Vietnam Solar Panel Market 2025 - Top Regions, Latest Technology, Investment Opportunities, Future Trends and Outlook 2033

Vietnam Solar Panel Market

Base Year : 2024

Forecast Years:2025-2033

Historical Years: 2019-2024

Market Size in 2024: 1.2 Gigawatt

Market Forecast in 2033: 2.4 Gigawatt

Market Growth Rate (2025-2033): 7.87%

The Vietnam solar panel market size reached 1.2 Gigawatt in 2024. Looking forward, IMARC Group expects the market to reach 2.4 Gigawatt by 2033, exhibiting a growth rate (CAGR) of 7.87% during 2025-2033. The rapid industrial growth and the expansion of the manufacturing sector, the implementation of several government initiatives and policies, rapid technological advancements, rising investments and partnerships by international companies, and the sudden inclination toward sustainable practices represent some of the key factors driving the market.

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Vietnam Solar Panel Market Dynamics

Vietnam’s solar power landscape is undergoing a meaningful transformation, shaped by a shift in government policy and investor confidence. The introduction of the Power Development Plan VIII (PDP8) has laid a strong foundation for sustained renewable growth, with solar playing a central role in the country’s long-term energy strategy. One of the biggest game changers is the adoption of Direct Power Purchase Agreements (DPPAs), which allow businesses to source solar power directly from developers, bypassing state utility EVN. This mechanism has opened the floodgates for private investment, giving large corporates greater control over their energy sourcing and boosting developer activity across the board. What’s notable is that the government is no longer just incentivizing capacity growth but is building a more stable, investor-friendly ecosystem—with updated feed-in tariffs, new net metering structures, and even pilot schemes for ancillary grid services. The regulatory maturity signals a market moving beyond quick gains and towards deep-rooted, strategic progress in solar development.

In particular, the commercial and industrial (C&I) rooftop segment has emerged as the most dynamic force in Vietnam’s solar growth story. Once considered a secondary opportunity, it’s now a central pillar, driven by a compelling mix of rising electricity prices and strong environmental, social, and governance (ESG) commitments. Manufacturers in sectors like textiles, electronics, and food processing are increasingly turning to solar to offset energy costs and meet sustainability targets set by international buyers. Solar is no longer just a cost-saving tool—it’s become a reputation enhancer and a supply chain requirement. The availability of financing options like leasing models and third-party ownership has also made it easier for mid-sized companies to adopt solar without heavy upfront investment. With industrial rooftops still largely underutilized across Vietnam’s booming manufacturing zones, this segment is poised for rapid acceleration, especially for companies seeking reliable, long-term energy savings.

At the same time, the country’s solar ecosystem is evolving on the supply side. Vietnam is not just consuming solar technology—it’s beginning to make it. A growing number of domestic and foreign-invested module and cell production plants are coming online, aiming to reduce dependence on Chinese imports and strengthen the local value chain. This move toward vertical integration is key as project developers increasingly demand advanced, high-efficiency panels. Technologies like monocrystalline PERC, TOPCon, and bifacial modules are becoming standard, especially in competitive rooftop or space-constrained utility-scale applications. Moreover, solar-plus-storage solutions are becoming more common, particularly in the C&I space where uninterrupted power and grid flexibility matter. The market is maturing fast, and in the coming years, growth will likely favor suppliers who can offer not only cutting-edge technology but also long-term warranties, performance guarantees, and regional manufacturing that helps mitigate logistics and policy risks.

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

• CRC Solar Cell Joint Stock Company
• Green Wing Solar Technology Co. Ltd.
• JinkoSolar Holdings Company
• SolarBK Group

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Vietnam Solar Panel Market Industry Segmentation: 

Type Insights:

• Crystal Silicon
• Monocrystalline Silicon
• Polycrystalline Silicon
• Thin Film
• Others

End Use Insights:

• Commercial
• Residential
• Industrial

Regional Insights:

• Northern Vietnam
• Central Vietnam
• Southern Vietnam

Key highlights of the Report:

• Market Performance
• Market Outlook
• COVID-19 Impact on the Market
• Porter’s Five Forces Analysis
• 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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