Vietnam Energy and Power Market

Vietnam’s energy sector is undergoing a massive expansion to keep pace with an industrial demand projected to grow 10–12% annually through 2030. To meet this need, the nation’s total installed capacity is expected to nearly double to 146 GW by the end of the decade, requiring a staggering ~$130 billion in investment.

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The regulatory landscape is shifting under the Power Development Plan VIII (PDP8), which prioritizes a transition away from coal toward renewables and natural gas. By 2030, Vietnam targets 73 GW of solar and 50 GW of wind power. While the state-owned EVN maintains a monopoly on the 25,000 km high-voltage grid and 153 substations, the generation market is liberalizing. Independent Power Producers (IPPs) already contribute nearly 38% of installed capacity.

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This growth presents significant opportunities for foreign OEMs. High-end equipment, such as gas turbines, smart grid systems, and energy storage, is largely imported from U.S., European, and Japanese brands. Furthermore, the introduction of Direct Power Purchase Agreements (DPPA) is expected to allow large consumers to buy directly from renewable generators, further incentivizing private investment. In parallel, the newly introduced two-part tariff mechanism, separating capacity and energy payments, is expected to improve revenue predictability and bankability, particularly for renewable and gas-fired power projects. Together, these developments are likely to support greater private sector participation and accelerate deployment of advanced power technologies.

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Our Energy and Power sector coverage

• Power generation equipment

• Renewable energy systems

• Power transmission & distribution equipment

• Smart grid & energy management systems

• Industrial power components & consumables

• Conventional energy & oil & gas equipment