Vietnam Transformer Market (2025-2031) | Companies, Industry, Growth, Trends, Outlook, Revenue, Value, Size, Forecast, Share & Analysis

Vietnam Transformer Market Growth Rate

Vietnam Transformer Market Highlights

Topics Covered in the Vietnam Transformer Market Report

The Vietnam Transformer Market report thoroughly covers the market by core, product, winding, application, cooling, phase, rating, and regions. The market report provides an unbiased and detailed analysis of ongoing market trends, opportunities/high growth areas, and market drivers, which would help stakeholders to devise and align their market strategies according to the current and future market dynamics.

Vietnam Transformer Market Synopsis

The Vietnam Transformer Market growth has been bolstered over the years due to several factors, such as industrial growth and growing urban population. With the rising government investment in energy infrastructure, the demand for transformers is increasing. Vietnam emerging as a regional manufacturing hub, electricity consumption has been rising, which boosts the demand for power and distribution transformers. Government initiatives like the Power Development Plan VIII (PDP8) aim to expand renewable energy capacity and reduce losses in distribution systems. 

Evaluation of Growth Drivers in the Vietnam Transformer Market

Below mentioned are some prominent drivers and their influence to the market dynamics:

Vietnam Transformer Market is projected to grow strongly, recording a CAGR of 7% during the forecast period 2025-2031. There are several factors involved bolstering the growth of the market. These growth drivers are industrial growth and ongoing renewable energy projects. Additionally, the rising foreign investments in the country and government-backed energy programs are pushing towards grid modernization, leading to a surge in the adoption of advanced transformers. Lastly, transformer demand for interconnection projects is on the rise, as the country’s participation in cross-border electricity trade with Laos and Cambodia is increasing. Replacement of outdated infrastructure in older substations will create steady aftermarket opportunities.

Evaluation of Restraints in the Vietnam Transformer Market

Below mentioned are some major restraints and their influence to the market dynamics:

Vietnam Transformer Market Challenges

Despite the positive outlook, the market deals with numerous obstacles that need to be addressed. For instance, reliance on imports and grid congestion. Delayed renewable projects can create a barrier to the Vietnam Transformer Market growth. The market growth is hampered due to lack of skilled manpower for advanced transformer systems and Financial constraints among local distribution utilities. 

Vietnam Transformer Market Trends

Several prominent trends reshaping the Vietnam Transformer Market Growth include:

• Rising Demand from Manufacturing Hubs: Industrial parks in Bac Ninh, Hai Phong, and Binh Duong increase demand for heavy-duty power transformers.
• Renewable Energy Integration: Solar and wind projects under PDP8 accelerate adoption of renewable-ready transformers.
• Cross-Border Interconnection Growth: Vietnam’s power trade with Laos and Cambodia drives installations of high-voltage power transformers.

Investment Opportunities in the Vietnam Transformer Industry

Some major investment opportunities in the market are:

• Renewable Energy Integration: Transformers for solar and wind projects under PDP8 offer significant investment opportunities.
• Industrial Infrastructure Development: Vietnam’s industrial zones and manufacturing hubs create long-term transformer demand.
• Grid Modernization & Replacements: Aging grid infrastructure replacement presents continuous aftermarket opportunities.

Top 5 Leading Players in the Vietnam Transformer Market

Leading players contributing to Vietnam Transformer Market Share are: -

1. ABB Ltd.

ABB supplies high-voltage and renewable-ready transformers for Vietnam’s utility and renewable projects.

2. Siemens Energy AG

Siemens delivers power and distribution transformers integrated into Vietnam’s grid modernization projects.

3. Schneider Electric SE

Schneider provides distribution and automation-enabled transformers for residential and industrial applications in Vietnam.

4. Vietnam Electric Equipment Corporation (THIBIDI)

THIBIDI is a leading local manufacturer supplying power and distribution transformers to EVN and regional projects.

5. Toshiba Energy Systems & Solutions Corporation

Toshiba manufactures power and distribution transformers used in Vietnam’s utilities and renewable expansion projects.

Government Regulations Introduced in the Vietnam Transformer Market

According to Vietnamese government data, the market growth is reshaped by the introduction of several initiatives. The Ministry of Industry and Trade (MOIT) and Vietnam Electricity (EVN) govern power sector planning and infrastructure development. The Power Development Plan VIII (PDP8) is the keystone policy that sets renewable energy targets and efficiency standards. Renewable project tenders, especially for solar and wind, require extensive transformer deployment for grid synchronization. The government also enforces efficiency and safety standards for imported transformers to ensure quality and reliability. 

Future Insights of the Vietnam Transformer Market

The Vietnam Transformer Market future seems optimistic owing to various factors, such as the country’s rapid industrialization and renewable energy expansion, and regional electricity trade. Also, ongoing industrial park development and cross-border projects will boost the demand for power transformers. Urbanization leads to an increase in the distribution network upgrades, while EV adoption and smart grid initiatives, which will fuel the IoT-enabled and monitoring transformers demand. 

Market Segmentation Analysis

The report offers a comprehensive study of the following market segments and their leading categories.

Closed Core to Dominate the Market - By Core

According to Shivank Sharma, Senior Research Analyst, 6Wresearch, Closed core transformers dominate due to their efficiency and reliability, making them suitable for EVN’s transmission and distribution networks. They are extensively used in both utility and industrial projects to ensure stable and consistent power flow across Vietnam’s growing electricity demand.

Power Transformers to Dominate the Market - By Product

Power transformers dominate as they are crucial for large-scale industrial parks, renewable integration, and cross-border interconnections. Vietnam’s industrial and energy export ambitions make high-capacity power transformers indispensable.

Two-Winding to Dominate the Market - By Winding

Two-winding transformers dominate since they are widely adopted in utilities, industrial plants, and renewable energy projects. Their proven reliability and cost-efficiency make them the backbone of Vietnam’s transmission and distribution systems.

Utility to Dominate the Market - By Application

Utility applications dominate because EVN’s national grid expansion and renewable integration programs demand high-capacity transformers for reliable electricity supply. Transmission corridor upgrades and interconnection projects make the utility sector the largest contributor.

Oil-Immersed to Dominate the Market - By Cooling

Oil-immersed transformers dominate as they are preferred for high-voltage applications across utilities and renewable projects. Their durability under Vietnam’s tropical climate conditions makes them the most reliable choice.

3-Phase to Dominate the Market - By Phase

Three-phase transformers dominate because they are essential for industrial, utility, and renewable integration projects requiring high-capacity and stable transmission. Their efficiency in long-distance power transfer secures their leading position.

61 MVA to 600 MVA to Dominate the Market - By Rating

Transformers in the 61 MVA to 600 MVA range dominate as they are required for renewable energy plants, industrial zones, and cross-border transmission projects. These transformers are critical for Vietnam’s grid stability and energy export strategy.

Key attractiveness of the report

• 10 Years Market Numbers.
• Historical Data Starting from 2021 to 2024.
• Base Year: 2024.
• Forecast Data until 2031.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report:

• Vietnam Transformer Market Outlook
• Market Size of Vietnam Transformer Market, 2024
• Forecast of Vietnam Transformer Market, 2031
• Historical Data and Forecast of Vietnam Transformer Revenues & Volume for the Period 2021 - 2031
• Vietnam Transformer Market Trend Evolution
• Vietnam Transformer Market Drivers and Challenges
• Vietnam Transformer Price Trends
• Vietnam Transformer Porter’s Five Forces
• Vietnam Transformer Industry Life Cycle
• Historical Data and Forecast of Vietnam Transformer Market Revenues & Volume By Core for the Period 2021 - 2031
• Historical Data and Forecast of Vietnam Transformer Market Revenues & Volume By Closed for the Period 2021 - 2031
• Historical Data and Forecast of Vietnam Transformer Market Revenues & Volume By Shell for the Period 2021 - 2031
• Historical Data and Forecast of Vietnam Transformer Market Revenues & Volume By Berry for the Period 2021 - 2031
• Historical Data and Forecast of Vietnam Transformer Market Revenues & Volume By Product for the Period 2021 - 2031
• Historical Data and Forecast of Vietnam Transformer Market Revenues & Volume By Power transformer for the Period 2021 - 2031
• Historical Data and Forecast of Vietnam Transformer Market Revenues & Volume By Distribution transformer for the Period 2021 - 2031
• Historical Data and Forecast of Vietnam Transformer Market Revenues & Volume By Instrument transformer for the Period 2021 - 2031
• Historical Data and Forecast of Vietnam Transformer Market Revenues & Volume By Others for the Period 2021 - 2031
• Historical Data and Forecast of Vietnam Transformer Market Revenues & Volume By Winding for the Period 2021 - 2031
• Historical Data and Forecast of Vietnam Transformer Market Revenues & Volume By Two-winding for the Period 2021 - 2031
• Historical Data and Forecast of Vietnam Transformer Market Revenues & Volume By Auto-transformer for the Period 2021 - 2031
• Historical Data and Forecast of Vietnam Transformer Market Revenues & Volume By Application for the Period 2021 - 2031
• Historical Data and Forecast of Vietnam Transformer Market Revenues & Volume By Residential & Commercial for the Period 2021 - 2031
• Historical Data and Forecast of Vietnam Transformer Market Revenues & Volume By Utility for the Period 2021 - 2031
• Historical Data and Forecast of Vietnam Transformer Market Revenues & Volume By Industrial for the Period 2021 - 2031
• Historical Data and Forecast of Vietnam Transformer Market Revenues & Volume By Cooling for the Period 2021 - 2031
• Historical Data and Forecast of Vietnam Transformer Market Revenues & Volume By Dry type for the Period 2021 - 2031
• Historical Data and Forecast of Vietnam Transformer Market Revenues & Volume By Oil Immersed for the Period 2021 - 2031
• Historical Data and Forecast of Vietnam Transformer Market Revenues & Volume By Insulation for the Period 2021 - 2031
• Historical Data and Forecast of Vietnam Transformer Market Revenues & Volume By Gas for the Period 2021 - 2031
• Historical Data and Forecast of Vietnam Transformer Market Revenues & Volume By Oil for the Period 2021 - 2031
• Historical Data and Forecast of Vietnam Transformer Market Revenues & Volume By Solid for the Period 2021 - 2031
• Historical Data and Forecast of Vietnam Transformer Market Revenues & Volume By Air for the Period 2021 - 2031
• Historical Data and Forecast of Vietnam Transformer Market Revenues & Volume By Others for the Period 2021 - 2031
• Historical Data and Forecast of Vietnam Transformer Market Revenues & Volume By Phase for the Period 2021 - 2031
• Historical Data and Forecast of Vietnam Transformer Market Revenues & Volume By Single phase for the Period 2021 - 2031
• Historical Data and Forecast of Vietnam Transformer Market Revenues & Volume By 3 - phase for the Period 2021 - 2031
• Historical Data and Forecast of Vietnam Transformer Market Revenues & Volume By Rating for the Period 2021 - 2031
• Historical Data and Forecast of Vietnam Transformer Market Revenues & Volume By ≤ 10 MVA for the Period 2021 - 2031
• Historical Data and Forecast of Vietnam Transformer Market Revenues & Volume By 11 MVA to 60 MVA for the Period 2021 - 2031
• Historical Data and Forecast of Vietnam Transformer Market Revenues & Volume By 61 MVA to 600 MVA for the Period 2021 - 2031
• Historical Data and Forecast of Vietnam Transformer Market Revenues & Volume By > 600 MVA for the Period 2021 - 2031
• Vietnam Transformer Import Export Trade Statistics
• Market Opportunity Assessment By Core
• Market Opportunity Assessment By Product
• Market Opportunity Assessment By Winding
• Market Opportunity Assessment By Application
• Market Opportunity Assessment By Cooling
• Market Opportunity Assessment By Insulation
• Market Opportunity Assessment By Phase
• Market Opportunity Assessment By Rating
• Vietnam Transformer Top Companies Market Share
• Vietnam Transformer Competitive Benchmarking By Technical and Operational Parameters
• Vietnam Transformer Company Profiles
• Vietnam Transformer Key Strategic Recommendations

Market Covered

The report offers a comprehensive study of the subsequent market segments:

By Core

• Closed
• Shell
• Berry

By Product

• Power Transformer
• Distribution Transformer
• Instrument Transformer
• Others

By Winding

• Two-Winding
• Auto-Transformer

By Application

• Residential & Commercial
• Utility
• Industrial

By Cooling

• Dry Type
• Oil Immersed

By Phase

• Single Phase
• 3-Phase

By Rating

• ≤ 10 MVA
• 11 MVA to 60 MVA
• 61 MVA to 600 MVA
• > 600 MVA