Vietnam Photovoltaics Market Assessment, By Type [Monocrystalline Silicon, Polycrystalline Silicon, Thin Film Cells and Organic PV], By Grid Type (On grid, Off grid, and Hybrid), By Installation [Ground Mounted (Foundation mount, Roof Mounted, Building Integrated Photovoltaics (BIPV) and Floating PV], By Application [Solar Farms, Electronic Devices, Healthcare Facilities, Public Infrastructure, Aerospace, Construction, Military, and Defence, Transportation, and Others], By End-user [Residential, Commercial & Industrial, and Utility], and By Region, Opportunities, and Forecast, 2016-2030F

Vietnam Photovoltaics Market size was valued at USD 1.51 billion in 2022 which is expected to grow to USD 2.86 billion in 2030 with a CAGR of 8.3% for the forecast period between 2023 and 2030.

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Vietnam had been witnessing significant developments in its Photovoltaics (PV) market. The country has been actively promoting the adoption of renewable energy, including solar power, to meet its growing electricity demand and reduce reliance on fossil fuels. The Vietnam Photovoltaics market is projected to reach USD 2.86 billion by 2030 from USD 1.51 billion in 2022 growing at a CAGR of 8.30% for the forecast period between 2023 and 2030 driven by a continuously growing demand for electricity, a steep rise in investments towards the manufacturing of solar panels by the Vietnamese government, strict environmental protection regulations and reduced cost of conventional PV modules.

Continuous growth in demand for electricity is due to a rapid rate of urbanization in Vietnam, which in turn has led to a higher concentration of people in cities. Urban areas typically have higher electricity demands due to the presence of residential, commercial, and industrial buildings, as well as the increased use of electrical appliances and services. This, in turn, has led to the rise of solar PV in Vietnam. The International Trade Administration has stated that Vietnam possesses significant potential for large-scale solar power development, with an estimated capacity of around 386 GW nationwide. Over the past two years, Vietnam has emerged as a frontrunner in solar power advancement within the ASEAN region. The country's solar power sector has experienced robust growth, adding approximately 17.6 GW of new capacity in 2021. To further demonstrate support for solar power, the government has introduced and extended the current Feed-in-tariff (FIT) for solar projects until 2023. Under this tariff, solar projects that achieve commercial operation before the FIT period concludes will receive a rate of 9.35 US cents/kWh. The specific rate varies between 6.67 US cents/kWh and 10.87 US cents/kWh, depending on the location and type of solar technology employed.

Bilateral power purchases by MOIT (Vietnam’s Ministry of Industry and Trade)

By engaging in bilateral power purchases, MOIT can negotiate and secure power supply agreements directly with power generators or other entities involved in electricity production. This approach allows for more flexibility in meeting Vietnam's energy demands and can be particularly useful in situations where the traditional electricity market may face limitations or challenges. Since 2020, the Vietnamese government has been developing a program to enable bilateral power purchase agreements (PPAs). However, the launch of the pilot scheme has faced delays and is now anticipated to take place in the first quarter of 2023. The official program would launch in 2025. Vietnam’s Ministry of Industry and Trade (MIOT) aims to open up Vietnam’s electricity market to bilateral power purchase agreements (PPAs) through the pilot scheme that would, for the first time, enable renewable energy generators to directly sell electricity to private off-takers under virtual or synthetic deals. Hence, it can be stated that the Bilateral power purchases by MIOT are driving market growth at an extensive rate.

Frequent Usage of Highly Advanced Rooftop Solar Panels

Vietnam has been experiencing a significant increase in the frequent usage of highly advanced rooftop solar panels. This is because the declining cost of solar technology has made rooftop solar panels more affordable and accessible to a wider range of consumers in Vietnam. As a result, more individuals and businesses are opting to install these panels on their rooftops, which in turn requires more generation of solar power. Vietnam achieved a significant milestone in its rooftop solar sector, with a remarkable increase in capacity. For example: - By the end of December 2020, the country's rooftop solar capacity reached a record high, doubling to 378 megawatts (MW) compared to 189 MW in 2019. The growth in the rooftop solar segment contributed to the overall expansion of Vietnam's solar photovoltaic (PV) capacity. In 2020, the installed solar PV capacity in Vietnam was estimated at 16,504 MW, a substantial rise from 4,898 MW in 2019, as reported by the IRENA Renewable Energy Statistics 2021. Hence, it can be deciphered that the frequent usage of highly advanced rooftop solar panels is accelerating market growth at an extensive rate.

Government’s Emphasis on Renewable Energy Transition

The Vietnamese government is placing significant emphasis on advancing solar photovoltaic (PV) technology and has allocated substantial investments for this purpose. Additionally, the government has implemented numerous policies aimed at enhancing and developing the solar PV market in the coming years. The government has given its approval to a comprehensive strategy for the advancement of renewable energy sources to generate electricity. This strategy includes the installation of rooftop solar panels on both residential and commercial buildings. The primary objective of this plan is to safeguard the nation's energy security and ensure a reliable supply of electricity throughout Vietnam. As outlined in the plan, it is projected that by 2030, 50% of office buildings and residential homes will incorporate rooftop solar systems to produce their own electricity for on-site consumption. However, the surplus electricity generated will not be sold back to the national power grid.

Impact of COVID-19

The pandemic caused economic uncertainties, making it more challenging for developers to secure financing for solar PV projects. Banks and financial institutions became more cautious about lending, leading to a potential slowdown in project development. Moreover, in response to the pandemic's impact, the Vietnamese government made certain policy adjustments to support the renewable energy sector. This included the extension of project completion deadlines, relaxation of project implementation requirements, and providing financial relief measures. Furthermore, the Vietnamese government introduced stimulus packages to revive the Vietnamese economy, and these included provisions for renewable energy projects including solar energy. Such initiatives could provide financial support and incentives for the solar PV market.

Vietnam Photovoltaics Market: Report Scope

Markets & Data's "Vietnam Photovoltaics Market Assessment, Opportunities, and Forecast, 2016-2030F" is a comprehensive study that provides an in-depth analysis and evaluation of the present status of the cosmetics market in Vietnam, industry dynamics & opportunities, & forecasts (2023-2030). Furthermore, the study covers the industry's major players, highlighting their respective business models, market share, competitive intelligence, and so on.


Report Attribute


Base Year of the Analysis


Historical Period


Forecast Period


Projected Growth Rate

CAGR of 8.3% between 2023-2030

Revenue forecast in 2030

USD 2.86 billion


Revenue in USD billion and Volume in GWs (Gigawatts)

Segments Covered

Type, Grid Type, Installation, Application, & End-user

Regions Covered

Northern, Central, and Southern

Key Companies Profiled

Boviet Solar, Green Wing Solar Technology Co., LTD, Dehui, Solar Power Co. Ltd, Shire Oak International, IREX, Tekjoy, TTCL Vietnam Corporation, Vietnam Sunergy Joint Stock Company, Risen Energy Co., Ltd, etc.

Customization Scope

15% free report customization with purchase

Pricing and Purchase Options

Avail the customized purchase options to fulfill your precise research needs

Delivery Format

PDF and Excel through email (subject to the license purchased)


The Vietnam Photovoltaics Market has been divided into the following categories in this report:

1.       By Type

1.1.    Monocrystalline Silicon

1.2.    Polycrystalline Silicon

1.3.    Thin Film Cells

1.3.1.Amorphous silicon

1.3.2.CIGS (Copper Indium Gallium Selenide)

1.3.3.Cadmium Telluride (CDTE)

1.3.4.Perovskite Solar Cells

1.4.    Organic PV

2.    By Grid

2.1.      On Grid

2.2.      Off Grid

2.3.      Hybrid

3.    By Installation

3.1.    Ground Mounted

3.1.1.    Foundation mount

3.1.2.    Ballasted footing Mount

3.1.3.    Pole mount

3.1.4.    Multi-pole mount

3.1.5.    Smart Flower

3.2.   Roof-Mounted

3.2.1. Railed Mounting

3.2.2. Rail-less mounting

3.2.3. Shared rail mounting

3.2.4. Flat roof ballasted Racking System

3.3.    BIPV

3.4.   Floating PV

4.       By Application

4.1.   Solar Farms

4.2.   Electronic Devices

4.3.   Healthcare Facilities

4.4.   Public Infrastructure

4.5.   Aerospace

4.6.   Construction

4.7.   Military and Defence

4.8.   Transportation

4.9.   Others

5. By End-user

5.1.   Residential

5.2.   Commercial & Industrial

5.3.   Utility

6. By Region

6.1.   Northern

6.2.   Central

6.3.   Southern

Key Players Landscape and Outlook

The competitive landscape in the PV market in Vietnam is expected to remain competitive in the coming years. The key players are expected to continue to invest in research and development to improve the efficiency of PV modules and reduce their costs. They are also expected to expand their distribution networks to reach a wider range of customers. Moreover, the Vietnamese government is also investing in agrovoltaics to improve the efficiency of PV modules and reduce their cost.

In Nov 2022, Boviet Solar Technology Co. Ltd., a renowned international company in the field of solar energy technology, achieved a significant milestone. The company specializes in producing PERC photovoltaic cells, as well as the Gamma Series Monofacial and Vega Series Bifacial PV Modules. Boviet Solar has proudly announced the successful completion of a recent evaluation conducted by Black & Veatch, an independent entity. This assessment specifically focused on Boviet Solar's crystalline silicon PV module series, which are manufactured at their facility in Vietnam.

In Oct 2021, Irex, a solar panel manufacturer based in Vietnam, has introduced a cutting-edge glass-glass solar panel boasting impressive specifications. The newly unveiled solar panel offers a power output of 265 W and achieves a remarkable power conversion efficiency of 18.1%. At present, Irex possesses and runs a manufacturing facility in the Ba Ria-Vung Tau province of Vietnam, with a production capacity of 350 MW.

Key Players Operating in Vietnam Photovoltaics Market

·         Boviet Solar

·         Green Wing Solar Technology Co., LTD

·         Dehui

·         Solar Power Co. Ltd

·         Shire Oak International

·         IREX

·         Tekjoy

·         TTCL Vietnam Corporation

·         Vietnam Sunergy Joint Stock Company

·         Risen Energy Co., Ltd,

If you can't find what you're searching for or have any custom requirements for Vietnam Photovoltaics Market, you may approach our team at

Table of Contents

1.       Research Methodology

2.       Project Scope & Definitions

3.       Impact of Covid-19 on Vietnam Photovoltaics Market

4.       Executive Summary

5.       Voice of Customer

5.1.    Product and Market Intelligence

5.2.    Sources of Information

5.3.    Factors Considered in Purchase Decisions

5.3.1.Overall Expenses

5.3.2.Facility Requirement

5.3.3.Operational Manpower Expertise

5.3.4.Number of Installation Units

5.3.5.Experience in the Industry


5.3.7.After-Sales Support

5.4.    Purpose of Installation

5.5.    Demand and Supply Mechanism

5.6.    Consideration and Understanding of Safety Regulations

5.7.    Application of Legal Compliances

5.8.    Existing User or Intended Purchaser

6.       Vietnam Photovoltaics Market Outlook, 2016-2030F

6.1.    Market Size & Forecast

6.1.1.By Value

6.1.2.By Volume

6.2.    By Type

6.2.1.Monocrystalline Silicon

6.2.2.Polycrystalline Silicon

6.2.3.Thin Film Cells              Amorphous silicon              CIGS (Copper Indium Gallium Selenide)              Cadmium Telluride (CDTE)              Perovskite Solar Cells

6.2.4.Organic PV

6.3.    By Grid Type

6.3.1.         On Grid

6.3.2.         Off Grid

6.3.3.         Hybrid

6.4.    By Installation

6.4.1.Ground Mounted               Foundation mount               Ballasted footing mount               Pole mount               Multi-pole mount               Smart Flower

6.4.2.  Roof-Mounted               Railed Mounting               Rail-less Mounting               Shared Rail Mounting               Flat Roof Ballasted Racking System

6.4.3.  Building-integrated Photovoltaics (BIPV)

6.4.4.  Floating PV

6.5.    By Application

6.5.1.  Solar Farms

6.5.2.  Electronic Devices

6.5.3.  Healthcare Facilities

6.5.4.  Public Infrastructure

6.5.5.  Aerospace

6.5.6.  Construction

6.5.7.  Military and Defence

6.5.8.  Transportation

6.5.9.  Others

6.6.    By End-user

6.6.1.  Residential

6.6.2.  Commercial & Industrial

6.6.3.  Utility

6.7.    By Region 

6.7.1. Northern

6.7.2. Central

6.7.3. Southern

6.8.    By Company Market Share (%), 2022

7.       Market Mapping, 2022

7.1.    By Type

7.2.    By Grid Type

7.3.    By Installation

7.4.    By Application

7.5.    By End-user

7.6.    By Region

8.       Macro Environment and Industry Structure

8.1.    Supply Demand Analysis

8.2.    Import Export Analysis

8.3.    Value Chain Analysis

8.4.    PESTEL Analysis

8.4.1.Political Factors

8.4.2.Economic System

8.4.3.Social Implications

8.4.4.Technological Advancements

8.4.5.Environmental Impacts

8.4.6.Legal Compliances and Regulatory Policies (Statutory Bodies Included)

8.5.    Porter’s Five Forces Analysis

8.5.1.Supplier Power

8.5.2.Buyer Power

8.5.3.Substitution Threat

8.5.4.Threat from New Entrant

8.5.5.Competitive Rivalry

9.       Market Dynamics

9.1.    Growth Drivers

9.2.    Growth Inhibitors (Challenges and Restraints)

10.   Key Players Landscape

10.1.                     Competition Matrix of Top Five Market Leaders

10.2.                     Market Revenue Analysis of Top Five Market Leaders (in %, 2022)

10.3.                     Mergers and Acquisitions/Joint Ventures (If Applicable)

10.4.                     SWOT Analysis (For Five Market Players)

10.5.                     Patent Analysis (If Applicable)

11.   Pricing Analysis

12.   Case Studies

13.   Key Players Outlook

13.1.                     Boviet Solar

13.1.1.    Company Details

13.1.2.    Key Management Personnel

13.1.3.    Products & Services

13.1.4.    Financials (As reported)

13.1.5.    Key Market Focus & Geographical Presence

13.1.6.    Recent Developments

13.2.                     Green Wing Solar Technology Co., LTD

13.3.                     Dehui

13.4.                     Solar Power Co. Ltd

13.5.                     Shire Oak International

13.6.                     IREX

13.7.                     Tekjoy

13.8.                     TTCL Vietnam Corporation

13.9.                     Vietnam Sunergy Joint Stock Company

13.10.                  Risen Energy Co., Ltd

*Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work

14.   Strategic Recommendations

15.   About Us & Disclaimer

List of Figure_Vietnam Photovoltaics Market

Figure 1. Vietnam Photovoltaics Market, By Value, In USD Million, 2016-2030F

Figure 2. Vietnam Photovoltaics Market, By Volume, In Gigawatts, 2016-2030F

Figure 3. Vietnam Photovoltaics Market Share, By Type, In USD Million, 2016-2030F

Figure 4. Vietnam Photovoltaics Market Share, By Grid Type, In USD Million, 2016-2030F

Figure 5. Vietnam Photovoltaics Market Share, By Installation, In USD Million, 2016-2030F

Figure 6. Vietnam Photovoltaics Market Share, By Applications, In USD Million, 2016-2030F

Figure 7. Vietnam Photovoltaics Market Share, By End-user, In USD Million, 2016-2030F

Figure 8. Vietnam Photovoltaics Market Share, By Region, In USD Million, 2016-2030F

Figure 9. By Type Map-Market Size (USD Million) & Growth Rate (%), 2022

Figure 10. By Grid Type Map-Market Size (USD Million) & Growth Rate (%), 2022

Figure 11. By Installation Map-Market Size (USD Million) & Growth Rate (%), 2022

Figure 12. By Applications Map-Market Size (USD Million) & Growth Rate (%), 2022

Figure 13. By End-user Map-Market Size (USD Million) & Growth Rate (%), 2022

Figure 14. By Region Map-Market Size (USD Million) & Growth Rate (%), 2022

List of Table - Vietnam Photovoltaics Market

Table 1. Pricing Analysis of Products from Key Players

Table 2. Competition Matrix of Top 5 Market Leaders

Table 3. Mergers & Acquisitions/ Joint Ventures (If Applicable)

Table 4. About Us - Regions and Countries Where We Have Executed Client Projects

Frequently Asked Questions

What is the market size and growth rate of the Vietnam Photovoltaics Market?


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