Vietnam Solar PV Inverter Market Size, Share, Trends and Forecast by Technology, Voltage, Application, and Region, 2025-2033

Vietnam Solar PV Inverter Market Overview:

The Vietnam solar PV inverter market size reached USD 43.35 Million in 2024. The market is projected to reach USD 63.86 Million by 2033, exhibiting a growth rate (CAGR) of 3.95% during 2025-2033. The market is driven by rapid adoption of hybrid and smart inverter technologies that support battery storage systems and optimize energy management, government policy support through new rooftop solar regulations promoting self-consumption models and increasing integration of energy storage. Additionally, Vietnam's position as a leading solar manufacturing hub with major international companies establishing production facilities is expanding the Vietnam Solar PV Inverter market share.

Vietnam Solar PV Inverter Market Trends:

Technological Innovations Boost Market Demand

Technological innovations have become a major catalyst for the Vietnam solar PV inverter market. New-generation inverters are being designed with smart features like real-time monitoring, predictive maintenance, and artificial intelligence-driven energy optimization. These technologies enhance performance efficiency, lower downtime, and optimize energy yield, especially for large-scale solar facilities. Bifacial solar panels, hybrid systems of PV along with energy storage, and microinverter technologies are becoming popular as they provide higher energy yield and flexibility of system design. Recent market trends reveal that top inverter companies are specifically bringing out products compatible for tropical and high-humidity environments in Vietnam with improved durability and reliability. Furthermore, the compatibility of inverters with smart energy management systems allows enhanced load balancing and grid stabilization, an essential requirement for high-solar-penetrated areas. Modular designs are also being focused on by companies to achieve simpler installation, maintenance, and scalability for larger solar projects. All these technological advancements have driven demand across residential, commercial, and industrial segments to consolidate the overall market forecast. With energy efficiency and sustainability still top of mind, the use of cutting-edge solar PV inverters still fuels market expansion and aids Vietnam's transition to renewable energy.

Supportive Policies and Investment Incentives

The market for solar PV inverters in Vietnam is significantly shaped by government regulations and financial incentives. To promote the use of solar energy, the Ministry of Industry and Trade (MOIT) has streamlined the permitting procedure, enacted net metering regulations, and imposed advantageous feed-in tariffs. These actions have sped up rooftop solar installations in both the urban and industrial sectors and lowered the entrance hurdles for new investors. Developers are now able to install cutting-edge solar PV systems thanks to expanded access to cash brought about by public-private partnerships and international funding support for renewable energy projects. Solar PV inverters and other renewable energy equipment are now more inexpensive for both residential and commercial users thanks to financial institutions' preferential lending and leasing programs. High-capacity inverters have been effectively used in recent years in major projects in provinces like as Dak Lak and Ninh Thuan to maximize power generation and smoothly interface with the national grid. Businesses and households have embraced solar solutions as a result of policy emphasis on sustainability, rising electricity rates, and energy cost savings. All of these financial and regulatory frameworks are anticipated to support market growth, strengthen the resilience of infrastructure, and reaffirm the importance of solar PV inverters in Vietnam's clean energy landscape.

Increasing Adoption of Solar PV Systems

The Vietnam solar PV inverter market growth is being driven primarily by the rising adoption of solar photovoltaic (PV) systems across the country. With increasing electricity demand and growing concerns about energy security, both residential and commercial sectors are actively exploring renewable energy solutions. Government incentives, including feed-in tariffs and tax exemptions for solar energy projects, have further accelerated PV system installations. The expansion of rooftop solar projects in urban areas, alongside utility-scale solar farms in regions such as Ninh Thuan and Binh Thuan provinces, has created strong demand for efficient and reliable inverters. Modern solar PV inverters now offer improved efficiency, advanced monitoring features, and better compatibility with energy storage systems, making them attractive for both small- and large-scale installations. In recent developments, several international and domestic inverter manufacturers have entered Vietnam, providing technologically advanced products that enhance system performance and reduce maintenance costs. The trend also reflects the increasing role of smart grid integration, as inverters with grid-support functionalities are becoming essential. These initiatives collectively contribute to the expansion of solar energy capacity in Vietnam, directly impacting the growth and modernization of the solar PV inverter segment.

Vietnam Solar PV Inverter 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, voltage, and application.

Technology Insights:

• Central Inverters
• String Inverters
• Microinverters
• Others

The report has provided a detailed breakup and analysis of the market based on technology. This includes central inverters, string inverters, microinverters, and others.

Voltage Insights:

• <1,000 V
• 1,000-1,499 V
• >1,500 V

A detailed breakup and analysis of the market based on voltage have also been provided in the report. This includes <1,000 V, 1,000-1,499 V, and >1,500 V.

Application Insights:

• Utility Scale
• Residential Scale
• Small Commercial Scale
• Large Commercial Scale
• Industrial Scale

The report has provided a detailed breakup and analysis of the market based on application. This includes utility scale, residential scale, small commercial scale, large commercial scale, and industrial 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 PV Inverter Market News:

• July 2025: Sungrow unveiled its next-generation residential energy storage system (ESS) in Phu Quoc, Vietnam, featuring advanced MG Series solar PV inverters with high efficiency, grid-connected PID recovery, and seamless backup power, boosting Vietnam solar PV inverter market development and supporting household energy independence.

Vietnam Solar PV Inverter Market Report Coverage:

Key Questions Answered in This Report:

• How has the Vietnam solar PV inverter market performed so far and how will it perform in the coming years?
• What is the breakup of the Vietnam Solar PV Inverter market on the basis of technology?
• What is the breakup of the Vietnam Solar PV Inverter market on the basis of voltage?
• What is the breakup of the Vietnam Solar PV Inverter market on the basis of application?
• What is the breakup of the Vietnam solar PV inverter market on the basis of region?
• What are the various stages in the value chain of the Vietnam solar PV inverter market? 
• What are the key driving factors and challenges in the Vietnam solar PV inverter market?
• What is the structure of the Vietnam solar PV inverter market and who are the key players?
• What is the degree of competition in the Vietnam solar PV inverter 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 PV inverter market from 2019-2033.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the Vietnam solar PV inverter market.
• Porter's Five Forces analysis assists 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 PV inverter 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.