Vietnam Solar Panel Market Overview
Base Year: 2024
Historical Years: 2019-2024
Forecast Years: 2025-2033
Market Size in 2024:1.2 Gigawatt
Market Forecast in 2033:2.4 Gigawatt
Market Growth Rate (2025-33): 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 Trends and Drivers:
Vietnam’s solar panel market is rapidly evolving, fueled by a strong governmental commitment to energy transition and climate goals. At the heart of this movement is Power Development Plan VIII (PDP8), which lays out an ambitious path for renewables, with solar energy playing a leading role. Although the earlier Feed-in Tariff scheme has ended, it left behind a solid base of growth. Today, attention is shifting to newer tools like the Direct Power Purchase Agreement (DPPA) pilot, which allows large companies to buy clean electricity directly from solar producers. This approach is particularly attractive to multinationals committed to RE100 targets. Rooftop solar installations are also on the rise, especially among commercial and industrial users who see it as a way to cut energy costs and boost their sustainability image. Government efforts to simplify project approvals and upgrade regulations around grid connections are making it easier for investors to enter the market and support growing energy demands.
Yet, Vietnam's solar momentum is being tested by the limitations of its electricity grid. Areas rich in sunlight, such as Ninh Thuan and Binh Thuan, are facing grid congestion issues that prevent the full use of generated solar power—a problem known as curtailment. These grid constraints are holding back new projects and shaking investor confidence. Recognizing the urgency, EVN is stepping up with investments in transmission infrastructure and exploring smart grid technologies to better manage electricity loads. Another important development is the growing role of Battery Energy Storage Systems (BESS), which are now moving beyond pilot stages to become a central strategy. By storing extra solar energy produced during the day, BESS can help stabilize the grid and reduce waste. The speed and success of these efforts—strengthening the grid and adding flexibility—will directly influence how fast Vietnam can scale up its solar capacity in the coming years.
The solar sector is also diversifying beyond traditional ground-mounted systems. Rooftop installations continue to grow fast, especially in business parks and factories, helped by cheaper solar panels and rising pressure on companies to meet ESG goals. At the same time, innovative models are gaining ground. Floating solar projects are being explored as a smart way to use space on lakes and reservoirs, while agrivoltaics—which combine farming with solar energy—offer an efficient way to use agricultural land. On the technology front, Vietnam is embracing advanced solar modules like PERC, TOPCon, and HJT, which offer better efficiency. Digital tools are also playing a bigger role, with AI-powered platforms now being used to monitor and maintain solar systems, improving performance and reducing downtime. Looking ahead, the market will be shaped by how well these innovations are scaled, how quickly new technologies improve panel output, and how effectively digital tools are integrated to manage solar assets more intelligently and cost-effectively.
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
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.
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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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