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

Vietnam Renewable Energy Market Overview

Base Year: 2024

Historical Years: 2019-2024

Forecast Years: 2025-2033

Market Growth Rate (2025-33): 11.2%

Vietnam renewable energy market size is projected to exhibit a growth rate (CAGR) of 11.2% 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:

Vietnam's solar energy market is undergoing a thoughtful transformation. After a period of rapid growth fueled by attractive Feed-in Tariffs (FiTs), the industry is now maturing into a more balanced and sustainable phase. Rooftop solar, especially in the commercial and industrial sectors, is gaining serious traction. Businesses are realizing that investing in solar not only reduces electricity costs but also aligns with their sustainability goals. The rise of flexible financing models—such as ESCO arrangements and corporate Power Purchase Agreements—has made solar more accessible. Meanwhile, large-scale solar is moving towards competitive bidding, which is pushing developers to adopt more efficient technologies. Innovations like floating solar panels on reservoirs are starting to take shape, showing how solar can coexist with other infrastructure. Still, the national grid’s limitations present a challenge, especially in integrating intermittent solar supply, making grid modernization a critical next step.

Wind power in Vietnam is entering a pivotal growth phase, especially in offshore development. The updated Power Development Plan (PDP8) has placed offshore wind at the heart of the country’s renewable energy strategy, aiming to tap into its massive potential thanks to a long coastline and favorable wind conditions. International investors are taking notice, with large-scale offshore projects now on the drawing board. Although regulatory hurdles—like unclear marine permitting and infrastructure needs—are slowing progress, the government is working to address these gaps. Offshore wind represents more than just another power source; it's a strategic asset for Vietnam’s long-term energy independence. Onshore wind is also expanding steadily, particularly in regions with proven wind potential. For both segments, success hinges on implementing clear regulations, bankable PPA terms, and upgrading transmission systems to handle the new capacity.

As Vietnam deepens its reliance on renewables, it faces a new set of challenges—chief among them, how to ensure energy reliability. This is where enabling technologies come into play. Battery Energy Storage Systems (BESS) are moving from pilot phases into commercial adoption, offering much-needed grid stability and flexibility. These systems are crucial for storing excess solar and wind energy and releasing it during peak demand hours. The government and state utility EVN are starting to support these efforts, recognizing storage as a critical component of the energy mix. In tandem, Vietnam is investing in grid upgrades—smarter systems, longer transmission lines, and digital tools to manage electricity flow more efficiently. Emerging technologies like green hydrogen are also beginning to capture attention as potential solutions for decarbonizing industries and storing surplus renewable power. Together, these investments are laying the groundwork for a resilient and future-proof power system.

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.

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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

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