The Vietnam solar energy market size reached USD 756.5 Million in 2025. IMARC Group forecasts the market to grow to USD 904.1 Million by 2034 with a CAGR of 2.00% during the forecast period 2026-2034. Key growth drivers include rising preference for sustainable energy, supportive government policies, technological advancements, and rapid economic development and industrialization.

Study Assumption Years

• Base Year: 2025

• Historical Years: 2020-2025

• Forecast Period: 2026-2034

Vietnam Solar Energy Market Key Takeaways

• The market size was USD 756.5 Million in 2025.

• The market is expected to grow with a CAGR of 2.00% between 2026 and 2034.

• Forecast market value is USD 904.1 Million by 2034.

• Vietnam's abundant sunlight year-round supports solar energy generation, attracting large-scale and rooftop solar projects.

• Government initiatives include feed-in tariffs, tax exemptions, and preferential loans, promoting solar energy adoption.

• Declining costs of photovoltaic (PV) panels make solar technology more accessible and cost-effective.

• Rapid economic growth and industrialization increase energy demand, boosting the solar energy market.

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Market Growth Factors

Vietnam receives meaningful amount of sunlight year-round and is assessed to be a country with good solar energy potential, resulting in the growing popularity of both utility-scale solar and distributed rooftop solar throughout the country. The Vietnamese government has provided feed-in tariffs, tax exemptions, and preferential lending rates to promote solar energy development and a favorable solar market.

In addition, some social reasons such as environmental concerns, and social pressure to reduce carbon emissions have been attributed to the adoption of cleantech power generation alternatives such as solar, as the cost of solar panels, such as photovoltaic (PV) panels, has been dropping.

International cooperation in the development of renewable energy has resulted in technology transfer that has built domestic capacity for solar energy, but economic growth and industrialization have increased energy demand. The forefront of solar power growth includes grid modernization, commitments to clean energy, worldwide investments, improved photovoltaic manufacturing technology, and other energy storage technologies.

Market Segmentation

Technology Insights:

• Solar Photovoltaic (PV): Utilizes semiconductor materials like silicon to convert sunlight into electricity through energized electrons, generating direct current power.

• Concentrated Solar Power (CSP): Employs solar thermal systems to concentrate sunlight for high-temperature heat, applicable for electricity generation or heating.

Application Insights:

• On-grid: Solar systems connected to the national power grid for immediate electricity distribution and consumption.

• Off-grid: Independent solar systems providing electricity in remote or unconnected areas.

End User Insights:

• Residential: Solar energy applications serving homes and residential communities.

• Commercial: Solar power used in business and commercial establishments.

• Industrial: Solar energy utilized in industrial operations and manufacturing units.

Regional Insights

The report identifies Northern Vietnam, Central Vietnam, and Southern Vietnam as the major regional markets. While detailed regional statistics are not provided, the segmentation indicates a comprehensive national market presence across these regions, supporting the integration and expansion of solar energy solutions countrywide.

Competitive Landscape

The competitive landscape of the industry has also been examined along with the profiles of the key players.

Customization Note

If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

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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