The International Renewable Energy Agency (IRENA) estimated that the total installed Solar Panel Production Capacity in Vietnam was 17077.41 MW (17 GW) in 2023, of which 17071.92  MW was On-Grid and 5.49 MW was installed as Off-Grid facilities.⁶

Vietnam has the highest manufacturing capacity in Southeast Asia, producing 600,000–800,000 units of solar PV modules per year.⁷

In Vietnam, Solar power has a massive technical potential of up to 1,646 GW, with 1,569 GW from ground-based sources and 77 GW from water-based sources.⁸

Vietnam’s potential for rooftop solar power is estimated at almost 22 GW.⁹

Mordor Intelligence has estimated that the Vietnam Solar Energy Market is expected to grow from 18.80 GW in 2024 to 20.76 GW by 2029, at a Compound Annual Growth Rate (CAGR) of 2.44% during the forecast period.¹⁰

The Vietnam photovoltaics market was estimated to be worth USD 1.51 billion in 2022 and is projected to reach USD 2.86 billion by 2030, growing at a compound annual growth rate (CAGR) of 8.3% from 2023 to 2030.¹¹

The levelized cost of electricity produced by different sources in 2022 in Vietnam is as follows:¹²

Source	Range (USD/kWh)
Gas (CCGT)	0.084 – 0.104
Coal	0.075 – 0.094
Solar	0.053 – 0.105
Floating Solar	0.06 – 0.114
Onshore Wind	0.065 – 0.154
Offshore Wind	0.121 – 0.218
Solar + Battery	0.106 – 0.227
Onshore Wind + Battery	0.121 – 0.198

Total installed electricity capacity in Vietnam was 81.28 GW in 2023. Vietnam’s energy mix is led by coal at 27.24 GW (33.47%), followed by hydro at 22.64 GW (27.82%) and solar at 17.08 GW (20.99%). Gas contributes 8.15 GW (10.01%), wind 5.89 GW (7.24%), and bioenergy a small 0.38 GW (0.47%), reflecting a balance of traditional and renewable sources.¹³

Source	Capacity (GW)	Percentage (%)
Coal	27.24	33.5
Hydro	22.64	27.8
Solar	17.08	21.0
Gas	8.15	10.0
Wind	5.89	7.2
Bioenergy	0.38	0.5
Total	81.38	100%

Projected Renewable Energy:

• Vietnam’s Power Development Plan VII aims to increase the share of renewable energy to 10% of the country’s energy mix by 2030.¹⁴
• Vietnam’s Power Development Plan 8 (PDP8) aims to have renewable energy makeup 50% of the country’s energy mix by 2050.¹⁵

In May and June 2023 (Summer season), Northern Vietnam experienced power shortages and blackouts due to low water levels in mountain areas.

In Hanoi, some districts and provinces experience sudden outages that last six to eight hours.¹⁶

The VN Express reports over 103,000 rooftop solar units, generating a combined power output exceeding 9,500 megawatts in Vietnam in the first quarter of the year 2024. ¹⁷

This solar capacity is projected to expand to approximately 12,000 megawatts by the year 2030.¹⁷

The Vietnamese government aims to have 50% of residential and office buildings utilize rooftop solar power by 2030.¹⁸

Installed: Global Energy monitor has estimated that 166 solar farms were operating in Vietnam before December 2023.¹⁹²⁰

Projected: Global Energy Monitor has estimated that 10 Solar farms were under construction, 57 were in the pre-construction phase, and 10 more were announced before December 2023.¹⁹²⁰

The International Renewable Energy Agency (IRENA) estimated that the Off-grid installed solar capacity in Vietnam was 5.49 MW in 2023.⁶

Projected Value: If we assume a CAGR of 2.44%, (Mordor Intelligence) the future value of off-grid solar energy in 2029 will be approximately 6.60 MW.

The International Renewable Energy Agency (IRENA) estimated that the On-grid installed solar capacity in Vietnam was 17071.92  MW in 2023.⁶

Projected Value: If we assume a CAGR of 2.44%, (Mordor Intelligence)  the future value of on-grid solar energy in 2029 will be approximately 20,753.39 MW.

• The average monthly income of a Solar Installer in Vietnam is 406 USD.²¹
• The average monthly income of a Solar Engineer in Vietnam is 623 USD.²²

According to Worldometer, the population of Vietnam is 101,182,902 as of Saturday, October 26, 2024.²³

Estimate for Factory Rent: The average Factory rent in Vietnam is 5 USD /m²/month.²⁴

Industrial Electricity Rates: The average electricity tariff for manufacturing industries in Vietnam is approximately:²⁵

• Standard hour: 0.076 USD/kWh
• Off-peak hour: 0.049 USD/kWh
• Peak hour: 0.140 USD/kWh

Water Costs: For commercial use, the price of water is 1.15 USD/m³ while for industrial use, the price of water is 0.63 USD/m³.²⁶

Key Components of Administrative Costs

Salaries and Wages:

• The average monthly salary of a Solar Installer in Vietnam is 406 USD.²¹
• The average monthly salary of a Solar Engineer in Vietnam is 623 USD.²²

Rent for Office Space: The average office space rent in Vietnam is 26 USD /m²/month.²⁷

Insurance: The average spending per capita in Vietnam’s property insurance market is projected to be 14.29 USD in 2024.²⁸

⁴

Total installed electricity generation capacity: 81.5 G. ¹³

Total generation: 265.77 TWh.

Per capita electricity Generation: 2688 kWh.

Generation Mix:  The energy mix in Vietnam is led by coal at 124.31 TWh (46.77%), followed by hydropower with 76.79 TWh (28.89%) and gas at 26.52 TWh (9.98%). Solar contributes 25.46 TWh (9.58%), while wind adds 10.02 TWh (3.77%). Smaller portions come from oil at 2.31 TWh (0.87%) and bioenergy at 0.36 TWh (0.14%), indicating a strong presence of coal and hydropower, with a notable contribution from renewables.⁴

Source	Production (TWh)	Percentage (%)
Coal	124.31	46.77
Hydropower	76.79	28.89
Gas	26.52	9.98
Solar	25.46	9.58
Wind	10.02	3.77
Oil	2.31	0.87
Bioenergy	0.36	0.14

Leading players: ²⁹

Vietnam Electricity (EVN) is the dominant state-owned enterprise, operating most of the generation facilities, including coal, hydropower, and renewable sources.³⁰

Other players in power generation include PetroVietnam Power Corporation and Vinacomin-Power, focusing on fossil fuels and some renewable projects.

Private companies also participate, such as AES Mong Duong Power and Mekong Energy Company.

Transmission & Distribution

EVN also controls most of the transmission and distribution networks through its subsidiaries like the National Power Transmission Corporation (NPT) and several regional power corporations, including Northern, Central, and Southern Power Corporations.³¹

The National Power Transmission Corporation (EVNNPT), a subsidiary of EVN, operates the transmission grid. This includes: ⁸

• 153 substations.
• 25,236 km of transmission lines, including 7,996 km of 500 kV lines and 17,240 km of 220 and 110 kV lines.
• 91,256 MVA of transformer capacity.

Major power plants:

Coal-Fired Power Plants:

Here are some of the top coal power plants in Vietnam: ³²

• Duyen Hai Power Plant I & III: A 2,488 MW thermal power plant in Tra Vinh, Vietnam, commissioned in 2016
• Vinh Tan Coal Fired Power Plant IV:1,800 MW thermal power plant in Binh Thuan, Vietnam, commissioned in 2017
• Ca Mau Combined Cycle Power Plant: A 1,500 MW thermal project in Ca Mau, Vietnam, commissioned in 2008
• Duyen Hai Power Plant II: A 1,320 MW thermal project in Tra Vinh, Vietnam, commissioned in 2021

Several other notable coal power plants operational in Vietnam are, Hai Phong 2 (600 MW), Vung Ang 1 (1,200 MW), Nghi Son 1 (600 MW), Pha Lai 1 (440 MW), Pha Lai 2 (660 MW), Quang Ninh 1-2 (1,200 MW combined), and Son Dong (220 MW).³³

Nuclear Power Plant:

The nuclear power program was postponed in 2016, but Vietnam encourages nuclear research within the framework of PDP8.⁸

Other Renewable Energy sources

Wind energy: ³⁴³⁵

Vietnam has been actively developing its wind energy sector, capitalizing on favorable wind conditions and an extensive coastline. Below is an overview of notable wind farms in Vietnam, categorized by their type and production capacity:

Trung Nam Wind Farm (Ninh Thuận Province):

• Capacity: 152 MW
• Details: One of the largest onshore wind projects in Vietnam, contributing significantly to the national grid.

Dam Nai Wind Farm (Ninh Thuận Province):

• Capacity: 39.4 MW
• Details: Among the early wind power initiatives in the country, showcasing the potential of onshore wind energy.

Bac Lieu Wind Farm (Bac Lieu Province):

• Capacity: 99.2 MW
• Details: Vietnam’s first large-scale wind project, featuring 62 turbines installed in shallow waters near the coast.

As of 2024, Vietnam’s wind energy sector has achieved an installed capacity of approximately 4 gigawatts (GW), comprising both onshore and nearshore projects.

The Vietnamese government has set ambitious targets to expand this capacity, aiming for 6 GW of offshore wind power by 2030 and up to 87 GW by 2050.³⁶

Hydropower:

According to Power Technology, the top five hydropower plants in Vietnam, are following:³⁷

Son La

• Located in Son La, Vietnam.
• Has a capacity of 2,400 MW.
• Was commissioned in 2010.
• Owned by Vietnam Electricity.

Lai Chau

• Located in Lai Chau, Vietnam.
• Has a capacity of 1,200 MW.
• Was commissioned in 2015.
• Developed by Song Da.
• Owned by Vietnam Electricity.

Dong Nai

• Located in Lam Dong, Vietnam.
• Has a capacity of 740 MW.
• Was commissioned in 2009.
• Owned by Vietnam Electricity, Vinacomin-Power Holding, and Trung Nam.

Huoi Quang

• Located in Lai Chau, Vietnam.
• Has a capacity of 520 MW.
• Came online in 2015.
• Developed by Vietnam Electricity.
• Owned by Vietnam Electricity.

Chian

• Has a capacity of 420 MW.
• Developed by Technopromexport.

Electricity Imports: Vietnam currently imports 11 million kWh/day of electricity from China and Laos, accounting for 1.3% of its total daily output,with plans to increase electricity imports to 5 GW by 2030, making up 3.3% of its power mix.³⁸

³⁹

CR Mark (Conformity to Regulation): This certification indicates that the solar panel conforms to Vietnamese National Standards (TCVN) and other applicable regulations.

Certificate of Conformity: This certificate is issued by a STAMEQ-accredited conformity assessment body after a successful evaluation of the solar panel’s performance, durability, safety features, and environmental impact.

IEC (International Electrotechnical Commission) standards: Solar panels may also need to meet IEC standards, which are international standards for electrical and electronic products.⁴⁰

1. IEC 61215: Design qualification and type approval of PV modules
2. IEC 61730: Safety of PV modules
3. IEC 62108: Design, testing, and certification of CPV modules
4. IEC 62817: Design, testing, and certification of PV modules for consumer products
5. IEC 60904: Measurement of electrical and thermal characteristics of PV devices and modules

Vietnam’s government has launched a $135 billion energy strategy, aiming to equip 50% of the country’s residential rooftops with solar PV systems and become a net power exporter by 2031.¹⁰

The Prime Minister of Vietnam set a feed-in tariff of USD 0.0935 per kWh for grid-connected solar systems, effective June 1, 2017, for 20 years.¹

The Vietnamese government has set a net-metering tariff of  0.026 USD/kWh for surplus electricity sold from rooftop PV installations.⁴¹

According to Global Data, top 5 solar farms by installed Capacity are the following:⁴²

Trung Nam Solar PV Park I

• Located in Ninh Thuan, Vietnam.
• Has a capacity of 450 MW.
• Was commissioned in 2020.
• Developed and owned by Trung Nam.

Dau Tieng Solar PV Park

• Located in Tay Ninh, Vietnam.
• Has a capacity of 420 MW.
• Was commissioned in 2019.
• Developed and owned by Xuan Cau and B.Grimm Renewable Power 1.

Loc Ninh Solar PV Park

• Located in Binh Phuoc, Vietnam.
• Has a capacity of 350 MW.
• Was commissioned in 2021.

Phu My Solar PV Power Project

• Located in Binh Dinh, Vietnam.
• Has a capacity of 330 MW.
• Came online in 2020.
• Developed and owned by Leader Energy and Bamboo Capital Group.

Hong Phong 1A & 1B Solar PV Park

• Located in Binh Thuan, Vietnam.
• Has a capacity of 325.25 MW.
• Has been operating since 2019.

Projected Solar Projects:

According to Global Data, the top 5 solar farms under construction or announced in Vietnam are the following.⁴³

Hai Lang Green Hydrogen Solar PV Park:

• Location: Quang Tri, Vietnam
• Capacity: 4,300 MW
• Commissioning Year: Expected in 2027
• Developer and Owner: An Xuan Energy
• Current Stage: Announced

Xuan Thien Daklak Solar PV Park:

• Location: Dac Lak, Vietnam
• Capacity: 2,000 MW
• Developer and Owner: Xuan Thien Ninh Binh
• Current Stage: Partially Active

Ninh Thuan Solar PV Park:

• Location: Ninh Thuan, Vietnam
• Capacity: 1,000 MW
• Developer and Owner: Thien Tan Group
• Current Stage: Partially Active

Ho Chi Minh Rooftop Solar PV Park:

• Location: Soc Trang, Vietnam
• Capacity: 1,000 MW
• Commissioning Year: Expected by 2025
• Current Stage: Announced

Thuan Nam Solar Power Plant Project:

• Capacity: 630 MW
• Commissioning Year: Expected by 2027
• Developer and Owner: Trung Nam
• Current Stage: Permitting

Boviet Solar Technology Co., Ltd. ⁴⁴

Established in 2013, Boviet Solar specializes in manufacturing monocrystalline PERC and TOPCon photovoltaic cells, as well as Gamma Series, Monofacial and Vega Series, Bifacial PV modules. The company operates a manufacturing facility in Bac Giang City, Vietnam.

IREX Energy ⁴⁵

Founded in 2012, IREX provides integrated solar power solutions for both domestic and international markets. The company owns a factory with a capacity of 350 MWp and a fully automated production line in Vietnam.

Trina Solar (Vietnam) Science & Technology Co., Ltd. ⁴⁶

A subsidiary of Trina Solar Limited, this company operates a manufacturing facility in Bac Giang province, producing a variety of monocrystalline and polycrystalline panels.

SkyX Solar ⁴⁷

SkyX Solar is a prominent rooftop solar and distributed energy solutions provider for commercial and industrial customers in Vietnam. The company offers end-to-end solutions, including design, engineering, financing, and maintenance, ensuring significant savings for clients. SkyX Solar has over 100 MWp of projects under operation and development.

Vu Phong Energy Group JSC ⁴⁸

Established in 2009, Vu Phong Energy Group is a leading solar EPC (Engineering, Procurement, and Construction) contractor in Vietnam. With over a decade of experience, the company has successfully implemented numerous solar and wind power projects, adhering to high standards of quality and efficiency.

REEPRO ⁴⁹

REEPRO leverages 40 years of experience as a leading M&E (Mechanical & Electrical) contractor. The company has successfully executed more than 100 commercial and industrial-scale solar power projects, emphasizing optimal performance and investor satisfaction.

DAT Solar ⁵⁰

DAT Solar, a brand under Dat Technical Company Limited, specializes in solar power and energy storage solutions. The company serves both residential and commercial clients, offering comprehensive services from design to installation and maintenance. By the end of 2020, DAT had supplied and installed over 9,500 systems with a total capacity of nearly 560 MWp.

Solar Manufacturers in Vietnam:

Vietnam is home to a number of major solar panel producers, including First Solar, HT Solar, Irex Solar, Trina Solar, Vina Solar, and JA Solar. Additionally, JinkoSolar, a China-based company, has two manufacturing facilities in Vietnam. Other companies, such as Boway and Vietnam Sunergy JSC, are also investing in solar panel manufacturing in Vietnam, with plans to build new facilities in the country. Damsan’s AD Green, a Vietnamese private conglomerate, has also inaugurated a $45 million, 3-gigawatt solar panel manufacturing facility in northern Vietnam. These companies are contributing to Vietnam’s growing solar panel industry, which is expected to play a significant role in the country’s renewable energy sector.⁷