The Vietnam power rental market size was valued at USD 108.50 Million in 2024 and is expected to increase to USD 189.23 Million by 2033, growing at a CAGR of 5.72% during the forecast period of 2025 to 2033. Growth is driven by rapid industrialization, expanding infrastructure projects, and an increasing need for reliable backup power solutions due to frequent grid outages and energy transition challenges. Power rental services offer cost-effective, flexible, scalable, and immediate solutions to industries such as manufacturing, construction, and urban development, ensuring uninterrupted operations. 

Study Assumption Years

• Base Year: 2024
• Historical Years: 2019-2024
• Forecast Period: 2025-2033

Vietnam Power Rental Market Key Takeaways

• Current Market Size: USD 108.50 Million (2024)
• CAGR: 5.72%
• Forecast Period: 2025-2033
• Vietnam’s industrial sector attracted $25.35 billion in FDI in 2024, with manufacturing and processing receiving $25.58 billion, 66.9% of total FDI, highlighting rapid industrial growth.
• The construction boom driven by infrastructure projects such as highways, airports, and ports creates a robust demand for temporary power solutions.
• Energy transition initiatives and grid reliability issues increase the need for backup generators, especially amid LNG imports and gas-to-power projects.
• Rental power is critical during the phase-out of aging coal plants and rising renewable energy use, ensuring operational continuity.

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Market Growth Factors

Industrial Expansion and Manufacturing Growth:

The strong growth of industrial activities, especially in the manufacturing sector, is driving the Vietnamese power rental market. The highest FDI recorded in Vietnam was in 2024, amounting to $25.35 billion. Manufacturing and processing received the most FDI. A total of US$25.58 billion was invested (66.9% of total FDI). Rising investment, plus the establishment of new industrial parks and special economic zones, heightens demand for a reliable and flexible source of power. Manufacturing industries, such as electronics, textile, automobile, and plastics industries need continuous and better quality of power for production. Rental power provides immediate and economical power without installing dedicated plants.

The growing infrastructure sector in Vietnam is also driving the demand for the power rental market. Government plans to develop transport infrastructure, urbanization, smart cities, and digitization require various power rental solutions. Rental power is also used in construction projects, including highways, airports and ports, for lighting and powering construction equipment. Growing urban population fuels the growth of construction industry, which in turn increases the demand for rental power. In addition, data centers and telecommunication infrastructure for Vietnam's digital transformation require backup power during their installation and maintenance phases.

Frequent power outages from old infrastructure, extreme weather, and growing electricity demand have made backup power a necessity, and the increasing use of solar and wind turbines has driven hospitals, data centers, commercial buildings and other industries to use rental generators as a back-up power source. Government policies to promote LNG imports and gas-to-power including guaranteeing 65% offtake to imported LNG power plants over ten years are intended to stabilize the energy supply, but interim rentals are still required to ensure timely delivery of power during the gradual increase in gas-fired power generations. The same applies to coal-based power plants, which are also being phased out. Therefore, rental power is essential.

Market Segmentation

Fuel Type Insights:

• Diesel: Diesel-fueled power rental equipment forms a significant portion of the market.
• Natural Gas: Natural gas-powered generators provide alternative fuel options in the rental segment.
• Others: Includes other fuel types used in power rental equipment, diversifying the market.

Equipment Type Insights:

• Generator: Rental of generators represents a core segment offering reliable power supply.
• Transformer: Transformers are rented to manage and distribute electricity efficiently.
• Load Bank: Load banks are used for testing and maintenance purposes within the rental market.
• Others: Covers other types of equipment involved in the power rental ecosystem.

Power Rating Insights:

• Up to 50 kW: Small-scale power ratings suitable for limited or specialized applications.
• 51-500 kW: Medium power rating segment catering to moderate power demand.
• 501-2,500 kW: Larger equipment serving substantial power requirements.
• Above 2,500 kW: High-capacity power ratings for large industrial or infrastructure use.

Application Insights:

• Peak Shaving: Rental power used to reduce peak demand charges and load on the grid.
• Standby Power: Backup power solutions ensuring continuity during outages.
• Base Load/Continuous Power: Rental power serving as a primary continuous power source in specific scenarios.

End Use Industry Insights:

• Utilities: Rental power supporting utility companies.
• Oil & Gas: Equipment rented for energy extraction and processing operations.
• Events: Temporary power provision for event management and venues.
• Construction: Power rental supporting construction activities and sites.
• Mining: Rental power serving mining operations.
• Data Centers: Reliable backup and operational power for data facilities.
• Others: Includes other industries utilizing power rental services.

Regional Insights

The Vietnam power rental market is segmented into Northern Vietnam, Central Vietnam, and Southern Vietnam regions. The source does not provide explicit market share or CAGR data for each region. However, the comprehensive analysis of all these major regional markets indicates the importance of coverage across Vietnam’s geography to cater to the various industrial and infrastructure projects nationwide.

Recent Developments & News

In July 2025, EnQuest PLC acquired Harbour Energy’s Vietnam business, securing a 53.125% stake and operatorship of the Chim Sáo and Dua fields (Block 12W) for $85.1 million (net of interim cash flows). The deal cost around $25.7 million. EnQuest plans to optimize production, extend the PSC beyond 2030, and expand its Southeast Asian footprint leveraging its expertise in late-life and FPSO asset management.

In April 2025, Vietnam approved the revised National Power Development Plan (PDP8), allocating $136.3 billion by 2030 to enhance energy security. The plan prioritizes solar power as the leading energy source, aims to increase total installed capacity to 236 GW, introduces nuclear energy capacity (4–6.4 GW) for the first time, and targets an increase in non-hydro renewables to 28–36% by 2030. It also plans to limit new coal plants and expand renewable energy exports.

Competitive Landscape

The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

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