Market Size
Vietnam's renewable energy certificate (REC) market is poised for significant growth, projected to expand from US$ 9.11 million in 2024 to US$ 50.61 million by 2032, reflecting a 20.7% CAGR (2025-2032).
The country’s aggressive push towards renewable energy, favorable government policies, and increasing corporate sustainability commitments have fueled this growth. Vietnam’s Feed-in Tariff (FiT) scheme, the Just Energy Transition Partnership (JETP), and its Net Zero by 2050 goal encourage REC adoption. The rise of green industrial zones, corporate participation, and international investments makes Vietnam one of the most dynamic REC markets in Southeast Asia.
Market Trends
Corporate Sustainability Driving REC Adoption
Multinational corporations in Vietnam increasingly purchase RECs to meet sustainability goals. Companies like Nike and BAT Vietnam have integrated RECs into their operations to achieve 100% renewable electricity goals. Nike, for instance, purchased 4,070 RECs in 2023, reinforcing Vietnam’s role as a global green supply chain hub. Similarly, Shizen Energy Inc. registered multiple renewable energy facilities under the I-REC framework, enabling businesses to align with global standards like RE100 and CDP. The demand for carbon-neutral production is expected to drive further REC purchases from both domestic and international companies operating in Vietnam.
Government Policies Boosting Market Growth
Vietnam’s National Power Development Plan (2021-2030) and its commitment to net-zero emissions by 2050 have provided strong policy backing for REC expansion. The 2030 emission reduction target has been increased to 15.8% (domestically) and 43.5% (with international support), reinforcing Vietnam’s COP26 pledge. Additionally, the government’s coal reduction policies and initiatives like JETP aim to raise renewable electricity to 39.2% by 2030. These policy measures enhance the REC market structure, making it more transparent and appealing to corporate investors. The transition to green industrial zones also promotes REC demand across the manufacturing and export sectors.
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Market Scope
| Metrics | Details | |
| By Type | I-REC, GEC | |
| By Energy Source | Solar RECs, Wind RECs, Hydro RECs, Biomass, Geothermal | |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth |
Market Dynamics
Renewable Energy Expansion and Foreign Investment
Vietnam is one of the fastest-growing renewable energy markets in Southeast Asia, with significant investments in solar and wind power. The country’s favorable investment climate, driven by the FiT scheme and JETP, has encouraged foreign investors to participate in the energy transition. Companies such as Shizen Energy Inc. and BAT Vietnam have contributed to the REC market by integrating solar and wind projects into their supply chains.
Vietnam’s strategic location in the Asia-Pacific region makes it an attractive hub for international corporations seeking green energy procurement. With businesses like Nike, Adidas, and Samsung heavily reliant on Vietnam for manufacturing, these firms actively purchase RECs to fulfill sustainability targets.
Moreover, Vietnam’s 2050 Net Zero goal aligns with global sustainability commitments, making the country a priority market for green financing and renewable investments. As regulatory frameworks strengthen, the country is expected to witness higher REC issuance, supporting a structured market for corporate sustainability efforts.
Lack of Standardized REC Market Mechanisms
Despite its rapid growth, Vietnam’s REC market faces challenges related to standardization, transparency, and accessibility. Unlike more established markets, Vietnam's REC system is still evolving, creating uncertainty for buyers. Companies seeking to purchase I-RECs or other renewable certificates often face complex regulatory procedures and limited local supply.
Additionally, the absence of a centralized trading platform makes transactions less transparent, which may deter potential investors. Compared to countries with well-developed renewable certificate exchanges, Vietnam’s REC market still relies on bilateral agreements and third-party brokers, increasing transaction complexity.
Market Segment Analysis
The Vietnam renewable energy certificate market is segmented based on type and energy source.
Solar REC Leading the Market due to Large-Scale Solar Investments in Vietnam.
Vietnam’s renewable energy certificate (REC) market for solar energy was valued at US$ 1.47 million in 2024 and is projected to reach US$ 10.58 million by 2032, growing at a CAGR of 24.0% from 2025 to 2032. Solar Energy Renewable Energy Certificates (RECs) dominate Vietnam’s market, driven by large-scale solar investments and favorable government policies. The country has rapidly expanded its solar capacity, becoming one of Southeast Asia’s top solar markets.
The Feed-in Tariff (FiT) scheme, which offered attractive rates for solar power producers, played a crucial role in the early solar boom. This policy encouraged foreign and domestic investments, leading to the development of major solar farms across provinces like Ninh Thuan and Binh Thuan. As a result, REC issuance from solar energy projects has increased, meeting rising corporate demand for sustainable energy solutions.
Pricing Analysis
The growing corporate demand from companies like Nike and Samsung has caused REC prices to rise steadily. Multinational corporations often purchase bulk RECs, affecting supply-demand dynamics. Moreover, Vietnam’s net-zero commitments and reduced coal dependency are expected to increase future REC prices.
Government support mechanisms, including tax incentives for REC purchases, may influence pricing trends. The transition from FiT to direct power purchase agreements (DPPA) could also introduce price variations. If Vietnam establishes a national REC trading exchange, price volatility may decrease, leading to a more structured pricing model.
Given Vietnam’s Asia-Pacific trade positioning, REC pricing is expected to align with regional markets like Singapore and Malaysia, were corporate sustainability compliance drives REC premiums. As policy frameworks improve, Vietnam’s REC market will become more competitive, offering attractive pricing for corporate buyers.
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Target Audience 2024
- Manufacturers/ Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
