Vietnam to be the world's Top 3 PV market with installed capacity exceeding 10GW

The Vietnamese market is full of opportunities. To be noted, the goal set by the government last year to install 100,000 rooftop solar systems by 2025 has already been completed ahead of schedule.

In the first half of 2020, despite the outbreak of the epidemic and the national blockade, the installed capacity of rooftop photovoltaic power in Vietnam continued to grow steadily, and installation continued to accelerate in the third quarter. The real outbreak occurred in December.

According to the report, as of the end of November 2020, Vietnam’s cumulative rooftop photovoltaic power generation capacity reached an impressive 2.876GW, with a monthly installation of approximately 851MW.

According to Energy Box, the initial FIT policy triggered a boom in ground-based photovoltaic power stations. About 8.500 GW of ground-based photovoltaic power plants were installed in 2020.

As per the authorities, Vietnam's installed photovoltaic capacity will exceed 19.402GW, and Vietnam will become the world's top three photovoltaic markets, a record.

Market insiders say that along with the significant increase in China's photovoltaic product imports is the rise of emerging overseas photovoltaic markets. The outbreak in the Vietnamese market in the past two years has become even more significant. In 2019, Vietnam became the second importer of China's photovoltaic products, and its exports accounted for a growth rate of more than 80% compared to 2018, surpassing India, a major exporter.

As per the reports, from now to 2030, Vietnam needs to invest about US$10 billion annually to meet the growing demand of electric power industry. With such high funding requirements, the government allows foreign capital to wholly own Vietnamese energy companies. Foreign investors can choose among the approved investment forms, such as 100% wholly foreign-owned, PPP model, etc.

According to data, during the period 2021-2024, the power shortage will gradually increase in Vietnam. It has been estimated that there will be a power shortage of nearly 400 million kWh in 2021, and it will reach a peak of 13.3 billion kWh in 2023. The shortage is expected to ease in 2024 and reduce to about 11 billion kWh.

In order to reduce the risk of power shortage during 2021-2025, one of the solutions of the Vietnamese government is to promote the development of renewable energy, especially solar energy. Due to the rapid construction and short construction period of renewable energy power stations, the Vietnamese government will start investing in the construction of a large number of power stations in 2021.

Considering this context, ENERGY BOX is going to organize the "2nd Vietnam Solar+Wind Congress" on March 31, 2021 in Ho Chi Minh City, Vietnam, which is a one-day summit on Vietnam's renewable energy market policy, finance, and investment risks. Thanks for getting supported by: NANGLUONG/ MOIT/ PECC2/PECC3/GoodWe/Trina Solar/Talesun/SMA/SUNTECH/SINENG/TBEA/Solplanet (Events web: https://www.energyboxevents.com/conference)

The goal of the conference is to help participants understand the Vietnamese market, find potential cooperation opportunities, and quickly seize the opportunity for the development of the Vietnamese solar and wind energy market.

In order to promote domestic and foreign business cooperation, it will be inviting the most active and representative leaders of the Vietnamese local government's new energy authorities, new energy investors, top international developers, new energy EPCs, well-known local Vietnamese companies, consulting and financing institutions.

Representatives and others will participate in sharing and discussion on Vietnam's solar photovoltaic and wind energy policies, development prospects, investment opportunities, and project development.

Meanwhile, ENERGY BOX has released the statistics of the top 7 companies in Vietnam's module shipments in 2020. According to statistics, JA Solar is firmly positioned as the champion of Vietnam's module shipments in 2020 with shipments exceeding 2.3GW.

In 2020, Vietnam's PV installations reached 14.900GW (ground + roof). Which the top 8 companies are JA, Jinko, Longi, Trina,Canadian Solar,Risen, AE Solar. 

PV Box.

The goal of the conference is to help participants understand the Vietnamese market, find potential cooperation opportunities, and quickly seize the opportunity for the development of the Vietnamese solar and wind energy market.

In order to promote domestic and foreign business cooperation, it will be inviting the most active and representative leaders of the Vietnamese local government's new energy authorities, new energy investors, top international developers, new energy EPCs, well-known local Vietnamese companies, consulting and financing institutions.

Representatives and others will participate in sharing and discussion on Vietnam's solar photovoltaic and wind energy policies, development prospects, investment opportunities, and project development. 

Meanwhile,ENERGYBOX has released the statistics of the top 8 companies in Vietnam's module shipments in 2020. According to statistics, JA Solar is firmly positioned as the champion of Vietnam's module shipments in 2020 with shipments exceeding 2.3GW. 

In 2020, Vietnam's PV installations reached 13.437GW (ground + roof). Which the top 8 companies are JA, Jinko, Longi, Trina,Canadian Solar,Risen, AE Solar and Q Cells. 

Driven by the rapid growth of the overseas photovoltaic application market, China's photovoltaic module exports have grown substantially for three consecutive years, with an average growth rate of over 45%. In the first three months of 2020, China's total export volume of photovoltaic modules was 16GW.

Energy Box.