Vietnam Power EPC Market Report and Forecast 2025-2034

The Vietnam power EPC market reached approximately USD 3.10 Billion in 2024. The market is projected to grow at a CAGR of 4.60% between 2025 and 2034, reaching a value of around USD 4.86 Billion by 2034.

Vietnam Power EPC Market Outlook

• As of the year 2023, Vietnam's total electricity consumption stands at approximately 266 TWh.
• As of 2023, Vietnam's electricity was mainly produced from fossil fuels, of which more than half is 126 TWh of coal and gas and oil worth 27 TWh.
• The National Power Development Plan for 2021-2030 (Power Development Plan 8 (PDP8)) was implemented in April 2024.

Vietnam Power EPC Market Growth

In a significant step towards sustainable development, the Vietnamese government approved the National Electricity Development Plan 2021-2030 with a vision of 2050. Vietnam has committed to achieving zero emissions by 2050 and is also investing in the introduction of renewable energy practices. At the same time, the focus is on increasing renewable energy sources, with offshore wind, onshore wind and biomass power reaching 6,000 MW, 21,880 MW and 1,088 MW, respectively. In addition, 1,182 MW of waste-to-energy electricity generation and an additional 2,600 MW of rooftop solar capacity are expected. To facilitate efficient energy storage, a total capacity of 300 MW is also planned for battery storage.

The rapid growth of Vietnam's economy and population has resulted in a substantial rise in energy requirements. This surge in demand has necessitated the expansion of the power infrastructure, prompting the initiation of various engineering, procurement, and construction (EPC) projects.

The development of smart cities has been a priority in major municipalities throughout Vietnam. Ho Chi Minh City, Hanoi, Da Nang and Can Tho are leading the way for smart city frameworks. Ho Chi Minh City has mapped out four priority tasks for the development of a smart city by 2025, including a common database, a socio-economic policy simulation research and forecasting centre, an intelligent management centre and an information security centre, leading to higher energy demand.

Vietnam Power EPC Industry Segmentation

“Vietnam Power EPC Market Report and Forecast 2025-2034” offers a detailed analysis of the market based on the following segments:

Market Breakup by:

• Thermal
• Oil and Gas
• Renewable
• Nuclear
• Others

Market Breakup by Region:

• Southeast
• Red River Delta
• Mekong River Delta
• South Central Coast
• Others

Vietnam Power EPC Market Share

Based on type, the market is segmented into thermal, oil and gas, renewable, and nuclear, among others. The renewable type is projected to grow at a CAGR of 7.4% during the forecast period of 2025-2034. Vietnam has significant renewable energy potential, especially in solar and wind energy. The government's commitment to increase the share of renewable energy in the national grid has encouraged investment in renewable energy projects and driven the market.

Leading Companies in the Vietnam Power EPC Market

The market players are focusing on the adoption of cutting-edge technologies to gain a competitive edge in the market.

• PETROVIETNAM POWER CORPORATION
• Power Engineering Consulting Joint Stock Company 2
• LILAMA CORPORATION
• Doosan Enerbility Vietnam Co.
• Others

Vietnam Power EPC Market Report Snapshots

Vietnam Power EPC Market Size

Vietnam Power EPC Market Growth

Vietnam Power EPC Market Share

Vietnam Power EPC Companies