Vietnam Renewable Energy Market Size, Share, Trends and Forecast 2025-2033

Vietnam Renewable Energy Market Overview

Base Year: 2024

Historical Years: 2019-2024

Forecast Years: 2025-2033

Market Size in 2024: USD 3,843.6 Million

Market Forecast in 2033: USD 9,992.7 Million

Market Growth Rate (2025-33): 11.20%

Vietnam renewable energy market size reached USD 3,843.6 Million in 2024. Looking forward, IMARC Group expects the market to reach USD 9,992.7 Million by 2033, exhibiting a growth rate (CAGR) of 11.20% during 2025-2033. The rising focus on environmental conservation and sustainability, and availability of abundant renewable energy resources, including ample sunlight and strong wind, and technological advancements in renewable energy technologies represent some of the key factors driving the market.

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Vietnam Renewable Energy Market Trends and Drivers:

The Vietnamese renewable energy landscape is currently defined by a decisive pivot in governmental strategy, moving beyond the initial feed-in tariff (FIT) driven gold rush towards a more sophisticated, long-term framework focused on systemic integration and national energy security. The cornerstone of this transition is the meticulously crafted Power Development Plan VIII (PDP8), a comprehensive national blueprint that mandates a staggering increase in renewable capacity, targeting a specific proportion of the nation's total energy mix. Unlike previous mechanisms that spurred a rapid but geographically uneven build-out, primarily in solar, the current policy emphasis is on optimizing this existing asset base while strategically guiding new projects to ensure grid stability. This involves a critical shift towards competitive auction mechanisms for large-scale projects, which are designed to discover more sustainable pricing and select developers with the highest technical and financial capabilities. Concurrently, the government is aggressively promoting the development of ancillary services, smart grid technologies, and robust high-voltage transmission corridors to alleviate the notorious congestion that has plagued regions like Ninh Thuan and Binh Thuan. The future trajectory of the market is inextricably linked to the successful implementation of these grid modernization initiatives and the seamless execution of Direct Power Purchase Agreements (DPPAs), which will unlock a new wave of corporate investment by allowing private off-takers to procure renewable energy directly from generators, thereby diversifying funding sources and de-risking the national utility, EVN.

A powerful and parallel trend reshaping the market is the rapid decentralization of energy generation, fueled by an unprecedented corporate demand for clean power. This movement extends far beyond the traditional utility-scale model, gaining immense momentum through the proliferation of commercial and industrial rooftop solar installations and the nascent but promising framework for corporate off-site power procurement. Driven by stringent global supply chain mandates, investor-led Environmental, Social, and Governance (ESG) criteria, and the compelling economics of self-generation, multinational corporations and large domestic manufacturers are becoming pivotal energy stakeholders. These entities are no longer passive consumers but active producers and procurers, investing heavily in behind-the-meter solar systems to achieve operational cost certainty, reduce their carbon footprint, and enhance their international competitiveness. The impending full-scale adoption of the DPPA model is poised to be a game-changer, creating a vibrant secondary market for renewable energy certificates and enabling factories in industrial zones without sufficient rooftop space to contract for power from dedicated off-site wind or solar farms. This trend is fundamentally altering the risk profile for project developers, attracting a new class of international financiers, and compelling a more sophisticated approach to energy management that integrates hybrid systems, battery storage, and digital energy platforms to ensure a reliable, 24/7 clean power supply for Vietnam's critical export-oriented manufacturing sector.

The market is entering a mature phase characterized by a necessary and rapid technological diversification beyond its initial solar and onshore wind foundations. While solar capacity experienced explosive growth, its intermittent nature has exposed the vulnerabilities of the national grid, creating an urgent and immense opportunity for complementary technologies that provide dispatchable power. This has catalyzed a strong governmental and investor focus on the development of utility-scale battery energy storage systems (BESS) and the exploration of Vietnam's vast, and largely untapped, offshore wind potential. BESS is no longer a speculative concept but a critical infrastructure component, with several pilot projects already underway and significant capacity outlined in the national energy plan to provide crucial grid-balancing services, frequency regulation, and the capacity to shift solar energy from peak generation periods to high-demand evening hours. Simultaneously, the offshore wind sector is garnering serious attention from global developers, with preliminary feasibility studies indicating a technical potential that far surpasses current onshore projects. The successful deployment of these complex, capital-intensive projects hinges on the finalization of a transparent regulatory framework, including clear marine spatial planning and a bankable power purchase agreement structure, but they represent the next frontier for achieving the dual goals of massive capacity expansion and enhanced grid reliability, securing Vietnam's position as a regional renewable energy leader.

Vietnam Renewable Energy Market Industry Segmentation:

Type Insights:

• Wind
• Solar
• Hydro
• Others

End User Insights:

• Industrial
• Residential
• Commercial

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.

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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