Vietnam Bifacial Solar Market Report: Size, Share, Growth Drivers, Trends, Opportunities & Forecast 2025-2030

Vietnam Bifacial Solar Market is valued at USD 1.5 Bn, driven by renewable energy demand, government incentives, and tech advancements in bifacial panels.

The Vietnam Bifacial Solar Market is valued at USD 1.5 billion, based on a five-year historical analysis. This growth is primarily driven by the increasing demand for renewable energy sources, government incentives such as feed-in tariffs, and advancements in solar technology. The adoption of bifacial solar panels, which offer higher efficiency and energy yield, has significantly contributed to the market's expansion, alongside the country's robust solar PV deployment and manufacturing ecosystem.

Key hubs for solar market activity include Ho Chi Minh City, Hanoi, and Da Nang, which dominate due to their strategic locations, robust infrastructure, and supportive government policies. These cities have seen substantial investments in solar energy projects, making them centers for solar technology development and deployment.

The regulatory framework for solar projects in Vietnam is governed by the Decision No. 13/2020/QD-TTg issued by the Prime Minister of Vietnam in 2020. This regulation sets out requirements for solar power development, including technical standards, licensing, and eligibility for feed-in tariffs. While it does not mandate a specific percentage of bifacial technology, it establishes operational standards and incentives for advanced solar technologies, promoting higher efficiency and environmental performance in new projects.

Vietnam Bifacial Solar Market Segmentation

By Cell Technology:

The bifacial solar market is segmented based on cell technology, which includes various types of bifacial panels that cater to different consumer needs and preferences. The primary subsegments are N-type TOPCon bifacial panels, Heterojunction (HJT) bifacial panels, PERC bifacial panels, and others such as IBC panels. Each technology offers unique advantages in terms of efficiency, cost, and application suitability.

The N-type TOPCon bifacial panels are currently dominating the market due to their superior efficiency and performance in low-light conditions. This technology has gained traction among utility-scale projects, where maximizing energy output is crucial. The increasing awareness of the benefits of bifacial technology among consumers and developers has further propelled its adoption, making it the leading choice in the market.

By End-User:

The bifacial solar market is also segmented by end-user categories, which include utility-scale power plants, commercial and industrial (C&I) users, residential consumers, and government and institutional projects. Each segment has distinct requirements and preferences, influencing the choice of bifacial technology.

Utility-scale power plants are the leading end-user segment, accounting for a significant portion of the market. This dominance is attributed to the large-scale deployment of bifacial solar technology in solar farms, where the focus is on maximizing energy generation and reducing costs. The commercial and industrial sector is also growing rapidly, driven by the need for sustainable energy solutions and cost savings on electricity bills.

Vietnam Bifacial Solar Market Competitive Landscape

The Vietnam Bifacial Solar Market is characterized by a dynamic mix of regional and international players. Leading participants such as Vietnam Electricity (EVN), Trung Nam Group, SolarBK, BCG Energy, First Solar, JinkoSolar, Canadian Solar, Hanwha Q CELLS, LONGi Green Energy, TTP Solar, Sharp Corporation, Trina Solar, REC Group, SunPower Corporation, Yingli Green Energy contribute to innovation, geographic expansion, and service delivery in this space.

Vietnam Bifacial Solar Market Industry Analysis

Growth Drivers

Increasing Energy Demand:

Vietnam's energy consumption is projected to reach 450 terawatt-hours (TWh) in future, driven by rapid industrialization and urbanization. The country's electricity demand is growing at an annual rate of 11%, necessitating a shift towards renewable sources. This surge in energy needs is prompting investments in solar technologies, particularly bifacial solar panels, which can generate more energy per unit area compared to traditional panels, thus addressing the energy gap effectively.

Government Incentives for Renewable Energy:

The Vietnamese government has implemented various incentives to promote renewable energy, including a feed-in tariff of 2,200 VND per kWh for solar power. In future, the government aims to increase the share of renewable energy in the national energy mix to 25%. These policies are designed to attract both domestic and foreign investments, fostering a conducive environment for the growth of the bifacial solar market.

Technological Advancements in Solar Technology:

The advancement of bifacial solar technology has significantly improved energy efficiency, with some models achieving up to 35% higher energy output than traditional panels. In future, the cost of bifacial solar panels is expected to decrease by 20%, making them more accessible. This technological evolution is crucial for Vietnam, where maximizing energy output is essential to meet the increasing demand and sustainability goals.

Market Challenges

High Initial Investment Costs:

The initial capital required for installing bifacial solar systems can be substantial, often exceeding 1.8 million VND per kW. This high upfront cost poses a significant barrier for many potential investors and consumers. In future, the average payback period for solar investments in Vietnam is estimated to be around 7-9 years, which may deter adoption despite long-term savings on energy bills.

Regulatory Uncertainties:

The regulatory landscape for solar energy in Vietnam is still evolving, leading to uncertainties that can hinder investment. Frequent changes in policies and tariffs create a challenging environment for stakeholders. In future, the lack of a stable regulatory framework may result in delays for project approvals, impacting the timely deployment of bifacial solar technologies and overall market growth.

Vietnam Bifacial Solar Market Future Outlook

The future of the Vietnam bifacial solar market appears promising, driven by increasing energy demands and supportive government policies. As technological advancements continue to enhance efficiency and reduce costs, the adoption of bifacial solar panels is expected to rise significantly. Additionally, the integration of smart grid technologies will facilitate better energy management, further boosting the market. Stakeholders are likely to focus on sustainable practices, aligning with global trends towards renewable energy solutions, which will shape the market landscape in the coming years.

Market Opportunities

Expansion of Solar Farms:

The Vietnamese government plans to develop 12,000 MW of solar capacity in future, creating significant opportunities for bifacial solar farms. This expansion will not only enhance energy production but also attract investments from both local and international players, fostering a competitive market environment.

Development of Energy Storage Solutions:

With the increasing penetration of solar energy, the demand for energy storage solutions is expected to rise. In future, the energy storage market in Vietnam is projected to reach 1,200 MW, providing opportunities for innovative storage technologies that complement bifacial solar systems, ensuring energy reliability and efficiency.