Vietnam Submarine Power Cable Market Size, Share, Trends and Forecast by Type, Voltage, Conductor Material, End User, and Region, 2025-2033

Vietnam Submarine Power Cable Market Overview:

The Vietnam submarine power cable market size reached USD 112.40 Million in 2024. The market is projected to reach USD 282.44 Million by 2033, exhibiting a growth rate (CAGR) of 10.78% during 2025-2033. The market is driven by Vietnam's ambitious offshore wind development targets of 6 GW by 2030 and substantial investments in inter-island connectivity infrastructure projects. Additionally, the advancing HVDC technology with enhanced transmission efficiency and the completion of major cross-border power connectivity projects are supporting the Vietnam submarine power cable market share.

Vietnam Submarine Power Cable Market Trends:

Technological Advancements in Cable Design

The Vietnam submarine power cable industry has been characterized by tremendous technology development in the design and laying of cables. Contemporary cables have incorporated high-voltage direct current (HVDC) capacity, advanced insulation materials, and better corrosion resistance to withstand poor marine conditions. Developments in laying method, including dynamic positioning vessels and remotely operated vehicles (ROVs), have shortened the installation period and reduced risks entailed in overcoming seabed challenges. In 2025, various pilot projects employed new-generation fiber-optic integrated cables for two-way power transmission and real-time tracking, improving operational effectiveness and predictive maintenance. Such technological advancements are pivotal to guaranteeing long-term dependability, with Vietnam's coast being subject to fluctuating sea conditions and typhoon threats. Local businesses are becoming more active in cooperating with overseas cable makers to adopt cutting-edge technologies, educate Vietnamese engineers, and create hybrid solutions specific to Vietnamese conditions. The use of these advanced technologies is fueling market competitiveness, reducing maintenance expenditures, and enhancing investor belief in offshore energy schemes, hence fueling the growth of Vietnam's submarine power cable industry while supporting national energy modernization plans.

Policy Support and Regulatory Framework

Government policies and supportive regulatory frameworks are key drivers of the Vietnam submarine power cable market. Authorities have streamlined permitting processes, provided financial incentives, and encouraged public-private partnerships to promote offshore energy infrastructure. Policies such as feed-in tariffs for offshore wind and renewable energy targets in PDP8 have created a favorable investment environment for submarine cable deployment. In 2025, the Ministry of Industry and Trade actively facilitated approvals for high-voltage submarine cable projects connecting offshore wind farms to the national grid, reducing bureaucratic delays and ensuring timely project execution. Additionally, international funding agencies and development banks are supporting feasibility studies and financing for cable infrastructure, providing capital access for large-scale projects. These policy measures are crucial for risk mitigation and attracting both domestic and foreign investors. By encouraging sustainable energy integration, enhancing energy security, and enabling modern grid infrastructure, government support is accelerating project timelines and technology adoption. Overall, the regulatory focus is strengthening investor confidence, boosting domestic manufacturing capabilities, and sustaining the long-term expansion of the Vietnam submarine power cable market.

Rising Investments in Offshore Energy Projects

The Vietnam submarine power cable market growth is being driven by increasing investments in offshore energy, particularly in wind and solar farms along the country’s extensive coastline. As Vietnam aims to meet its renewable energy targets, there is a growing demand for efficient transmission solutions capable of transporting large volumes of electricity from offshore installations to onshore grids. Submarine power cables offer reliable, low-loss transmission and help integrate renewable energy into the national electricity network, reducing dependence on fossil fuels. Government initiatives such as the Power Development Plan 8 (PDP8) have emphasized offshore renewable projects, boosting investor confidence and accelerating cable infrastructure development. In early 2025, the deployment of high-voltage submarine cables connecting new wind farms in Bac Lieu and Soc Trang provinces highlighted domestic companies’ increasing technical capabilities. International collaborations have also emerged, with foreign suppliers providing advanced high-voltage direct current (HVDC) cable solutions. These projects not only support renewable energy adoption but also enhance grid reliability, address energy deficits in coastal provinces, and drive the Vietnam submarine power cable market forward, creating opportunities for local manufacturers and international partners to expand their footprint in the growing subsea transmission sector.

Vietnam Submarine Power Cable 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 level for 2025-2033. Our report has categorized the market based on type, voltage, conductor material, and end user.

Type Insights:

• Single Core
• Multi Core

The report has provided a detailed breakup and analysis of the market based on type. This includes single core and multi core.

Voltage Insights:

• Medium Voltage
• High Voltage

A detailed breakup and analysis of the market based on voltage have also been provided in the report. This includes medium voltage and high voltage.

Conductor Material Insights:

• Copper
• Aluminium

The report has provided a detailed breakup and analysis of the market based on conductor material. This includes copper and aluminium.

End User Insights:

• Offshore Wind Power Generation
• Inter-Country and Island Connection
• Offshore Oil and Gas

A detailed breakup and analysis of the market based on end user have also been provided in the report. This includes offshore wind power generation, inter-country and island connection, and offshore oil and gas.

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 Submarine Power Cable Market News:

• December 2024: Vietnam launched the Asia Direct Cable (ADC), the country’s highest-capacity submarine power cable spanning nearly 10,000 km with 160 Tbps capacity. Connecting seven countries, it strengthened regional connectivity, enhanced digital infrastructure, and significantly boosted Vietnam submarine power cable market development.

Vietnam Submarine Power Cable Market Report Coverage:

Key Questions Answered in This Report:

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