Vietnam Solar Panel Market Report 2025, Share, Growth, Trends and Forecast Till 2033

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:

The Vietnamese solar panel market is currently making a significant shift from a feed-in tariff (FIT) model to a more sustainable and competitive auction framework. The government's new Power Development Plan VIII (PDP8) serves as the foundation for national energy policy, especially since the FIT schemes have expired, prompting this planned transition. This comprehensive plan moves away from treating solar energy in isolation and instead promotes a more integrated approach. It specifically prioritizes hybrid renewable energy projects that combine solar and wind, while also requiring developers to ensure that ancillary services support grid stability. With large commercial and industrial consumers now able to purchase electricity directly from renewable generators, Direct Power Purchase Agreements (DPPAs) have received official approval. This policy is set to unlock significant private investment, helping to bypass grid constraints. It directly addresses the growing demand from multinational corporations eager to meet strict ESG mandates and decarbonize their supply chains in Southeast Asia. As a result, the regulatory landscape is evolving beyond simple subsidies, creating a sophisticated market-based ecosystem that rewards efficiency, innovation, and reliability.

Market growth is increasingly driven by technological innovation. Simply adding capacity isn't enough to keep up. The rise of high-efficiency monocrystalline PERC panels is becoming quite noticeable, and they're quickly becoming the industry standard because they perform exceptionally well in Vietnam's varied climate, from the intense sunlight in the central regions to the humid south. The entire system is evolving beyond just the panels. Energy storage solutions, particularly lithium-ion batteries, are transitioning from experimental concepts to essential components of our energy landscape. Developers are now creating solar-plus-storage projects that not only provide reliable power but also offer additional services to the grid. This shift is a direct response to the grid congestion issues faced during earlier development stages. Floating solar photovoltaic (FPV) installations are also gaining significant popularity as a way to address land limitations. Projects totaling several hundred megawatts are being developed on reservoirs and hydroelectric dams, creating mutual benefits by reducing water evaporation and enhancing panel efficiency through cooling. The focus for the national grid is to ensure that new projects are fundamentally more productive through advanced technology.

Vietnam is quickly diversifying its solar energy demand beyond just large-scale projects. With the country's strong manufacturing base, the commercial and industrial (C&I) rooftop sector is currently experiencing the most dynamic growth. Rooftop solar is becoming an attractive option for energy-intensive industries, helping them cut down on operational costs and protect themselves from fluctuating electricity prices-think textiles, electronics, and footwear. Plus, corporate sustainability goals are pushing this trend forward, as international buyers increasingly require renewable energy in their supply chains. Meanwhile, the residential solar market is quietly evolving, moving past the early adopters. There's a noticeable rise in environmental awareness, coupled with increasing disposable incomes and a shorter payback period for rooftop installations, now typically around five to six years. This makes solar a smart financial choice for the growing urban middle class. This decentralized energy model not only empowers consumers but also eases the strain on the national transmission infrastructure, paving the way for a more resilient and distributed energy landscape for the future of the nation.

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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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.

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