Press Release

Vietnam Solar Photovoltaic Equipment Market to Surpass $ 3.7 Billion by 2025

Continuously growing electricity demand, favorable Feed-in-Tariffs (FiT) and rising government concerns towards greenhouse emissions to drive Vietnam solar photovoltaics equipment through 2025

According to TechSci Research report, Vietnam Solar Photovoltaics Equipment Market By DC Voltage Type, By Installation Mode, By End User, By Module Type, By Type, Competition, Forecast & Opportunities, 2025, the solar photovoltaic equipment market in Vietnam is projected to reach $ 3.7 billion by 2025. Growth in solar photovoltaic equipment market in Vietnam can be attributed to increasing electricity demand from industrial, commercial as well as residential end user segments, rising investments in solar energy and favorable regulatory scenario. Electricity demand in Vietnam has grown by around 30% since 2000 and is expected to continue growing through 2030. During 2020-2025, the country’s solar photovoltaic equipment market is anticipated to witness robust growth on account of increasing investments on solar projects and government focus on reducing carbon emissions in the country.

Browse 21 market data Figures and Tables spread through 70 Pages and an in-depth TOC on   "Vietnam Solar Photovoltaic Equipment Market"

In 2019, Vietnam solar photovoltaic equipment market is dominated by polycrystalline type of module due to its cheap price. However, monocrystalline type of module is forecast to grow at a high CAGR through 2025 on account of higher efficiency in solar systems for energy generation. Over the last few years, the government has taken various initiatives in the solar power sector such as upgradation of power development plan, introduced net metering scheme for solar rooftop projects, and revised FiT for solar projects. The government is now considering moving from FIT to a competitive bidding scheme for solar projects that would increase the installed capacity and create thousands of new jobs in Vietnam. It is expected that 400MW of floating PV will be tendered in 2020 and 2021, to further boost solar market in the country. In 2017, the government introduced FiT of $ 9.35 cents/kWh, which generated interest in solar projects, majorly in the southern regions of Vietnam. In 2019, the government revised the FiT, varying from $ 6.67-10.87 cents/kWh, dependent on solar power technology and region of deployment. As a result, cumulative solar capacity of the country reached 5.5 GW in 2019 from 237 MW in 2018.

The government offers some preferential policies and other financial incentives such as preferential tax and duty levies for growth in rooftop solar sector. The fund from local commercial banks to finance the rooftop investment portfolio has built the required growth momentum for the country’s solar rooftop market. Ninh Thuan province in south-central Vietnam is the largest market for solar power generation in the country. The province has a high solar irradiance and good proximity to energy demand centres, making it an ideal market for solar energy projects. Various regions in the country offer good potential for solar power but limited land availability continues to act as a hindrance for solar power market in Vietnam.


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“With rising number of initiatives taken by Government of Vietnam in solar power sector, an increasing number of solar companies are investing in solar power projects across  different geographical locations of the country. Anticipated growth in solar power projects across Vietnam is expected to boost demand for solar photovoltaics equipment in the coming years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.


Vietnam Solar Photovoltaics Equipment Market By DC Voltage Type, By Installation Mode, By End User, By Module Type, By Type, Competition, Forecast & Opportunities, 2025has evaluated the future growth potential of solar photovoltaic equipment market across Vietnam and provides statistics and information on market structure, industry behavior and trends. The report includes market projections and demand forecasting. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment evaluation. Besides, the report also identifies and analyzes drivers, challenges and opportunities in Vietnam solar photovoltaic equipment market.

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