In 2023, the import of steam turbines and other vapor turbines to Vietnam was valued at $407.17 million USD. Moving into 2024, the forecast shows a projected increase of 4.0%, reaching $423.37 million USD. The upward trend is expected to continue over the next few years, with year-on-year growth rates of approximately 3.8% in 2025, 3.6% in 2026, 3.4% in 2027, and 3.2% in 2028. The Compound Annual Growth Rate (CAGR) over this five-year period is anticipated to be 3.6%.

Future trends to watch for include:

Increased demand for energy and electricity in Vietnam, driving up imports of steam turbines.
Potential shifts in energy policies and investments in renewable energy affecting turbine imports.
Technological advancements in turbine efficiency and cost-effectiveness.
Geopolitical factors and trade relations that could impact import levels and costs.