Vietnam Solar Power Market Outlook to 2028

Vietnam Solar Power Market Outlook to 2028

A major driving element for solar power capacity additions has been the Vietnamese government's commitment to increase energy supply and the public's strong demand for improved air quality. Government legislation and regulations that support renewable energy (RE) growth, such as feed-in-tariffs (FiT), attractive tax breaks, and land lease waivers, are also recognized as critical components.

The public's desire to preserve the environment is the second most important aspect. Furthermore, severe air pollution in urban areas has fueled public opposition to new coal power plants, and local water and other resource issues have been a source of concern.

At the recent Conference of the Parties (COP26) to the United Nations Framework Convention on Climate change, held in November 2021, Vietnam's Prime minister announced the country's target of net-zero carbon emissions by 2050. In line with this, the Vietnamese government announced the 8th national power development plan (PDP8), which lays down the roadmap for the country's energy transition and security.

While the PDP8 has been revised multiple times, the most recent edition recommends boosting electricity capacity to 146,000 MW by 2030 and incorporating the usage of diverse power sources in renewable energy as well as alternative fuel sources such as hydrogen and ammonia. This is significant due to the Vietnam climate change commitments at the UN’s COP26.

Vietnam’s Economy and Power Demand

Post-Vietnam war, the "Doi Moi" series of economic and political reforms in 1986, Vietnam's economy has registered a miraculous growth. Today, Vietnam is a rising star in the world of emerging markets. Its 6-7 percent economic growth matches China, and its exports are valued as much as its GDP.

The country's robust industrialization process has fueled a surge in energy consumption in general and electricity in particular.

As a result, electrical capacity is predicted to grow at an average annual rate of 5.7 percent between 2021 and 2030, reaching 129.5GW by 2030. It also proposes USD 148 billion in investments to enhance power generation and develop the electricity network, with 74% going to power sources and 26% going to grid construction between 2021 and 2030.

Vietnam's Energy Mix

In terms of power source, coal-fired power generation accounts for approximately 34% of national power capacity in 2020, hydroelectricity accounts for 30%, gas turbines and oil-fired thermal power account for 15%, and solar power (including rooftop solar power) accounts for 24%, wind power 1%, biomass power 1%.

Vietnam’s Renewable Energy Resources

Located in Southeast Asia near the tropic of cancer, Vietnam receives an ample amount of sunlight, making solar power a viable energy resource. The large-scale solar installations started in 2018 due to the Feed-in-tariffs and other government initiatives. As of the end of 2021, Vietnam had 16.5 GW of solar energy.

Vietnam is one of the top ten countries in terms of cumulative installed solar energy capacity, according to the International Renewable Energy Agency (IRENA).

Vietnam's ambitious green energy aspirations have positioned it to become a regional and global leader. Its great solar PV potential and green energy initiatives are yielding positive results.

Wind energy investments have enormous potential as well. With an estimated potential of 311 GW, Vietnam has one of the finest wind resources in Southeast Asia.

Challenges

The national transmission system is straining to keep up with the significant capacity expansion, posing a risk of growth bottlenecks. This is primarily due to an increase in renewables, which typically take significantly less time to develop than a transmission line. The National Load Dispatch Center has reduced hydropower plant production to prioritize solar integration and prevent a grid overload. Since 2019, Vietnam Electricity (EVN) has been building and upgrading 21 transmission lines to ensure the smooth integration of more renewable sources.

The United States Trade and Development Agency (USTDA) has granted the National Power Transmission Corporation (EVNNPT) $935,000 in order to update the company's information technology, communications, and power transmission infrastructure, as well as to enable future smart grid investments.

Some of the Trends in PV Technology are -

Extensive research is being conducted on perovskite solar cells due to their high efficiency and easy manufacturing on a large scale.

Innovations in bifacial modules (which uses both sides of the panel to generate electricity) are expected to generate efficiency gains and lower LCOE in the coming years.

Currently, P-type mono PERC cells are the dominant technology. However, post-2025, N-type cells have the potential to replace p-type cells in the future.

According to Blackridge Research, the outlook for solar PV installation remains strong in the long term, and the market is expected to expand during the forecast period due to compelling economics and decarbonization commitments by various stakeholders.

Blackridge Research’s Vietnam Solar Power Market Outlook report consolidates the developments and build a perspective on growth from the point of view of the solar sector in its current and future role.

The report provides a comprehensive analysis of the historical development, the current state of the solar power installation scenario, and its outlook.

The majority of data in the report have been derived from multiple bottom-up and top-down analyses, as well as proprietary models, databases, and offerings - Solar Intelligence Hub and Global Project Tracker Service built from public and exclusive sources over the years.

The insights include but are not limited to the market data, solar PV installation data and capacity additions data and forecast, government policies and regulations, project data (upcoming solar power projects, under-construction projects, and operating/commissioned solar power plants), company profiles of major players, and competitive landscape analysis.

The market research report covers market dynamics, growth potential of the photovoltaic (PV) and concentrated solar power (CSP) markets, economic trends, and investment & financing scenario in Vietnam.

Further, the report looks at the current state and assesses the potential of residential, non-residential, and utility-scale solar PV deployment.

Special attention is given to depicting the impact of the ongoing COVID-19 pandemic and changes in the government policies and regulatory landscape.

The new report from Blackridge Research on Vietnam solar power Market comprehensively analyses the Vietnam solar power Market and provides deep insight into the current and future state of the industry. The study examines the drivers, restraints, and regional trends influencing Vietnam solar power Market demand and growth.

What do we cover in the report?

Vietnam Solar Power Market Drivers & Restraints

The study covers all the major underlying forces that help the market develop and grow and the factors that constrain the growth. The report includes a meticulous analysis of each factor, explaining the relevant, qualitative information with supporting data. Each factor's respective impact in the near, medium and long term will be covered using Harvey balls for visual communication of qualitative information and functions as a guide for you to analyze the degree of impact.

Vietnam Solar Power Market Analysis

This report discusses the overview of the market, latest updates, important commercial developments and structural trends, and government policies and regulations. This section provides an assessment of COVID 19 impact on Vietnam solar power market demand.

Vietnam Solar Power Installed Capacity and Demand Forecast

The report provides Vietnam's solar power installed capacity and demand forecast until 2028, including year-on-year (YoY) growth rates and CAGR.

Vietnam Solar Power Industry Analysis

The report examines the critical elements of the solar power industry supply chain, its structure, participants using Porter's five forces framework and PESTEL analysis. The report covers the assessment of the Vietnam solar power industry's state of competition and profitability.

Vietnam Solar Power Market Segmentation & Forecast

The report dissects the Vietnam solar power Market into segments by end-use sector and by technology type (solar photovoltaic (PV) and Concentrated solar power (CSP)). A detailed summary of the current scenario, recent developments, and market outlook will be provided for each segment. Further, market size and demand forecasts will be presented, along with various drivers and barriers for individual market segments.

Effective market segmentation enables you to identify emerging trends and opportunities for long-term growth. Contact us for "bespoke" market segmentation to better align the research report with your requirements.

Key Company Profiles

This report presents detailed profiles of Key companies in Vietnam’s solar power industry. In general, each company profile includes - an overview of the company, relevant products and services, a financial overview, and recent developments.

Competitive Landscape

The report provides a comprehensive list of notable companies in the market, including mergers and acquisitions (M&As), joint ventures (JVs), partnerships, collaborations, and other business agreements. The study also discusses the strategies adopted by leading players in the industry.

Executive Summary

The Executive Summary will be jam-packed with charts, infographics, and forecasts. This chapter summarizes the findings of the report crisply and clearly. The report begins with an Executive Summary chapter and ends with Conclusions and Recommendations.

This product will be delivered within 3-5 business days.