The Vietnam power EPC market reached approximately USD 3.24 Billion in 2025. The market is projected to grow at a CAGR of 4.60% between 2026 and 2035, reaching a value of around USD 5.08 Billion by 2035.
Base Year
Historical Period
Forecast Period
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.
Compound Annual Growth Rate
4.6%
Value in USD Billion
2026-2035
*this image is indicative*
| Vietnam Power EPC Market Report Summary | Description | Value |
| Base Year | USD Billion | 2025 |
| Historical Period | USD Billion | 2019-2025 |
| Forecast Period | USD Billion | 2026-2035 |
| Market Size 2025 | USD Billion | 3.24 |
| Market Size 2035 | USD Billion | 5.08 |
| CAGR 2019-2025 | Percentage | XX% |
| CAGR 2026-2035 | Percentage | 4.60% |
| CAGR 2026-2035 - Market by Region | Southeast | 5.1% |
| CAGR 2026-2035 - Market by Region | Red River Delta | 4.9% |
| CAGR 2026-2035 - Market by Type | Renewable | 7.4% |
| Market Share by Region | Mekong River Delta | 14.8% |
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 Market Report and Forecast 2026-2035” offers a detailed analysis of the market based on the following segments:
Market Breakup by Type
Market Breakup by Region
| CAGR 2026-2035 - Market by | Type |
| Renewable | 7.4% |
| Oil and Gas | 4.1% |
| Thermal | XX% |
| Nuclear | XX% |
| Others | XX% |
| CAGR 2026-2035 - Market by | Region |
| Southeast | 5.1% |
| Red River Delta | 4.9% |
| Mekong River Delta | XX% |
| South Central Coast | XX% |
| Others | XX% |
| Market Share by | Region |
| Mekong River Delta | 14.8% |
| Southeast | XX% |
| Red River Delta | XX% |
| South Central Coast | XX% |
| Others | XX% |
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 2026-2035. 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.
The market players are focusing on the adoption of cutting-edge technologies to gain a competitive edge in the market.
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In 2025, the market reached an approximate value of USD 3.24 Billion.
The market is estimated to grow at a CAGR of 4.60% between 2026 and 2035.
The market is estimated to witness a healthy growth during 2026-2035 to reach around USD 5.08 Billion by 2035.
The market is being driven by rapid urbanisation and rising infrastructure development projects.
The key trends aiding the market expansion include the adoption of renewable energy and the expansion of grid infrastructure.
The major regions considered in the market are Southeast, Red River Delta, Mekong River Delta, and South Central Coast, among others.
The different types of power EPC in the market include thermal, oil and gas, renewable, and nuclear, among others.
The major players in the market are PETROVIETNAM POWER CORPORATION, Power Engineering Consulting Joint Stock Company 2, LILAMA CORPORATION, and Doosan Enerbility Vietnam Co., among others.
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
| REPORT FEATURES | DETAILS |
| Base Year | 2025 |
| Historical Period | 2019-2025 |
| Forecast Period | 2026-2035 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Type |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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