The Vietnam solar microinverter market size was USD 1.77 Million in 2024 and is expected to reach USD 5.39 Million by 2033, growing at a CAGR of 11.76% during 2025-2033. Growth is driven by supportive government policies, rising adoption of advanced microinverter technologies for enhanced system performance, and strategic expansion through international partnerships and manufacturing investments. Favorable geography and increasing energy demand further boost market growth.
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 reached USD 1.77 Million in 2024
- The compound annual growth rate (CAGR) is 11.76% for the forecast period 2025-2033
- The market is expected to reach USD 5.39 Million by 2033
- Extensive government policy support and regulatory frameworks are enabling renewable energy uptake, especially rooftop solar systems
- Emerging sophisticated microinverter technologies offer higher system reliability and energy optimization, suited to Vietnam’s tropical climate
- Strategic international partnerships and domestic manufacturing investments are strengthening production capabilities and market presence
- Favorable business climate, educated workforce, and government incentives contribute to Vietnam becoming a regional renewable energy hub
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Market Growth Factors
The relevant Vietnamese solar microinverter market is largely driven by the government policies and regulations. For example, to promote solar rooftop development, Decree 135/2024/ND-CP was issued on 22 October 2024 to exempt building rooftop solar systems for self-consumption from the electricity operation license requirement in Vietnam. A reduced installation burden, and a safer grid for installations, both off grid and grid connected, makes commercial and residential installations much easier and safer, which has led to substantial tax breaks and administrative handling improvements that, in combination with each other, have made solar installations using microinverters much more affordable.
Further developments of microinverter technologies that enable clever energy generation at the panel level, module-level monitoring of system performance and operation and maintenance of PV systems that enable improved solar power production in shading and typical tropical climate conditions, along with continuous technology improvements such as higher efficiencies, greater reliability, more advanced data communications and more compatibility with smart home energy management systems, are making integrated microinverters more attractive than customary string inverters in Vietnam.
International planned alliances and local manufacturing are changing the local solar microinverter market in Vietnam. Major international solar microinverter suppliers are establishing local manufacturing and distribution capabilities to serve Vietnam's local market as well as the Southeast Asian region. They are taking advantage of Vietnam's enabling environment, skilled manpower, and government incentives. By producing locally, manufacturing costs are reduced, supply chain and product availability are improved in the domestic market, and the transfer of technology through these joint ventures and calculated alliances introduces to the country modern production technologies, and know-hows, improving the competitive landscape for solar energy in Vietnam, and contributing to economic growth and energy security.
Market Segmentation
Connectivity Insights:
- Standalone: The market includes standalone connectivity options allowing independent solar microinverter operation.
- On-Grid: On-grid connectivity integrates solar microinverters with the main electricity grid for energy exchange.
Component Insights:
- Hardware: Components such as microinverter devices and associated equipment constitute this segment.
- Software: Software offerings cover system control, monitoring, and management applications.
Communication Channel Insights:
- Wired: Solar microinverters communicate through physical wired channels for data transmission and control.
- Wireless: Wireless communication channels enable remote monitoring and system integration.
Type Insights:
- Single Phase: This type refers to microinverters designed for single-phase electrical systems.
- Three Phase: Microinverters in this category are compatible with three-phase power systems.
Application Insights:
- Residential: Deployment of solar microinverters in housing and residential solar installations.
- Commercial: Usage in commercial buildings and enterprises for solar power generation.
- Others: Other applications including industrial or specific sector uses.
Regional Insights
The Vietnam solar microinverter market is comprehensively analyzed across Northern Vietnam, Central Vietnam, and Southern Vietnam. The report includes a breakdown of market trends and forecasts for these regions. However, specific dominant region market shares or CAGR values are not provided in the source.
Recent Developments & News
In June 2025, Vietnam launched the Balcony Solar Systems for Vietnam (BSS4VN) project in Ho Chi Minh City, deploying 100 plug-and-play solar systems on residential balconies. Hoymiles is the strategic partner providing advanced microinverter technology for enhanced efficiency and safety, highlighting the importance of microinverters in urban solar solutions. In January 2025, Enphase Energy expanded into Vietnam and Malaysia, supplying IQ8P Microinverters with a peak AC output of 480W. These microinverters support high-powered solar modules for residential and commercial use, boosting energy generation capacity.
Key Players
- Hoymiles
- Enphase Energy
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