Vietnam Solar Energy Market Size, Share & Growth | Forecast (2022-27)

Market Overview

The market for solar energy in Vietnam is expected to grow at a CAGR of more than 7% during the forecast period, 2022-2027. Despite the COVID-19 pandemic, the country’s rooftop solar installations added 9.3 gigawatts (GW) by the end of 2020. The country has set a new record by creating an eight-fold increase in rooftop solar by the end of December 2020 from only 378 megawatts (MW) in 2019. Factors such as the increasing investments in the renewable energy sector and the country’s efforts to shift from fossil fuel-based power generation are expected to drive the market during the forecast period. However, increasing adoption of alternate clean energy sources and high initial investment costs of solar projects are expected to hinder the market growth during the study period.

• The solar PV segment is expected to dominate the Vietnam solar energy market during the forecast period. Solar PVs are extremely cheaper than other solar technologies and include a simplified installation procedure.
• Vietnam’s Power Development Plan VII intends to increase the share of renewable energy to 10% by 2030 from 7% as of 2020. It will also reduce the use of imported coal-fired electricity, thereby culminating as a major opportunity for the country’s solar energy market.
• Increasing electricity demand in provinces like Hanoi, Can Tho, Da Nang, and Hai Phong is expected to drive the market in the forecast period.