The Vietnam solar panel market reached a size of 1.3 Gigawatt in 2025 and is expected to grow to 2.5 Gigawatt by 2034, exhibiting a CAGR of 7.48% during the forecast period from 2026 to 2034. Growth is driven by rapid industrial expansion, government initiatives, and the country's commitment to Net Zero emissions by 2050. Technological advances further support market development.
Study Assumption Years
- Base Year: 2025
- Historical Years: 2020-2025
- Forecast Period: 2026-2034
Vietnam Solar Panel Market Key Takeaways
- Market Size (2025): 1.3 Gigawatt
- CAGR (2026-2034): 7.48%
- Forecast Market Size (2034): 2.5 Gigawatt
- Renewable sources accounted for 13.6% of Vietnam's electricity supply in 2023, including imports, totaling 37.9 million kWh.
- Policy support includes tax breaks, streamlined land access, and simplified grid-connection procedures aiding financing.
- Increased adoption due to public pressure on emissions, expanding use in industrial parks, commercial rooftops, and residential sectors.
- Technological innovations like bifacial modules, TOPCon and HJT panels, and floating PV help improve efficiency and lower costs.
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Market Growth Factors
Increased industrial activities in Vietnam and a growing manufacturing sector are the main drivers for the growth of the Vietnam solar panel market. The government policies, incentives, programs, and initiatives implemented by the government to support sustainability have played a major role in the market growth. The legislation to achieve a national Net Zero target by 2050 has further helped the proliferation of solar power schemes.
Also, long-term policies reduce project risk and approval time, and help independent power producers, through tax benefits, simplified land acquisitions, stable grid connection policies, and price clarity. Regulators have pursued transparent and competitive pricing, accompanied by encouraging corporate power purchase agreements, and thus made utility-scale parks and commercial rooftops attractive to bank lenders, project developers, engineering, procurement and construction (EPC) contractors, and manufacturers.
Improvements in technology have reduced costs in the solar industry. Bifacial modules (which receive sunlight on both sides of the panel) arranged with a single-axis tracker have the greatest energy yield per square foot. High-efficiency TOPCon and HJT panels have a greater yield in hot and humid climates like Vietnam. Smart inverters with fine-grained MPPT and DC-coupled storage help with load shifting. In addition, PV installations over reservoirs offer the advantages of reduced evaporation and improved land use.
Market Segmentation
Type Insights:
- Crystal Silicon: Includes monocrystalline and polycrystalline silicon panels.
- Monocrystalline Silicon: Solar panels manufactured from single-crystal silicon, valued for efficiency.
- Polycrystalline Silicon: Panels made from multiple silicon crystals with distinctive appearance and moderate efficiency.
- Thin Film: Flexible and lightweight solar panels made from advanced materials, offering different efficiency and cost profiles.
- Others: Additional panel types available in the market beyond the main categories.
End Use Insights:
- Commercial: Utilization of solar panels in commercial buildings and enterprises.
- Residential: Deployment in household power generation systems.
- Industrial: Usage across industrial operations and manufacturing facilities.
Regional Insights
The report covers the market across Northern Vietnam, Central Vietnam, and Southern Vietnam regions. Specific market dominances or statistical shares for each region are not detailed in the source but are included in the comprehensive regional analysis provided by IMARC Group.
Recent Developments & News
In July 2025, the Solar & Storage Live Vietnam 2025 event was held on July 9-10 at HCM City’s SKY Expo, attracting over 5,500 attendees and 250+ exhibitors. The event showcased solar and energy storage solutions and was supported by partners like AHK and GIZ, reinforcing Vietnam’s advancing solar market. In November 2024, Meliá Hotels installed over 2,000 solar panels across two resort locations, promoting renewable energy use within the hospitality sector and supporting Vietnam’s clean energy transition.
Key Players
- CRC Solar Cell Joint Stock Company
- Green Wing Solar Technology Co. Ltd.
- JinkoSolar Holdings Company
- SolarBK Group
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