The Vietnam solar microinverter market was valued at USD 1.77 Million in 2024 and is forecast to reach USD 5.39 Million by 2033, with a CAGR of 11.76% during 2025-2033. The market growth is driven by supportive government policies, adoption of advanced microinverter technologies, and strategic international partnerships. Favorable geographical conditions and rising energy demand further propel the market expansion.
Study Assumption Years
- Base Year: 2024
- Historical Year/Period: 2019-2024
- Forecast Year/Period: 2025-2033
Vietnam Solar Microinverter Market Key Takeaways
- The market size was USD 1.77 Million in 2024.
- The market is expected to grow at a CAGR of 11.76% during 2025-2033.
- The forecast period is from 2025 to 2033.
- Government policy support, including Decree 135/2024/ND-CP, encourages rooftop solar system adoption by simplifying installation and exempting systems from electricity operation licenses.
- Advanced microinverter technologies provide higher reliability, system-level optimization, module-level monitoring, and better performance in Vietnam's tropical climate.
- Strategic international partnerships and manufacturing investments strengthen the domestic market with technology transfer and regional export opportunities.
- Vietnam's favorable business climate and government incentives support market growth.
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Market Growth Factors
Government support policies and a stronger regulatory framework have played a meaningful role in increasing the Vietnam solar microinverter market growth. To support rooftop solar systems as self-generation and self-consumption systems, the Vietnam government introduced Decree 135/2024/ND-CP on 22 October 2024, which provides a clear policy framework for the solar energy sector. The policy removes the requirement for an electricity operation license for building mounted solar systems, and simplifies other processes, to promote usage by businesses, commercial and domestic consumers. The policy framework applies to off-grid and grid-tied rooftop systems, as well as grid-connected and grid-interactive types. Additionally, tax incentives and the simpler administration of microinverter-based solar systems have led to their becoming a popular choice in the market.
Demand for advanced microinverter technologies due to advantages over conventional string inverter technologies including, reliability, higher energy harvest under shading conditions, and module-level monitoring for maintenance, also propels growth in the market. Microinverters allow each solar panel to perform independently, such that shading, accumulation of dirt or sand, and change in weather conditions would not affect the overall performance of the system. This is particularly useful in the tropical climate of Vietnam. The high efficiency, reliability and communication ability and compatibility with smart home energy management systems may make energy storage systems more attractive to residential or commercial home owners and business users.
International collaborators start up Vietnam's solar microinverter industry with importance, as the world's largest microinverter producers team with regional partners, establish local production sites, and create distribution networks in order to serve both local markets and other Southeast Asian markets. They aim to leverage Vietnam's favorable investment climate and skilled workforce and government incentives to provide cost-effective solutions, supply chain efficiencies, product availability, and improved technical support. Foreign technology transfer and joint ventures will import advanced manufacturing techniques and quality standards in order to make Vietnam's solar industry more competitive, while promoting social and economic growth and improving energy self-sufficiency.
Market Segmentation
- Connectivity Insights: The market includes standalone and on-grid connectivity options. Standalone systems operate independently, while on-grid systems connect to the utility grid, supporting different installation needs.
- Component Insights: Segmentation covers hardware and software components. Hardware includes physical microinverter units, while software encompasses control and monitoring applications essential for system optimization.
- Communication Channel Insights: The market features wired and wireless communication channels. Wired communication ensures stable data transfer, whereas wireless connectivity offers installation flexibility.
- Type Insights: The microinverter types include single-phase and three-phase systems, catering to various electrical infrastructure requirements.
- Application Insights: Applications are divided into residential, commercial, and others, addressing diverse end-user segments and usage scenarios.
Regional Insights
Vietnam's solar microinverter market is analyzed across Northern Vietnam, Central Vietnam, and Southern Vietnam. The report provides comprehensive insights on all major regional markets. Specific market shares, growth rates, or dominant regions are not detailed.
Vietnam's diverse regions contribute to the overall market expansion, supported by favorable geographical conditions and regional government policies promoting renewable energy adoption.
Recent Developments & News
In June 2025, the Balcony Solar Systems for Vietnam (BSS4VN) project was launched in Ho Chi Minh City to deploy 100 plug-and-play solar systems on residential balconies. Hoymiles, a strategic partner, provides advanced microinverter technology, enhancing system safety, efficiency, and simplicity, underscoring microinverters' growing role in urban solar markets.
In January 2025, Enphase Energy expanded into Southeast Asia, entering Vietnam and Malaysia's markets. The company supplies IQ8P™ Microinverters delivering a peak AC output of 480W for residential and commercial use, supporting high-powered solar modules and boosting energy generation capacity.
Key Players
- Hoymiles
- Enphase Energy
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