract both domestic and foreign investments, fostering a conducive environment for the growth of the bifacial solar market.
Technological Advancements in Solar Technology:
The advancement of bifacial solar technology has significantly improved energy efficiency, with some models achieving up to 35% higher energy output than traditional panels. In future, the cost of bifacial solar panels is expected to decrease by 20%, making them more accessible. This technological evolution is crucial for Vietnam, where maximizing energy output is essential to meet the increasing demand and sustainability goals.
Market Challenges
High Initial Investment Costs:
The initial capital required for installing bifacial solar systems can be substantial, often exceeding 1.8 million VND per kW. This high upfront cost poses a significant barrier for many potential investors and consumers. In future, the average payback period for solar investments in Vietnam is estimated to be around 7-9 years, which may deter adoption despite long-term savings on energy bills.
Regulatory Uncertainties:
The regulatory landscape for solar energy in Vietnam is still evolving, leading to uncertainties that can hinder investment. Frequent changes in policies and tariffs create a challenging environment for stakeholders. In future, the lack of a stable regulatory framework may result in delays for project approvals, impacting the timely deployment of bifacial solar technologies and overall market growth.
Vietnam Bifacial Solar Market Future Outlook
The future of the Vietnam bifacial solar market appears promising, driven by increasing energy demands and supportive government policies. As technological advancements continue to enhance efficiency and reduce costs, the adoption of bifacial solar panels is expected to rise significantly. Additionally, the integration of smart grid technologies will facilitate better energy management, further boosting the market. Stakeholders are likely to focus on sustainable practices, aligning with global trends towards renewable energy solutions, which will shape the market landscape in the coming years.
Market Opportunities
Expansion of Solar Farms:
The Vietnamese government plans to develop 12,000 MW of solar capacity in future, creating significant opportunities for bifacial solar farms. This expansion will not only enhance energy production but also attract investments from both local and international players, fostering a competitive market environment.
Development of Energy Storage Solutions:
With the increasing penetration of solar energy, the demand for energy storage solutions is expected to rise. In future, the energy storage market in Vietnam is projected to reach 1,200 MW, providing opportunities for innovative storage technologies that complement bifacial solar systems, ensuring energy reliability and efficiency.
Please Note: It will take 5-7 business days to complete the report upon order confirmation.
The Vietnam Bifacial Solar Market is valued at USD 1.5 billion, based on a five-year historical analysis. This growth is primarily driven by the increasing demand for renewable energy sources, government incentives such as feed-in tariffs, and advancements in solar technology. The adoption of bifacial solar panels, which offer higher efficiency and energy yield, has significantly contributed to the market's expansion, alongside the country's robust solar PV deployment and manufacturing ecosystem .
Key hubs for solar market activity include
Ho Chi Minh City, Hanoi, and Da Nang
, which dominate due to their strategic locations, robust infrastructure, and supportive government policies. These cities have seen substantial investments in solar energy projects, making them centers for solar technology development and deployment .
The regulatory framework for solar projects in Vietnam is governed by the
Decision No. 13/2020/QD-TTg issued by the Prime Minister of Vietnam in 2020
. This regulation sets out requirements for solar power development, including technical standards, licensing, and eligibility for feed-in tariffs. While it does not mandate a specific percentage of bifacial technology, it establishes operational standards and incentives for advanced solar technologies, promoting higher efficiency and environmental performance in new projects .
Vietnam Bifacial Solar Market Segmentation
By Cell Technology:
The bifacial solar market is segmented based on cell technology, which includes various types of bifacial panels that cater to different consumer needs and preferences. The primary subsegments are N-type TOPCon bifacial panels, Heterojunction (HJT) bifacial panels, PERC bifacial panels, and others such as IBC panels. Each technology offers unique advantages in terms of efficiency, cost, and application suitability .
The
N-type TOPCon bifacial panels
are currently dominating the market due to their superior efficiency and performance in low-light conditions. This technology has gained traction among utility-scale projects, where maximizing energy output is crucial. The increasing awareness of the benefits of bifacial technology among consumers and developers has further propelled its adoption, making it the leading choice in the market .
By End-User:
The bifacial solar market is also segmented by end-user categories, which include utility-scale power plants, commercial and industrial (C&I) users, residential consumers, and government and institutional projects. Each segment has distinct requirements and preferences, influencing the choice of bifacial technology .
Utility-scale power plants
are the leading end-user segment, accounting for a significant portion of the market. This dominance is attributed to the large-scale deployment of bifacial solar technology in solar farms, where the focus is on maximizing energy generation and reducing costs. The commercial and industrial sector is also growing rapidly, driven by the need for sustainable energy solutions and cost savings on electricity bills .
Vietnam Bifacial Solar Market Competitive Landscape
The Vietnam Bifacial Solar Market is characterized by a dynamic mix of regional and international players. Leading participants such as Vietnam Electricity (EVN), Trung Nam Group, SolarBK, BCG Energy, First Solar, JinkoSolar, Canadian Solar, Hanwha Q CELLS, LONGi Green Energy, TTP Solar, Sharp Corporation, Trina Solar, REC Group, SunPower Corporation, Yingli Green Energy contribute to innovation, geographic expansion, and service delivery in this space .
Vietnam Electricity (EVN)
1954
Hanoi, Vietnam
Trung Nam Group
2004
Ho Chi Minh City, Vietnam
SolarBK
2009
Ho Chi Minh City, Vietnam
BCG Energy
2016
Ho Chi Minh City, Vietnam
First Solar
1999
Tempe, Arizona, USA
Company
Establishment Year
Headquarters
Group Size (Large, Medium, or Small as per industry convention)
Installed Bifacial Capacity (MW)
Annual Revenue from Bifacial Solar (USD Million)
Market Share in Vietnam Bifacial Segment (%)
Project Pipeline (MW, Announced/Under Construction)
Module Efficiency (%)
Vietnam Bifacial Solar Market Industry Analysis
Growth Drivers
Increasing Energy Demand:
Vietnam's energy consumption is projected to reach 450 terawatt-hours (TWh) in future, driven by rapid industrialization and urbanization. The country's electricity demand is growing at an annual rate of 11%, necessitating a shift towards renewable sources. This surge in energy needs is prompting investments in solar technologies, particularly bifacial solar panels, which can generate more energy per unit area compared to traditional panels, thus addressing the energy gap effectively.
Government Incentives for Renewable Energy:
The Vietnamese government has implemented various incentives to promote renewable energy, including a feed-in tariff of 2,200 VND per kWh for solar power. In future, the government aims to increase the share of renewable energy in the national energy mix to 25%. These policies are designed to attract both domestic and foreign investments, fostering a conducive environment for the growth of the bifacial solar market.
Technological Advancements in Solar Technology:
The advancement of bifacial solar technology has significantly improved energy efficiency, with some models achieving up to 35% higher energy output than traditional panels. In future, the cost of bifacial solar panels is expected to decrease by 20%, making them more accessible. This technological evolution is crucial for Vietnam, where maximizing energy output is essential to meet the increasing demand and sustainability goals.
Market Challenges
High Initial Investment Costs:
The initial capital required for installing bifacial solar systems can be substantial, often exceeding 1.8 million VND per kW. This high upfront cost poses a significant barrier for many potential investors and consumers. In future, the average payback period for solar investments in Vietnam is estimated to be around 7-9 years, which may deter adoption despite long-term savings on energy bills.
Regulatory Uncertainties:
The regulatory landscape for solar energy in Vietnam is still evolving, leading to uncertainties that can hinder investment. Frequent changes in policies and tariffs create a challenging environment for stakeholders. In future, the lack of a stable regulatory framework may result in delays for project approvals, impacting the timely deployment of bifacial solar technologies and overall market growth.
Vietnam Bifacial Solar Market Future Outlook
The future of the Vietnam bifacial solar market appears promising, driven by increasing energy demands and supportive government policies. As technological advancements continue to enhance efficiency and reduce costs, the adoption of bifacial solar panels is expected to rise significantly. Additionally, the integration of smart grid technologies will facilitate better energy management, further boosting the market. Stakeholders are likely to focus on sustainable practices, aligning with global trends towards renewable energy solutions, which will shape the market landscape in the coming years.
Market Opportunities
Expansion of Solar Farms:
The Vietnamese government plans to develop 12,000 MW of solar capacity in future, creating significant opportunities for bifacial solar farms. This expansion will not only enhance energy production but also attract investments from both local and international players, fostering a competitive market environment.
Development of Energy Storage Solutions:
With the increasing penetration of solar energy, the demand for energy storage solutions is expected to rise. In future, the energy storage market in Vietnam is projected to reach 1,200 MW, providing opportunities for innovative storage technologies that complement bifacial solar systems, ensuring energy reliability and efficiency.
Please Note: It will take 5-7 business days to complete the report upon order confirmation.
Table of Contents
96 Pages
- 1. Vietnam bifacial solar Size, Share, Growth Drivers, Trends, Opportunities & – Market Overview
- 1.1. Definition and Scope
- 1.2. Market Taxonomy
- 1.3. Market Growth Rate
- 1.4. Market Segmentation Overview
- 2. Vietnam bifacial solar Size, Share, Growth Drivers, Trends, Opportunities & – Market Size (in USD Bn), 2019–2024
- 2.1. Historical Market Size
- 2.2. Year-on-Year Growth Analysis
- 2.3. Key Market Developments and Milestones
- 3. Vietnam bifacial solar Size, Share, Growth Drivers, Trends, Opportunities & – Market Analysis
- 3.1. Growth Drivers
- 3.1.1 Increasing Energy Demand
- 3.1.2 Government Incentives for Renewable Energy
- 3.1.3 Technological Advancements in Solar Technology
- 3.1.4 Rising Environmental Awareness
- 3.2. Restraints
- 3.2.1 High Initial Investment Costs
- 3.2.2 Regulatory Uncertainties
- 3.2.3 Competition from Conventional Energy Sources
- 3.2.4 Limited Infrastructure for Solar Energy Distribution
- 3.3. Opportunities
- 3.3.1 Expansion of Solar Farms
- 3.3.2 Development of Energy Storage Solutions
- 3.3.3 International Partnerships for Technology Transfer
- 3.3.4 Increasing Adoption of Smart Grid Technologies
- 3.4. Trends
- 3.4.1 Growth in Distributed Energy Resources
- 3.4.2 Integration of AI in Solar Energy Management
- 3.4.3 Shift Towards Sustainable Energy Practices
- 3.4.4 Rise of Community Solar Projects
- 3.5. Government Regulation
- 3.5.1 Feed-in Tariff Policies
- 3.5.2 Renewable Portfolio Standards
- 3.5.3 Tax Incentives for Solar Installations
- 3.5.4 Environmental Impact Assessments
- 3.6. SWOT Analysis
- 3.7. Stakeholder Ecosystem
- 3.8. Competition Ecosystem
- 4. Vietnam bifacial solar Size, Share, Growth Drivers, Trends, Opportunities & – Market Segmentation, 2024
- 4.1. By Cell Technology (in Value %)
- 4.1.1 N-type TOPCon Bifacial Panels
- 4.1.2 Heterojunction (HJT) Bifacial Panels
- 4.1.3 PERC Bifacial Panels
- 4.1.4 Others
- 4.2. By End-User (in Value %)
- 4.2.1 Utility-Scale Power Plants
- 4.2.2 Commercial & Industrial (C&I)
- 4.2.3 Residential
- 4.2.4 Government & Institutional
- 4.3. By Application (in Value %)
- 4.3.1 Ground-Mounted Installations
- 4.3.2 Rooftop Installations
- 4.3.3 Floating Solar Projects
- 4.3.4 Carports & Canopies
- 4.4. By Investment Source (in Value %)
- 4.4.1 Domestic Private Investments
- 4.4.2 Foreign Direct Investments (FDI)
- 4.4.3 Public-Private Partnerships (PPP)
- 4.4.4 Government Schemes & Grants
- 4.5. By Policy Support (in Value %)
- 4.5.1 Feed-in Tariffs (FiT)
- 4.5.2 Tax Incentives & Exemptions
- 4.5.3 Renewable Energy Certificates (RECs)
- 4.5.4 Net Metering
- 4.6. By Distribution Channel (in Value %)
- 4.6.1 Direct Sales (EPC/Developers)
- 4.6.2 Distributors & Integrators
- 4.6.3 Online Sales Platforms
- 4.6.4 Retail Outlets
- 4.7. By Price Range (in Value %)
- 4.7.1 Economy
- 4.7.2 Mid-Range
- 4.7.3 Premium
- 4.7.4 Others
- 5. Vietnam bifacial solar Size, Share, Growth Drivers, Trends, Opportunities & – Market Cross Comparison
- 5.1. Detailed Profiles of Major Companies
- 5.1.1 Vietnam Electricity (EVN)
- 5.1.2 Trung Nam Group
- 5.1.3 SolarBK
- 5.1.4 BCG Energy
- 5.1.5 First Solar
- 5.2. Cross Comparison Parameters
- 5.2.1 Installed Bifacial Capacity (MW)
- 5.2.2 Annual Revenue from Bifacial Solar (USD Million)
- 5.2.3 Market Share in Vietnam Bifacial Segment (%)
- 5.2.4 Project Pipeline (MW, Announced/Under Construction)
- 5.2.5 Module Efficiency (%)
- 6. Vietnam bifacial solar Size, Share, Growth Drivers, Trends, Opportunities & – Market Regulatory Framework
- 6.1. Compliance Requirements and Audits
- 6.2. Certification Processes
- 7. Vietnam bifacial solar Size, Share, Growth Drivers, Trends, Opportunities & – Market Future Size (in USD Bn), 2025–2030
- 7.1. Future Market Size Projections
- 7.2. Key Factors Driving Future Market Growth
- 8. Vietnam bifacial solar Size, Share, Growth Drivers, Trends, Opportunities & – Market Future Segmentation, 2030
- 8.1. By Cell Technology (in Value %)
- 8.2. By End-User (in Value %)
- 8.3. By Application (in Value %)
- 8.4. By Investment Source (in Value %)
- 8.5. By Policy Support (in Value %)
- 8.6. By Distribution Channel (in Value %)
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