Dynamic Growth and Government Initiatives
The Vietnam solar energy market is thriving with a projected CAGR of 7.3% from 2022 to 2028. Fueled by government initiatives, particularly the National Power Development Master Plan (PDP VII), the market is witnessing dynamic growth.
Investment Surge and Favorable Government Initiatives
Investment in solar energy projects is escalating in Vietnam, anticipated to meet a 9% increase in energy demand over the next decade. The Ministry of Industry and Trade estimates a need for $128.3 billion investment from 2021 to 2030. Vietnam is already ahead in solar panel capacity, surpassing Southeast Asian neighbors with 5 GW of solar installations by 2019.
Photovoltaic Dominance and Competitive Landscape
The photovoltaic (PV) systems segment holds the largest market share in Vietnam’s solar energy landscape. With key players like Sharp Energy Solutions Corporation and Tata Power Solar Systems Ltd., the market is fiercely competitive, driven by government support and collaborations with foreign entities.
Source: taiwannews.com.tw
