Vietnam Renewable Energy Market Outlook: Trends, Growth, and Future Opportunities 2025-2033

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.

For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/vietnam-renewable-energy-market/requestsample

Vietnam Renewable Energy Market Trends and Drivers:

The Vietnamese transition towards renewable energy has evolved from a boom of incentivized project developments to a grid modernization subject to the PDP8 and a multi-decade master plan for the reliability and technical capability of the grid to integrate variable energy resources, such as solar and wind, beyond just augmenting existing power capacities with renewables to meet growing demand. One of the most urgent newly emerging trends is to expand the national transmission system aggressively to prevent generally congested systems, typical in regions with high renewable energy penetration such as Ninh Thuan and Binh Thuan. The government will prioritize investments in high voltage transmission lines and smart grid technology to improve load distribution and reduce curtailment. With our more developed policy framework with a competitive auction mechanism for large projects and a DPPA pilot program for corporate power purchase agreements, we are now more able to attract a new generation of advanced international investors and developers for bankable, long-duration projects that bring more stability to the grid, with greater economic efficiency when compared with faster, uncontrolled growth.

While solar energy has historically been the biggest contributor to Vietnam's renewable energy growth, offshore wind is quickly becoming one of the most important renewable energy sources in the country and is expected to play a leading role in Vietnam's generation mix. Vietnam's huge offshore wind resources, especially off the southern coast, offer an attractive business case for domestic and foreign investors. Following the successful deployment of large nearshore projects, the technology is now proven and there is a large pipeline of offshore wind projects, including a number of giga-watt scale projects, which have reached the initial stages of development or have been studied for feasibility. In addition, a number of ancillary technologies that meet the desire for a more balanced energy mix are developing. Battery energy storage systems (ESS) that historically had been perceived as pilot systems have become a critical aspect of new project proposals to tackle intermittency and provide critical grid services, alongside wind power, in a sign of a market diversifying its technological mix to deliver a reliable and dispatchable renewable energy product.

Key demand-side drivers of Vietnam's RE market are the push to accelerate industrial and commercial sector energy transition, particularly from large electricity consumers driven by international supply chain demands and corporate sustainability policies, as well as declining costs of self-generation which increase the competitiveness of offsite and onsite RE procurement. This has spawned a second wave of rooftop growth and maturation, this time into commercial and industrial (C&I) scale. Factories, industrial parks and large enterprises have begun to see rooftop solar as a must-have, not only for its economic benefits, but because it is critical to their ability to compete in an increasingly globalized marketplace. Overall, the coming full roll out of a direct power purchase agreement regime as companies look to procure renewable energy for 24/7 operations directly from renewable generators could create an increasingly decentralized, resilient and lower-cost layer of generation on top of utility scale plants. This is being mainly driven by corporate demand, fundamentally reshaping the future of Vietnam's energy markets and embedding renewable energy uptake in the heart of Vietnam's industrial development strategy.

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.

Request Customization: https://www.imarcgroup.com/request?type=report&id=19771&flag=E

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

134 N 4th St. Brooklyn, NY 11249, USA

Email: sales@imarcgroup.com

Tel No:(D) +91 120 433 0800

United States: +1-201971-6302

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.