베트남의 전력 EPC : 시장 점유율 분석, 업계 동향과 통계, 성장 예측(2026-2031년)

According to Mordor Intelligence, the Vietnam power EPC market size is estimated at USD 7.79 billion in 2026, and is expected to reach USD 14.89 billion by 2031, at a CAGR of 13.83% during the forecast period (2026-2031).

This report is Segmented by Power Generation EPC [Technology (Thermal, Nuclear, and Renewables), Capacity Band (Up To 100 MW, 100 To 499 MW, and Above 500 MW), and End-User (Regulated Utilities, Independent Power Producers, Industrial Captive Power, and Public Sector and SOE)], and Power Transmission and Distribution (T&D) EPC. The Market Sizes and Forecasts are Provided in Terms of Value (USD).

Vietnam Power EPC Market Trends and Insights

Rapid Industrial & Residential Load Growth

Vietnam's electricity consumption climbed to 280 TWh in 2025, up from 257 TWh in 2024, with industrial users supplying 58% of incremental demand as new fabrication plants and data centers came online in northern provinces. Residential demand expanded 6.2% on air-conditioning penetration topping 70% in Hanoi and Ho Chi Minh City, and on 1.2 GW of evening-peak charging load from electric two-wheelers. Sustained load growth forces utilities and IPPs to fast-track baseload additions, yet transmission constraints push industrial parks toward captive generation, fragmenting the Vietnam power EPC market into utility-scale and behind-the-meter segments. Export-processing zones in Bac Ninh and Hai Phong logged 47 unplanned outages in 2025, prompting multinationals to stipulate on-site backup capacity in lease contracts. The government plans to electrify all rural households by 2027, adding 3.5 GW of distribution upgrades, creating auxiliary EPC demand for low-voltage equipment.

Revised PDP 8 Upsizing Generation & Grid CAPEX Pipeline

The final Power Development Plan 8, approved in 2024, lifts the 2030 installed-capacity target to 150 GW, 30 GW more than the draft, and earmarks USD 18 billion for 500 kV corridors that will move offshore wind from the south-central coast to the Red River Delta. The policy retires 8.6 GW of subcritical coal by 2030 and sets a 15 GW LNG target, sustaining a double-digit EPC trajectory for cleaner thermal assets. Offshore wind allocation climbs from 6 GW to 10 GW, reflecting lower levelized costs in shallow-water sites once grid costs are socialized. A new "grid-first" rule means generation projects cannot reach financial close until EVN confirms substation availability, front-loading T&D EPC awards, and lengthening generation timelines. An Asian Development Bank USD 2.5 billion concessional loan package, signed in 2025, lowers weighted-average capital costs for 500 kV projects to 7.2%, allowing contractors to bid more aggressively.

Grid Congestion & Curtailment Risk Inflating Project IRRs

Solar and wind curtailment averaged 18% in southern provinces during H1 2025, equal to 1,240 GWh of lost output as 500 kV lines operated above rated capacity. Delays to the Thuan Nam-Phuoc Long upgrade forced operators to trim 2.1 GW of solar on 87 days, wiping USD 31 million from generator revenues. Developers now model 12-15% curtailment when pricing PPAs, pushing LCOE up USD 6-8 per MWh and squeezing equity IRRs below regional benchmarks. Land near spare-capacity substations trades 40-60% higher than parcels in congested zones, fragmenting the pipeline into smaller deals. EVN's USD 6.2 billion southern transmission plan will not relieve congestion until 2028-2029, suppressing annual EPC awards in the interim.

Other drivers and restraints analyzed in the detailed report include:

1. Surge in LNG-to-Power Projects Unlocking Gas EPC Backlog
2. DPPA Framework Catalyzing C&I Renewable Build-Outs
3. Retroactive FIT Revisions Eroding Investor Confidence

For complete list of drivers and restraints, kindly check the Table Of Contents.

Segment Analysis

Renewables commanded 68.5% of Vietnam's power generation EPC market share in 2025 and are set to expand at a 15.3% CAGR through 2031 as offshore wind shifts from study to execution, led by the 3.5 GW La Gan and 2.1 GW Hai Long blocks valued at USD 13.6 billion. Thermal capacity, primarily LNG-fired CCGT, occupied the remaining 31.5% but still anchors baseload with 9HA.02 turbines delivering 64% efficiency at Nhon Trach 3 & 4.

Offshore wind's engineering complexity, monopile foundations in 25-40 meter depths, and 220 kV subsea links of 80-120 kilometers, keep EPC costs at USD 3,200-3,800 per kW, far above utility-scale solar at USD 650-750 per kW. Thermal EPC share slips as financiers exit coal; 17 global banks adopted coal-exclusion policies during 2024-2025, forcing the 600 MW Quang Trach I upgrade to convert from coal to LNG mid-design. Still, PDP 8 caps renewable penetration at 47% by 2030 for grid stability, ensuring thermal EPC holds at least one-quarter of Vietnam's power generation EPC market value through 2031.

Complete Report Scope:

• Power Generation EPC
  • By Technology
    • Thermal
    • Nuclear
    • Renewables
  • By Capacity Band
    • Up to 100 MW (DER, micro-grid)
    • 100 to 499 MW
    • Above 500 MW
  • By End-User
    • Regulated Utilities
    • Independent Power Producers
    • Industrial Captive Power
    • Public Sector and SOE
• Power Transmission and Distribution (T&D) EPC

List of Companies Covered in this Report:

1. JGC Vietnam Co. Ltd.
2. IHI Infrastructure Systems Co. Ltd.
3. Lilama Corporation
4. Doosan Enerbility Co. Ltd.
5. Toshiba Corporation
6. AES Corporation
7. CTCI Corporation
8. PALMA Group Vietnam
9. Power Engineering Consulting JSC 2 (PECC2)
10. Vietnam Electricity Construction JSC (VNECO)
11. Siemens Energy AG
12. GE Vernova
13. PetroVietnam Power Corporation (PV Power)
14. PetroVietnam Gas JSC (PV Gas)
15. Samsung C&T Corp.
16. Vestas Wind Systems A/S
17. PC1 Group JSC
18. Mitsubishi Power Ltd.
19. Orsted A/S
20. Copenhagen Infrastructure Partners

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

TABLE OF CONTENTS

1 Introduction

• 1.1 Study Assumptions & Market Definition
• 1.2 Scope of the Study

2 Research Methodology

3 Executive Summary

4 Market Landscape

• 4.1 Market Overview
• 4.2 Market Drivers
  • 4.2.1 Rapid industrial & residential load growth
  • 4.2.2 Revised PDP 8 upsizing generation & grid CAPEX pipeline
  • 4.2.3 Surge in LNG-to-power projects unlocking gas EPC backlog
  • 4.2.4 DPPA framework catalysing C&I renewable build-outs
  • 4.2.5 Mandatory storage add-ons (above 10 % / 2 -h) boosting BESS EPC scope
  • 4.2.6 Local content incentives for wind/solar equipment & EPC services
• 4.3 Market Restraints
  • 4.3.1 Grid congestion & curtailment risk inflating project IRRs
  • 4.3.2 Retroactive FIT revisions eroding investor confidence
  • 4.3.3 Skilled EPC labour shortages for high-voltage & offshore works
  • 4.3.4 EVN credit-risk overhang on long-term PPAs
• 4.4 Supply-Chain Analysis
• 4.5 Regulatory Landscape
• 4.6 Technological Outlook
• 4.7 Porter's Five Forces
  • 4.7.1 Threat of New Entrants
  • 4.7.2 Bargaining Power of Suppliers
  • 4.7.3 Bargaining Power of Buyers
  • 4.7.4 Threat of Substitutes
  • 4.7.5 Competitive Rivalry
• 4.8 PESTLE Analysis

5 Market Size & Growth Forecasts

• 5.1 Power Generation EPC
  • 5.1.1 By Technology
    • 5.1.1.1 Thermal
    • 5.1.1.2 Nuclear
    • 5.1.1.3 Renewables
  • 5.1.2 By Capacity Band
    • 5.1.2.1 Up to 100 MW (DER, micro-grid)
    • 5.1.2.2 100 to 499 MW
    • 5.1.2.3 Above 500 MW
  • 5.1.3 By End-User
    • 5.1.3.1 Regulated Utilities
    • 5.1.3.2 Independent Power Producers
    • 5.1.3.3 Industrial Captive Power
    • 5.1.3.4 Public Sector and SOE
• 5.2 Power Transmission and Distribution (T&D) EPC

6 Competitive Landscape

• 6.1 Market Concentration
• 6.2 Strategic Moves (M&A, Partnerships, PPAs)
• 6.3 Market Share Analysis (Market Rank/Share for key companies)
• 6.4 Company Profiles (includes Global level Overview, Market level overview, Core Segments, Financials as available, Strategic Information, Products & Services, and Recent Developments)
  • 6.4.1 JGC Vietnam Co. Ltd.
  • 6.4.2 IHI Infrastructure Systems Co. Ltd.
  • 6.4.3 Lilama Corporation
  • 6.4.4 Doosan Enerbility Co. Ltd.
  • 6.4.5 Toshiba Corporation
  • 6.4.6 AES Corporation
  • 6.4.7 CTCI Corporation
  • 6.4.8 PALMA Group Vietnam
  • 6.4.9 Power Engineering Consulting JSC 2 (PECC2)
  • 6.4.10 Vietnam Electricity Construction JSC (VNECO)
  • 6.4.11 Siemens Energy AG
  • 6.4.12 GE Vernova
  • 6.4.13 PetroVietnam Power Corporation (PV Power)
  • 6.4.14 PetroVietnam Gas JSC (PV Gas)
  • 6.4.15 Samsung C&T Corp.
  • 6.4.16 Vestas Wind Systems A/S
  • 6.4.17 PC1 Group JSC
  • 6.4.18 Mitsubishi Power Ltd.
  • 6.4.19 Orsted A/S
  • 6.4.20 Copenhagen Infrastructure Partners

7 Market Opportunities & Future Outlook

• 7.1 White-space & Unmet-Need Assessment