10-06-2025 11:23 AM CET | Energy & Environment

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 renewable energy scene in Vietnam is really changing gears, moving away from the initial feed-in-tariff (FIT) model that sparked its solar and wind boom. The regulatory landscape is evolving into a more competitive, market-driven setup focused on auction mechanisms. This strategic shift, highlighted in the national Power Development Plan VIII (PDP8), aims to enhance price discovery, encourage technological efficiency, and draw in more sophisticated international investments. In this new framework, project developers won’t have a guaranteed price anymore; instead, they’ll need to compete to provide electricity at the lowest levelized cost. This change is expected to kick off a new wave of large-scale, utility-grade projects, especially in offshore wind, where the potential is quite significant. The government is prioritizing long-term grid stability and sustainable growth, working to address the curtailment issues that affected earlier phases of rapid renewable expansion. This transition requires investors and developers to have stronger financial resilience and a better grasp of local supply chains and regulatory details, marking a clear shift from the speculative rush of the FIT era to a more thoughtful and sustainable phase of market development.

As solar and onshore wind power keep growing, one of the most important trends for our future energy security is the strategic shift towards non-intermittent renewable sources, along with the rapid growth of the corporate Power Purchase Agreement (PPA) market. Acknowledging the challenges posed by weather-dependent energy generation, national energy planners are actively working on frameworks to boost biomass, waste-to-energy, and emerging green hydrogen projects. For example, the potential for biomass co-generation-leveraging the abundant by-products from the country’s strong agricultural and forestry sectors-offers a largely untapped source of reliable renewable energy that can run continuously. At the same time, the corporate world, led by multinational manufacturing giants and local conglomerates eager to comply with strict ESG (Environmental, Social, and Governance) requirements and maintain stable energy costs, is becoming a key player on the demand side. This is giving rise to a budding yet rapidly evolving market for both direct and virtual corporate PPAs, enabling businesses to secure clean energy directly. This trend not only enhances the national grid’s capacity but also adds a new layer of financial sophistication and market liquidity, fundamentally changing the demand landscape for renewable energy in Vietnam.

The biggest challenge facing Vietnam’s renewable energy sector right now is the urgent need to upgrade the national transmission grid and incorporate large-scale energy storage solutions. The swift and extensive rollout of renewable energy, especially in the central and southern parts of the country, has surpassed the grid’s ability to handle it, resulting in significant energy curtailment and revealing serious infrastructure issues. In response, the national utility, EVN, is focusing on a substantial investment plan to strengthen and expand high-voltage transmission lines and substations. Even more exciting, the market is on the verge of a breakthrough in energy storage, with several pilot projects for large-scale battery energy storage systems (BESS) nearing completion. These systems are now viewed as vital components for providing grid support, managing peak demand, and stabilizing renewable energy output, rather than just experimental technologies. Successfully commercializing these storage solutions will open up new avenues for growth, allowing for a greater integration of variable renewables and setting the stage for a more resilient and adaptable national power system-essential for attracting the next wave of major industrial investments into the country.

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

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.

Contact Us:

IMARC Group

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Email: sales@imarcgroup.com

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About Us:

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.

This release was published on openPR.