Press release
Vietnam Renewable Energy Certificate Market to Hit $50.61 Million by 2032 | Key Players - I-REC Standard, ECOHZ, ENGIE Vietnam, Shell Energy
Vietnam Renewable Energy Certificate Market
As per DataM intelligence research report" Vietnam's renewable energy certificate (REC) market is poised for significant growth, projected to expand from US$ 9.11 million in 2024 to US$ 50.61 million by 2032, reflecting a 20.7% CAGR (2025-2032)." Clean energy investments and corporate sustainability commitments are accelerating REC adoption in Vietnam.
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Vietnam: Recent Industry Developments
✅ In November 2025, The Vietnamese Ministry of Industry and Trade (MOIT) launched a pilot carbon credit exchange The exchange facilitates the trading of I-RECs and carbon credits for local businesses It establishes a formal market mechanism for renewable attributes in Vietnam
✅ In October 2025, VinFast purchased a large volume of I-RECs to offset the charging of its EVs The purchase supports the company's claim of green mobility in Vietnam It drives demand for local renewable energy generation
✅ In September 2025, A major Vietnamese solar developer signed a deal to sell RECs to Samsung Vietnam The deal helps the global electronics giant meet its RE100 targets It incentivizes further investment in solar capacity in Vietnam
✅ In August 2025, The Vietnamese government updated the Direct Power Purchase Agreement (DPPA) rules The rules clarify how RECs can be bundled with direct power sales It unlocks the corporate PPA market for multinationals in Vietnam
United States: Recent Industry Developments
✅ In November 2025, Apple announced it is sourcing Vietnam I-RECs for its supply chain manufacturing The move ensures its Vietnam-based suppliers operate on 100% clean energy It influences the renewable energy standards of global supply chains
✅ In October 2025, USAID launched a program to support the transparency of Vietnam's REC market The program provides technical assistance to prevent double-counting of attributes It builds investor confidence in Vietnamese green energy
✅ In September 2025, A U.S. based registry provider partnered with Vietnam to digitize REC issuance The partnership uses blockchain to track the lifecycle of every megawatt-hour It modernizes the tracking infrastructure for Vietnam's energy transition
✅ In August 2025, Nike reported its progress on renewable energy in Vietnam citing REC purchases The transparency puts pressure on other apparel brands to follow suit It drives the voluntary market for renewables in Vietnam
Vietnam Renewable Energy Certificate Market: Drivers
Renewable energy certificates in Vietnam are driving the adoption of solar, wind, and biomass energy projects by enabling tradeable proof of renewable generation. These certificates incentivize businesses and utilities to achieve renewable energy targets and decarbonization goals. Digital tracking, standardized certification, and regulatory compliance ensure market integrity and transparency.
Government policies promoting renewable energy integration, sustainability, and corporate social responsibility support certificate issuance and trading. Market growth is fueled by foreign investment, energy transition commitments, and technological adoption in clean energy generation. Renewable energy certificates play a critical role in Vietnam's sustainable energy market and global climate initiatives.
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Vietnam Renewable Energy Certificate Market: Major Players
I-REC Standard, ECOHZ, ENGIE Vietnam, Shell Energy.
Segment Covered in the Vietnam Renewable Energy Certificate Market:
By Type
The market is segmented into I-REC 60% and GEC 40%. I-REC dominates due to international recognition, standardization, and compatibility with global renewable energy trading frameworks. GECs grow steadily with adoption by domestic corporations and government-backed renewable initiatives. Increasing emphasis on corporate sustainability, carbon neutrality, and compliance with renewable energy targets drives adoption across both certificate types.
By Energy Source
Energy sources include solar RECs 40%, wind RECs 30%, hydro RECs 15%, biomass 10%, and geothermal 5%. Solar RECs dominate due to rapid deployment of solar projects, falling panel costs, and government incentives. Wind RECs grow steadily with increasing onshore and offshore wind capacity. Hydro RECs remain significant from established hydropower plants, while biomass and geothermal adoption is emerging with niche renewable energy projects. Policy support, sustainability initiatives, and corporate renewable procurement drive market growth across all energy sources.
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