Vietnam Solar Cell Market Size, Share, Trends and Forecast by Type, Installation Type, and Region, 2025-2033

Vietnam Solar Cell Market Overview:

The Vietnam solar cell market size reached USD 680.15 Million in 2024. The market is projected to reach USD 2,187.16 Million by 2033, exhibiting a growth rate (CAGR) of 12.39% during 2025-2033. The market is swiftly evolving in the solar energy industry, driven by strong government backing, technical advancements, and an increasing focus on sustainable development. The country's strategic efforts, such as huge investments in renewable energy facilities and facilitative policies, are developing a supportive climate for the innovation and uptake of solar energy technologies. Partnerships between local businesses and global allies are speeding up research and development. These collective efforts are likely to have a major impact on the Vietnam solar cell market share in future years.

Vietnam Solar Cell Market Trends:

Technological Advancements in Battery Storage

Vietnam is adopting newer battery technologies to improve how solar energy is stored and managed. With the rise of residential and commercial solar systems, efficient storage has become essential for ensuring continuous power supply especially during peak demand or at night. In May 2025, technical trials for integrating lithium-based solar cell batteries into household solar systems were initiated in select urban districts, with local authorities supporting grid synchronization efforts. These batteries are favored for their safety, longer life cycles, and faster charging capacity, which makes them ideal for Vietnam's hot and humid climate. In parallel, local manufacturers are exploring cost-effective alternatives such as hybrid battery packs that combine both lithium and flow technologies to enhance flexibility and reduce replacement frequency. The increasing variety in storage options allows consumers and businesses to tailor systems based on usage and scale. These innovations are reshaping how solar infrastructure is deployed and optimized. This progress plays a central role in shaping Vietnam solar cell market trends, highlighting the country’s growing technical adaptability.

Government Incentives and Policy Support

Vietnam is speeding up the integration of solar energy through a series of systematic policy reforms and incentives. The government in October 2024 published Decree 135/2024/ND-CP, which sets forth new rules for rooftop solar installations, including mechanisms for pricing the surplus electricity fed back to the grid. This policy marks a part of an overall national strategy to enhance the contribution of renewable energy, decrease grid dependence, and promote decentralized energy systems. Under the new scheme, residential and commercial consumers are provided with simplified procedures and increased clarity on grid integration, anticipating increased solar energy investment confidence. Aside from regulatory reforms, financial incentives like subsidies and tax incentives have been introduced to incentivize installation as well as energy storage solutions. These steps are in line with Vietnam's long-term policies of energy diversification and sustainability, creating a conducive situation for the installation of solar technologies. As the government enhances its focus on clean energy, friendly policies will continue to fuel investment and uptake in the sector. These advancements are a significant driver of Vietnam solar cell market growth.

Increase in Rooftop Solar Installations

Solar rooftop adoption is growing consistently throughout Vietnam, complemented by national initiatives and local efforts to promote self-energy use. Households and companies are seeing the long-term economic and environmental advantages of solar panel installations, especially where grid reliability can be unpredictable. As more people become aware of rooftop solar and installation services become more accessible, more homeowners are coming to see the roof as a viable investment opportunity and not an exclusive solution. Installers now bundle both solar panels and built-in battery systems in packages, so users can save energy for the future. This method decreases dependence on the grid and enhances energy autonomy, particularly during peak demand hours or weather outages. Furthermore, urban building codes are slowly adapting to include solar infrastructure, making administration easier and pushing expansion at a larger scale. With increasingly more rooftops harnessed for solar energy, the enabling system of suppliers, service companies, and grid integration technologies is expanding in parallel, adding to a robust and stable renewable energy sector across the nation.

Vietnam Solar Cell Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country and regional levels for 2025-2033. Our report has categorized the market based on type and installation type.

Type Insights:

• Silicon Wafer
  • Monocrystalline
  • Multicrystalline
• Thin Film 
  • Cadmium Telluride (CdTe)
  • Amorphous Silica (a-Si)
  • Copper Indium Gallium Selenide (CIGS)

The report has provided a detailed breakup and analysis of the market based on the type. This includes silicon wafer (monocrystalline and multicrystalline) and thin film (cadmium telluride (CdTe), amorphous silica (a-Si), and copper indium gallium selenide (CIGS)).

Installation Type Insights:

• Residential
• Commercial
• Utility-Scale

A detailed breakup and analysis of the market based on the installation type have also been provided in the report. This includes residential, commercial, and utility-scale.

Regional Insights:

• Northern Vietnam
• Central Vietnam
• Southern Vietnam

The report has also provided a comprehensive analysis of all the major regional markets, which include Northern Vietnam, Central Vietnam, and Southern Vietnam.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

Vietnam Solar Cell Market News:

• August 2025: Vietnam’s TotalEnergies has completed a solar rooftop system at its lubricants blending plant in Ba Ria‑Vung Tau Province. The installation improves the facility’s sustainability by generating clean power and reducing its reliance on grid electricity. Integrated under the company’s renewable energy efforts, the rooftop PV setup boosts its operations’ environmental credentials. By moving toward cleaner energy sources in its manufacturing base, this project supports Vietnam’s broader energy transition goals.
• June 2025: Vietnam’s Viet Khanh Group and Waaree Renewable Technologies have signed a memorandum of understanding to develop a large‑scale solar power project in Vietnam. The venture will see Waaree provide engineering, procurement, construction and module supply for the development of a substantial solar photovoltaic facility. This collaboration builds on prior experience in solar generation, reinforcing the commitment to clean energy. The partnership underlines Vietnam’s focus on renewable infrastructure and strengthens its position in Southeast Asia’s solar industry. 

Vietnam Solar Cell Market Report Coverage:

Key Questions Answered in This Report:

• How has the Vietnam solar cell market performed so far and how will it perform in the coming years?
• What is the breakup of the Vietnam solar cell market on the basis of type?
• What is the breakup of the Vietnam solar cell market on the basis of installation type?
• What is the breakup of the Vietnam solar cell market on the basis of region?
• What are the various stages in the value chain of the Vietnam solar cell market? 
• What are the key driving factors and challenges in the Vietnam solar cell market?
• What is the structure of the Vietnam solar cell market and who are the key players?
• What is the degree of competition in the Vietnam solar cell market? 

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the Vietnam solar cell market from 2019-2033.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the Vietnam solar cell market.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the Vietnam solar cell industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.