Vietnam Power Generation EPC Market Size: A Latest Research Report to Share Insights and Dynamics 2022-2031

The Vietnam power generation EPC market is expected to grow at a CAGR of more than 3% . Factor such as increasing power generation capacity is likely to drive the Vietnam power generation EPC market during the forecast period. However, the up-gradation of these power plants is difficult and costly, which is expected to slow down the Vietnam power generation EPC.

– The conventional thermal power segment, due to the increase in the energy demand of the country has dominated the market in 2018 and is likely to dominate the market during the forecast period.
– The Vietnamese government has planned to meet 10% of its energy demand from renewable by 2030. This is likely going to create several opportunities for the Vietnam power generation EPC market in the future.
– The increase in the renewable energy capacity of the country is likely going to drive the Vietnam power EPC generation market during the forecast period.

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Key Market Trends

Conventional Thermal Expected to Dominate the Market


– Conventional thermal power is the power that is generated through various sources such as coal, natural gas, nuclear, and oil. In the case of Vietnam out of the above-mentioned sources only three are being used in the country, i.e. coal, natural gas and oil. In 2018, approximately more than 60% of the electricity generated in Vietnam was from conventional thermal power.
– Out of the three mentioned sources of generating conventional thermal power in the country, the majority of energy came from coal in 2018. Coal contributed approximately 65% to the conventional thermal power electricity generation, producing 86.6 terawatt-hours (TWh) of electricity in 2018.
– In 2019, AES Corporation was awarded by the government of Vietnam pt develop a combined cycle gas power plant, which is expected to be located in the province of Binh Thuan, Vietnam. The plan is expected to have a total install capacity of 2200 megawatts (MW) and expected to start and complete by 2021 and 2024, respectively.
– In 2019, the four-party consortium of Toshiba ESS, IHI Corporation, CTCI Corporation and Doosan Heavy Industries & Construction has won an EPC contract from Van Phong Power Company Limited (hereinafter VPCL). The construction of the power plant already started in 2019. The plant is expected to have a total capacity of 1320 megawatts (MW) and is expected to be operational by 2023
– Therefore, owing to the above points, conventional thermal segment is likely to dominate the Vietnam power generation EPC market during the forecast period.

Increasing Renewable Energy Expected to Drive the Market

– In 2019 the total renewable energy generation plant installed capacity in the country was 24516 megawatts (MW), which was higher than the installation capacity of 2018, 18711 megawatts (MW). Renewable energy in the country includes hydro, solar, wind, and bio-energy.
– Currently, hydro energy is the largest source of renewable energy in the country followed by solar energy which saw a record installation of approximately 5500 megawatts (MW) by the end of 2019.
– In 2019, JGC Corporation announced the completion of the Krong Pa mega-solar project for which JGC and its subsidiary, JGC Vietnam, were awarded the EPC contract in March, 2018 by the Gia Lai Electricity Joint Stock Company, a subsidiary of the Thanh Thanh Cong Group. The total output of the Krong Pa mega-solar power plant and the two other plants presently under construction is calculated to be 190 megawatts (MW).
– In 2019, the construction of the offshore wind power plant started in the southern coastal province of Bac Lieu. The province’s second wind power plant is expected to have a capacity of 50 megawatts (MW) and contribute around 161gigawatt-hours (GWh) of electricity annually to the national grid. The 3.6 square mile plant is expected to have twelve turbines. The wind plant is set to produce more power to Bac Lieu and other provinces in the Mekong Delta region.
– Hence, owing to the above points, increasing renewable energy is expected to drive the Vietnam power generation EPC market during the forecast period.

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