Vietnam Waste to Energy (WtE) Market Size Booming at Electrifying CAGR of almost 5% to Surpass Value of USD 82.43 Million by 2030

Published | 29 June 2024

Vietnam Waste to Energy (WtE) Market is flourishing due to rapid urbanization, growing environmental challenges from overflowing landfills, the government’s increasing focus on WtE solutions for waste management and power generation, and a growing emphasis on meeting energy security and renewable goals.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Vietnam Waste to Energy (WtE) Market size by value at USD 48.21 million in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the Vietnam Waste to Energy (WtE) Market size to expand at a CAGR of 4.89% reaching a value of USD 82.43 million by 2030. The Waste to Energy (WtE) market in Vietnam is propelled by the rapid urbanization, which has led to a substantial increase in waste generation. From 2004 to 2015, annual waste production surged by 78.2%, burdening landfills and creating environmental and health challenges. WtE technologies offer a promising solution by potentially reducing waste volume by up to 90% while generating renewable energy. The Vietnamese government's focus on meeting the escalating energy demand, projected to grow substantially by 2030, has led to a strong commitment to WtE initiatives. This includes policies and investments aimed at enhancing both waste management practices and the country’s energy generation capacity. Also, the untapped potential for energy recovery from solid waste, estimated at 1,400 MW annually, and the involvement of international players bringing advanced WtE technologies and expertise, position Vietnam's WtE market for significant expansion. With rising private sector participation and growing public awareness, WtE projects are increasingly seen as essential for managing the challenges of urban and industrial waste sustainably while contributing to the country’s renewable energy goals.

Opportunities - PPPs leveraging government support & private players’ expertise

The Vietnam Waste to Energy (WtE) Market is expected to witness robust growth through Public-Private Partnerships (PPPs), which combine the government’s backing with private sector’s expertise and investments. Notable projects, such as the USD 100 million WtE plant in the Mekong Delta financed by the Asian Development Bank and China Everbright International, exemplify this synergy. Similarly, collaborations with international firms like Japan's Hitachi Zosen for the Hanoi industrial WtE plant and Finnish company Valmet for the Thang Long-Bac Ninh facility highlight the vital role of PPPs. These partnerships not only enhance waste management but also contribute significantly to Vietnam's renewable energy production and meeting environmental sustainability goals.

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Impact of Escalating Geopolitical Tensions on Vietnam Waste to Energy (WtE) Market

Geopolitical tensions can have a multifaceted impact on the Vietnam Waste to Energy (WtE) Market by disrupting international trade and investment flows crucial for technological and financial support. These tensions can lead to increased costs for importing advanced WtE technologies and create uncertainties for foreign investors wary of unstable markets. Additionally, strained relations with major trading partners might hinder collaborations and knowledge transfer essential for market growth. The volatility can also shift government focus and resources away from environmental initiatives, delaying policy implementation and infrastructure development necessary for expanding the WtE sector, ultimately affecting the country’s ability to address its growing waste management needs effectively.

Vietnam Waste to Energy (WtE) Market

Segmental Information 

Vietnam Waste to Energy (WtE) Market – By Technology

By technology, the Vietnam Waste to Energy (WtE) Market is bifurcated into Thermochemical and Biochemical segments. The thermochemical segment holds a higher share in the Vietnam Waste to Energy (WtE) Market by technology. It is primarily due to broader application and effectiveness in converting solid waste into valuable energy resources. Thermochemical technologies involve processes such as direct combustion, gasification, and pyrolysis, which are commonly used to convert solid waste into energy through high-temperature chemical reactions. These technologies are favored due to their efficiency in handling various types of waste and their capability to generate electricity or heat reliably. On the other hand, the Biochemical segment typically involves anaerobic digestion, which uses microorganisms to break down organic waste to produce biogas (mainly methane and carbon dioxide). While biochemical processes are effective for organic waste management, they generally cater to a smaller portion of the overall waste-to-energy market in Vietnam compared to thermochemical technologies.

Competitive Landscape

The Vietnam Waste to Energy (WtE) Market is fragmented, with numerous players serving the market. The key players dominating the Vietnam Waste to Energy (WtE) Market include Hau Giang Biomass Power Joint Stock Company, Vietstar Joint Stock Company, T&J Green Energy, Thuan Thanh Environment Joint Stock Company (TT), Hitachi Zosen Corporation, Watrec Ltd, Becamex IDC Corp., Tam Sinh Nghia Investment and Development JSC, Vietnam Waste Solutions (VWS), and C&G Environmental Protection Holdings Ltd. The key marketing strategies adopted by the players are facility expansion, product diversification, alliances, collaborations, partnerships, and acquisitions to expand their customer reach and gain a competitive edge in the overall market.

Don’t miss the business opportunity of the Vietnam Waste to Energy (WtE) Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The report's in-depth analysis provides information about growth potential, upcoming trends, and the Vietnam Waste to Energy (WtE) Market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Vietnam Waste to Energy (WtE) Market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.

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