Vietnam Solar Panel Market 2025 - Top Regions, Latest Technology, Investment Opportunities, Future Trends and Outlook 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 PV market's driving force has shifted from the large-scale utility PV megaprojects to a decentralized, market-driven rooftop PV segment, mainly because the first FiTs have expired and more advanced, market-driven PPAs have entered the market. The most pronounced trend is the rapid rise in behind-the-meter rooftop installations by industrial and commercial consumers looking to ensure energy security and hedge against volatile operational electricity costs. Rising electricity retail prices and a lack of reliability in the electricity grid have seen manufacturers, logistics centers and big box retailers invest in solar energy systems for self-consumption. Meanwhile, a long-anticipated and endorsed Direct Power Purchase Agreement (DPPA) pilot program is being explored. DPPAs allow renewable energy generators to sell clean electricity to corporate buyers through the national grid, a massive but mostly unexplored opportunity, as multinational corporations and export-oriented manufacturers look to decarbonize their supply chains under pressure to meet global standards for Environmental, Social, and Governance (ESG) performance. This is helping to create a strong and sustainable demand pipeline, less reliant on government subsidies and linked to the underlying economics of the business, to drive market maturation.

Though rapid technological progress and plans to shorten supply chains account for most of the market growth, the strongest trend is the clear shift towards more efficient solar panel technologies like monocrystalline PERC and new n-type TOPCon cells, which yield more energy output, especially in hot and partially shaded locations like Vietnam. The ability to maximize extremely limited rooftop space and lower the projects' LCOE, makes it the superior financial option for solar. The United States has sought to reduce its reliance on imported solar panels (mostly from China), by increasing the domestic manufacturing of solar panels, and also increasing U.S.-China trade tensions. Upstream production has been invested in in order to manufacture solar cells, solar wafers and solar ingots to secure supply chains, support government industrial policy, hedge against the risk and cost of imported solar products and to position Vietnam as a solar hub within the global solar manufacturing ecosystem. The combination of a higher penetration of state-of-the-art technologies and the development of domestic industrial capacity will improve the competitiveness, quality and sustainability of the entire Vietnamese solar value chain.

Future market prospects are driven by the need for grid integration and energy management services, rather than simply solar generation, given that even in areas of high solar insolation, the problem of grid congestion and intermittency has become more apparent given the recent scale of solar power installations achieved. The market is also witnessing an emerging but rapidly growing trend for integrated energy systems, especially hybrid solar systems where solar PV is combined with other technologies including solar-plus-wind, and more recently solar-plus-storage, moving beyond pilot projects to more commercial systems. Battery energy storage systems (BESS) have emerged as an important enabler for solar energy, enabling storage of energy generated in solar generation peaks for use at evening peak loads or during times of low solar irradiation. They help to relieve stress on the national grid and make solar a more dispatchable and valuable product for both generators and off-takers. There is a movement within regulatory discussion towards more advanced ancillary service markets, which would effectively pay solar and storage projects for providing grid stability services. This is a shift away from a straight race to build out to a market for the reliable, dispatchable, and grid-supporting clean energy services provided by this new technology.

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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