Vietnam Solar Module Market Size, Share, Trends and Forecast by Technology, Connectivity, Mounting, End User, and Region, 2025-2033

Vietnam Solar Module Market Overview:

The Vietnam solar module market size reached USD 882.00 Million in 2024. The market is projected to reach USD 1,390.84 Million by 2033, exhibiting a growth rate (CAGR) of 4.66% during 2025-2033. The market is fueled by comprehensive government policy support including new regulatory frameworks for rooftop solar systems. Moreover, significant manufacturing capacity expansion by major global solar companies establishing production facilities, and the development of robust export infrastructure, are collectively strengthening the Vietnam solar module market share.

Vietnam Solar Module Market Trends:

Growth of Solar Capacity and Integration with the Grid

Vietnam has seen a rapid growth in solar power deployment, triggered by both reduced technology costs and policy incentives. The national grid has been quickly learning to take in a greater amount of fluctuating solar power, with utility-scale solar farms growing in tandem with distributed rooftop systems. Big solar farms are being built in provinces with high solar irradiance, and industrial and residential rooftops are emerging as possible sources of distributed generation. Grid operators are increasingly making smart grid technology and energy storage investments in order to deal with the variability of solar power and avoid curtailment. Installed capacity growth is a manifestation of the nation's overall goal of decreasing dependence on coal-fired generation while coping with increasing electricity demand. Moreover, improvements in module efficiency, such as bifacial panels and higher-wattage modules, are allowing more energy output per unit area. This convergence of high-efficiency modules with grid modernization efforts is building a solid platform for Vietnam's long-term renewable energy shift.

Emergence of Domestic Manufacturing and Supply Chain Localization

Vietnam is increasingly emerging as a regional center for the manufacturing of solar modules, with competitive labor rates, government subsidies, and market access being key drivers. This is contributing to the Vietnam solar module market growth. Local production capabilities now extend to high-efficiency photovoltaic cells and modules, lowering imports from neighboring countries. Investments in upstream activities like polysilicon refining and wafer manufacturing are being increasingly pursued, enabling a more localized and sustainable supply chain. This not only builds export opportunities but also bolsters the local market through cost and lead-time reductions for project developers. In addition, collaborations with international technology providers are enabling knowledge transfer and technological advancements, enabling local producers to make modules to international standards. Consequently, Vietnamese producers are gaining ground in the domestic and regional markets, growing in competitiveness and resilience. The policy shift towards localizing the supply chain concurs with national industrial policy goals, which support sustainable development in the renewable energy industry.

Policy Incentives and Finance Mechanisms for Solar Adoption

Government policy and supportive policies are key to driving solar module uptake in Vietnam. Feed-in tariffs, preferential loans, and tax credits remain to promote both rooftop solar and utility-scale projects. Banks are increasingly providing green financing packages directed towards renewable energy investments, reducing the capital threshold for firms and households. Moreover, the use of power purchase agreements (PPAs) and direct purchase models enables industrial consumers to access electricity from solar projects, providing stable revenue streams for developers. The government has also launched initiatives designed to promote microgrids and decentralized solar solutions in rural and industrial areas, further broadening adoption. These incentives are supplemented by regulatory systems that simplify project approvals and normalize interconnection processes. Together, these efforts increase investor confidence, encourage wider participation in the solar industry, and drive the installation of high-efficiency modules, strengthening the nation's clean energy agenda.

Vietnam Solar Module 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 technology, connectivity, mounting, and end user.

Technology Insights:

• Crystalline Silicon
  • Monocrystalline
  • Polycrystalline
• Thin Film
  • Cadmium Telluride (CdTe)
  • Amorphous Silicon (a-Si)
  • Copper Indium Gallium Diselenide (CIGS)

A detailed breakup and analysis of the market based on technology have also been provided in the report. This includes crystalline silicon (monocrystalline and polycrystalline) and thin film (cadmium telluride (cdTe), amorphous silicon (a-Si), and copper indium gallium diselenide (CIGS)).

Connectivity Insights:

• On-Grid
• Off-Grid

The report has provided a detailed breakup and analysis of the market based on connectivity. This includes on-grid and off-grid.

Mounting Insights:

• Ground Mounted
• Roof Top

A detailed breakup and analysis of the market based on mounting have also been provided in the report. This includes ground mounted and roof top.

End User Insights:

• Residential
• Commercial
• Utility

The report has provided a detailed breakup and analysis of the market based on the end user. This includes residential, commercial, and utility.

Regional Insights:

• Northern Vietnam
• Central Vietnam
• Southern Vietnam

The report has also provided a comprehensive analysis of all the major regional markets. This includes 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 Module Market News:

• September 2024: LONGi and Solar Electric Vietnam JSC (SEV) completed a cutting-edge 11 MWp solar photovoltaic project for Tan De Company, a prominent garment manufacturer employing over 17,000 individuals. The project installed rooftop systems across nine factories with expected annual generation of 12,603 MWh, aiming to reduce CO2 emissions by 8,527 tons annually.
• April 2024: Chinese firm Hainan Drinda New Energy Technology announced a $450 million investment in a solar panel production facility spanning 50 hectares in Hoang Mai II Industrial Park. The project has a 14 GW designed capacity developed in two phases, with the first phase completed by the end of 2024, targeting markets with restrictions on Made-in-China modules.

Vietnam Solar Module Market Report Coverage:

Key Questions Answered in This Report:

• How has the Vietnam solar module market performed so far and how will it perform in the coming years?
• What is the breakup of the Vietnam solar module market on the basis of technology?
• What is the breakup of the Vietnam solar module market on the basis of connectivity?
• What is the breakup of the Vietnam solar module market on the basis of mounting?
• What is the breakup of the Vietnam solar module market on the basis of end user?
• What is the breakup of the Vietnam solar module market on the basis of region?
• What are the various stages in the value chain of the Vietnam solar module market?
• What are the key driving factors and challenges in the Vietnam solar module market?
• What is the structure of the Vietnam solar module market and who are the key players?
• What is the degree of competition in the Vietnam solar module 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 module market from 2019-2033.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the Vietnam solar module 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 module 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.