The Vietnam Power Market Report is Segmented by Generation Source (Thermal, Hydro, Solar, Wind, Biomass and Waste-To-Energy, and Other Sources), T&D Voltage Level (Above 500 KV, 220 To 330 KV, 110 To 220 KV, and Below 110 KV), and End-User (Residential, Commercial and Industrial, and Utilities). The Market Size and Forecasts are Provided in Terms of Installed Capacity (GW).

Vietnam Power Market size was valued at USD 17.97 Billion in 2023 and is projected to reach USD 26.76 Billion by 2031, growing at a CAGR of 5.1% from 2024 to 2031.

Key Market Drivers Rapid Economic Growth and Industrialization: Vietnam's rapid economic growth, with a GDP gain of 8.02% in 2022, ranking among the quickest in Southeast Asia, combined with a 9.6% increase in its industrial output index, is driving energy consumption. This expansion is fueled by increased industry, foreign investment, and a young workforce that fuels industrialization. These reasons highlight the importance of a stable and consistent energy supply, prompting Vietnam to expand its power infrastructure to maintain its economic momentum and fulfill expanding industrial and consumer electrical demands. Rising Electricity Demand: Vietnam's electrical consumption reached 236.5 billion kWh in 2022, up 6.6% year on year, with demand expected to rise 8-10% annually until 2030, according to the Ministry of Industry and Trade. This increased demand is being driven by fast urbanization, a growing industrial sector, and expanding residential energy consumption. As Vietnam's economy grows and urban habits change, the demand for reliable electricity increases, necessitating large-scale expenditures in power generation and infrastructure. Shift Towards Renewable Energy: Vietnam is actively transitioning to renewable energy, aiming for a 32% share of its power mix by 2030 and 43% by 2045. Solar power capacity epitomizes this expansion, rising to 16.5 GW in 2022 from 86 MW in 2018. This transformation is being driven by Vietnam's commitment to decreasing carbon emissions, combating climate change, and ensuring energy independence in the face of increased demand. Government subsidies and falling solar and wind technology costs are accelerating this transformation, establishing Vietnam as a regional leader in renewable energy development.

Discover the booming Vietnam electricity market forecast to 2033! This in-depth analysis reveals a CAGR exceeding 3%, driven by economic growth and renewable energy investments. Learn about key players, market segments (thermal, gas, renewable, nuclear), and future trends impacting this dynamic sector. Recent developments include: In December 2021, Japan's Shikoku Electric Power Co Inc. invested more than JPY 10 billion (USD 87 million) in buying a 15% stake in the Vietnam Vung Ang 2 coal-fired power plant project. The Japanese utility paid between JPY 10-20 billion to the Japanese trading house Mitsubishi Corp. to buy the stake., In October 2020, ExxonMobil Hai Phong Energy Pte Ltd (EMPHE) and the Japanese power generation company (JERA) signed a Memorandum of Understanding (MOU) document to work together on the development of a potential integrated LNG to power plant project in Hai Phong, Japan.. Notable trends are: The Thermal Segment to Dominate the Market.

The Vietnam Solar Energy Market Report is Segmented by Technology (Solar Photovoltaic and Concentrated Solar Power), Grid Type (On-Grid and Off-Grid), and End-User (Utility-Scale, Commercial and Industrial, and Residential). The Market Sizes and Forecasts are Provided in Terms of Installed Capacity (GW).

Discover the booming Vietnam power generation EPC market! This in-depth analysis reveals a CAGR exceeding 3%, driven by renewable energy adoption and economic growth. Explore key players, market trends, and future forecasts for the 2025-2033 period. Invest wisely in this dynamic sector. Recent developments include: March 2022: Samsung C&T and Lilama secured an engineering, procurement, and construction (EPC) contract worth VND 24.14 billion (USD1.04 billion) from PetroVietnam Power for the 1.5 GW Nhon Trach 3&4 power plant in Vietnam. The project is expected to be commissioned during the 2023-2024 period. Nhon Trach 3&4 is Vietnam's first liquefied natural gas (LNG) fueled power plant., December 2021: The Power Project Management Board contracted Risen Energy Co. Ltd and Tasco Joint Stock Company for the EPC (engineering, procurement, construction) contract for Phuoc Thai 2 and Phuoc Thai 3 Solar Power Plant Projects. The projects would have installed capacities of 100MWp and 50MWp, respectively.. Notable trends are: Thermal Expected to Dominate the Market.

The Vietnam Power Generation EPC Industry is poised for significant expansion, projected to reach a market size of approximately USD 15,000 million by 2025, with a robust Compound Annual Growth Rate (CAGR) exceeding 3.00% over the forecast period of 2025-2033. This growth is primarily fueled by the nation's escalating energy demands, driven by rapid industrialization, urbanization, and a burgeoning population. The Vietnamese government's commitment to bolstering its power infrastructure, coupled with increasing investments in both traditional and renewable energy sources, creates a fertile ground for Engineering, Procurement, and Construction (EPC) companies. Key drivers include the need to modernize existing power plants, develop new large-scale projects to ensure energy security, and integrate cleaner energy technologies to meet environmental targets. The market is characterized by a dynamic landscape where both domestic players like LILAMA Corporation and international giants such as Doosan Heavy Industries Construction Co. Ltd. and Toshiba Corp are actively vying for lucrative contracts, bringing advanced technologies and extensive expertise to the sector. The industry is experiencing a transformative shift, with a notable trend towards diversification in energy sources. While traditional thermal power plants continue to form a substantial part of the energy mix, there is a marked acceleration in the development of renewable energy projects, including solar and wind power, driven by government incentives and global climate change initiatives. This diversification presents both opportunities and challenges. The increasing complexity of integrating diverse energy sources into the national grid, alongside stringent regulatory frameworks and the need for sustainable financing models, represent potential restraints. However, the overarching demand for reliable and efficient power generation solutions, coupled with the ongoing technological advancements in EPC services, continues to propel the market forward. The import and export analysis further highlights the global interconnectivity of this industry, with Vietnam actively participating in the international market for power generation equipment and services, further contributing to its overall market value. This report provides an in-depth examination of Vietnam's Power Generation Engineering, Procurement, and Construction (EPC) industry. It delves into market dynamics, key players, technological advancements, and future outlook, offering strategic insights for stakeholders. Key drivers for this market are: 4., Declining Cost of Energy Storage Technologies4.; Government Initiatives to Promote Energy Storage Deployment. Potential restraints include: 4., Uncertainty in the Rules Governing Energy Storage Operations and Ownership. Notable trends are: Thermal Expected to Dominate the Market.

The report covers Power Generation EPC Companies in Vietnam and the market is Segmented by Power Generation Source (Thermal, Hydroelectric, Nuclear, and Renewables) and Power Transmission and Distribution (T&D). The market size and forecasts are provided in terms of revenue (USD), except for power transmission and distribution (T&D), for which only qualitative analysis will be provided.

The Vietnam Energy Management Market is valued at USD 200 million in 2024 and is projected to reach USD 320 million by 2030, growing at a CAGR of 10% during 2025-2030. Explore key trends driving this market expansion.

In 2023, approximately **** exajoules of primary energy were consumed in Vietnam. In the same year, the primary energy consumption in the Asia Pacific region amounted to ****** exajoules.

The size of the Vietnam Power Market was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of 5.00">> 5.00% during the forecast period. Recent developments include: In December 2022, the Toyo Ink and Song Hau 2 Power Company signed an engineering, procurement, and construction (EPC) contract with the Sunway-PECC2 Consortium for the Song Hau 2 thermal power plant project in Vietnam. The contract is worth USD 2.2 billion, and the EPC agreement can be terminated if the contract is not executed in six months., In September 2022, ANDRITZ announced receiving an order from Vietnam Electricity (EVN) to supply electro-mechanical equipment and technical services for Vietnam's laly hydropower plant extension project. With the expansion, the total capacity would become 1080 MW., In March 2022, PetroVietnam Power awarded a contract worth USD 940 million to a consortium of Samsung C&T Corp and Lilama Corp to construct an LNG-fired power plant. Under the EPC contract, the consortium will build the Nhon Trach 3 and 4 plants with a combined capacity of 1,500 MW in Dong Nai.. Key drivers for this market are: 4., Increasing Investments in Hydropower Generation4.; Favorable Government Policies. Potential restraints include: 4., Adoption of Other Alternative Clean Energy Sources. Notable trends are: Thermal Power Generation Sector to Dominate the Market.

The Vietnam solar energy market is experiencing robust growth, driven by the government's ambitious renewable energy targets, decreasing solar panel costs, and increasing electricity demand. With a CAGR of 2.44% from 2019-2024, the market demonstrates consistent expansion. While the exact 2025 market size isn't provided, extrapolating from the historical CAGR and considering the accelerating global trend toward renewable energy adoption, a reasonable estimate would place the 2025 market value in the range of $200 million to $300 million (USD). This growth is fueled by significant investments in large-scale solar power projects, particularly in the photovoltaic (PV) segment, which currently dominates the market due to its established technology and cost-effectiveness. Furthermore, government incentives, including feed-in tariffs and tax breaks, are further encouraging private sector investment and adoption of solar energy solutions. The Concentrated Solar Power (CSP) segment, although smaller, holds potential for future growth as technological advancements improve efficiency and reduce costs. Key players like SONG GIANG SOLARPOWER JSC and Vietnam Sunergy are actively shaping the market landscape, while international companies such as Sharp Energy Solutions and Tata Power Solar are also contributing to market development. The market faces challenges, such as land acquisition constraints and grid integration issues, but ongoing infrastructure development and supportive government policies are progressively mitigating these obstacles. Looking forward to 2033, continued growth is expected, though the CAGR may fluctuate slightly depending on factors such as global economic conditions and technological breakthroughs. Further diversification into off-grid and residential solar applications will likely drive market expansion, particularly in rural areas. The increasing awareness of environmental sustainability among consumers and businesses is also bolstering the adoption of solar energy solutions. The Vietnamese government's commitment to reducing carbon emissions and improving energy security will continue to play a crucial role in fostering a favorable environment for the solar energy sector. The market will likely see consolidation among existing players, with mergers and acquisitions potentially shaping the industry landscape in the coming years. Recent developments include: June 2023: AD Green, a Vietnamese solar panel producer, started production at its new Thai Binh factory. The project was launched with a capacity of 500 MW and was expected to expand to 3 GW within a year. The fully functioning facility distributes its 540 W monocrystalline solar panels to domestic and international customers., March 2023: SP Group bought 100 megawatt-peak (MWp) solar power farm assets in central Vietnam's Phu Yen province. Europlast Phu Yen and Thanh Long Phu Yen are 50 MWp facilities. The transactions represent SP's first investment in solar farm assets in Vietnam, and they are part of SP Group's green goals in Vietnam, which include investing in and developing 1.5 GW of utility-scale and rooftop solar projects in the next three years.. Key drivers for this market are: 4., Increasing Investments in the Renewable Energy Industry4.; Increasing Electricity Demand in Major Provinces. Potential restraints include: 4., Increasing Investments in the Renewable Energy Industry4.; Increasing Electricity Demand in Major Provinces. Notable trends are: The Solar Photovoltaic (PV) Segment is Expected to Dominate the Market.

Forecast: Energy Consumption in Industry in Vietnam 2023 - 2027 Discover more data with ReportLinker!

The Vietnam Energy Drinks Market is Segmented by Product Type (Energy Shots, Natural/Organic Energy Drinks, and More), Packaging Type (PET Bottles, Metal Cans, Glass Bottles), Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Specialty Stores, Online Retailers, Others), and Geography (Vietnam). The Market Forecasts are Provided in Terms of Value (USD) and Volume (Units).

Unlock data-backed intelligence on Vietnam Energy Management Market, size at USD 184.93 million in 2023, showcasing industry trends and opportunities.

Vietnam VN: Access to Electricity: % of Population data was reported at 100.000 % in 2016. This stayed constant from the previous number of 100.000 % for 2015. Vietnam VN: Access to Electricity: % of Population data is updated yearly, averaging 89.575 % from Dec 1990 (Median) to 2016, with 27 observations. The data reached an all-time high of 100.000 % in 2016 and a record low of 74.115 % in 1990. Vietnam VN: Access to Electricity: % of Population data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Vietnam – Table VN.World Bank: Energy Production and Consumption. Access to electricity is the percentage of population with access to electricity. Electrification data are collected from industry, national surveys and international sources.; ; World Bank, Sustainable Energy for All (SE4ALL) database from the SE4ALL Global Tracking Framework led jointly by the World Bank, International Energy Agency, and the Energy Sector Management Assistance Program.; Weighted average;

The Vietnam Solar Energy market reached approximately 25.43 TWh in 2024. The market is projected to grow at a CAGR of 3.10% between 2025 and 2034, reaching a volume of around 34.51 TWh by 2034.

The Report Covers Vietnam Power EPC Market Size and Share and It is Segmented by Type (Thermal, Gas, Renewable, Nuclear, and Other Types). The Report Offers the Market Size and Forecasts in Revenue (USD) for all the Above Segments.

The size of the Vietnam Electricity Market was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of 3.00">> 3.00% during the forecast period. Over the years, many changes have been occurring to get the Vietnam electricity market shaped within the huge process of economic reform in the country to meet the efficiency and competitiveness enhancement requirements in the energy sector. The elements that constitute the market are generation, transmission, distribution, and retail. Normally, the Electricity Regulatory Authority of Vietnam governs the market, which always needs to be operating on a fair and transparent basis. It began with the introduction of a competitive generation sector, where private and public can compete freely in the supply of electricity. The state-owned EVN still plays the major role, particularly in transmission and distribution, but current reforms are opening these areas to competition. The idea is that such a regime will improve the quality of service and reduce costs, and it will stimulate investment in new technologies and renewable sources of energy. One of the huge steps is that power generation is shifting to a competitive wholesale market, in which various players can sell and buy electricity, hence making it more dynamic. The integration of renewable energy into the market also continues because Vietnam has tried to reduce dependency on fossil fuels through the diversification of energy sources. The purpose of these reforms is to ensure that the development of a more sustainable and resilient electricity sector accompanies rapid economic growth in the country, with a reduction of environmental concerns. Recent developments include: In December 2021, Japan's Shikoku Electric Power Co Inc. invested more than JPY 10 billion (USD 87 million) in buying a 15% stake in the Vietnam Vung Ang 2 coal-fired power plant project. The Japanese utility paid between JPY 10-20 billion to the Japanese trading house Mitsubishi Corp. to buy the stake., In October 2020, ExxonMobil Hai Phong Energy Pte Ltd (EMPHE) and the Japanese power generation company (JERA) signed a Memorandum of Understanding (MOU) document to work together on the development of a potential integrated LNG to power plant project in Hai Phong, Japan.. Key drivers for this market are: 4., Growing Vehicle Ownership4.; Government Initiatives. Potential restraints include: 4., Volatile Crude Oil Prices. Notable trends are: The Thermal Segment to Dominate the Market.

Vietnam Energy Storage System Market is driven by increasing renewable energy adoption, declining battery costs, and advancements in storage technologies.

Vietnam power generation EPC market size is projected to exhibit a growth rate (CAGR) of 2.82% during 2025-2033. The increasing demand for electricity in various sectors, the implementation of favorable government initiatives, the integration of advanced technologies, rising foreign investment in the energy sector, growing sustainability concerns, and rapid technological advancements represent some of the key factors driving the market.

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for 2025-2033. Our report has categorized the market based on power generation source.