PV GAS D

What PV GAS D does

PV GAS D (Petrovietnam Low Pressure Gas Distribution Joint Stock Company, ticker PGD) is a Ho Chi Minh City-based publicly listed company that distributes natural gas to industrial customers across Vietnam. It operates as a subsidiary of state-owned PV GAS, itself part of Petrovietnam, with strategic Japanese shareholders Tokyo Gas Asia and Saibu Gas. Traced to a low-pressure gas business enterprise established in 2002 under PV GAS and incorporated as a joint stock company on 23 May 2007 under Business Registration Certificate No. 0304998686, the company has grown to serve 130+ industrial factories across 20+ industrial zones in Ba Ria-Vung Tau, Dong Nai, Ho Chi Minh City, and Thai Binh, with reported headcount of 251-500 employees and 2025 charter capital of 989.98 billion VND.

The core offering is low-pressure natural gas (NG) delivered via a pipeline network exceeding 100 km at pressures under 49 barg, with calorific value of 37-42 MJ/Sm³ and methane content up to 85%; daily supply capacity is 7.6 million Sm³. Beyond pipeline NG, the company distributes compressed natural gas (CNG), regasified LNG sourced from the Thi Vai LNG Terminal (the company was the first Vietnamese organization to receive such supply in July 2023), liquefied natural gas (LNG) under its designation as PV GAS's official LNG distributor, and LPG. Four wholly-owned operating subsidiaries (XNVT, XNNT, XNMB, and the TDKN technical services center) underpin regional and technical service delivery.

Revenue is usage-based, with industrial customers billed per Sm³ of gas delivered under individually negotiated multi-year take-or-pay contracts, typically invoiced monthly. At the 2026 AGM the company reported 2025 revenue of 11,495.4 billion VND (109% of plan), profit before tax of 209.8 billion VND, gas consumption of 1,051.5 million Sm³, and a 10% dividend (approximately 99 billion VND) on charter capital. Forward visibility is supported by a 25-year LNG supply contract with PV Power for Nhon Trach 3 & 4, an LNG framework with EVN for Quang Trach II & III, a supply contract with Etrillion for the ASEAN Ceramic Valley in Thanh Hoa, and a Shell term LNG sale and purchase agreement covering 2027-2031. Customer concentration spans manufacturing, steel, ceramic, food & beverage, and textile segments, and the company holds ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018 certifications.

Name

PV GAS D

Legal name

Công ty cổ phần Phân phối Khí thấp áp Dầu khí Việt Nam

Website

https://pvgasd.com.vn

Company type

Public

Founded year

2007

Operating status

Operating

Headcount range

251–500 employees

Short description

PV GAS D is a Vietnamese public company (ticker PGD) that distributes low-pressure natural gas, CNG, LNG, and LPG to over 130 industrial factories through 100+ km of pipeline infrastructure across 20+ industrial zones. It is the official LNG distributor for parent PV GAS.

Ownership category

akta.pro rank

Product category

Natural Gas Distribution

NAICS

Natural Gas Distribution (221210), Pipeline Transportation of Natural Gas (48621)

SIC

Natural Gas Distribution (4924), Natural Gas Transmisison & Distribution (4923)

akta.pro primary industry

Local Distribution Company (LDC) Natural Gas Distribution Utilities (TLAGADAA)

akta.pro secondary industries

Industrial CNG/LNG Supply & Distribution (Virtual Pipelines, Trucking, Satellite Storage) (EUALALAA), Captive & Embedded Gas-Fired Power Generation (Industrial/Commercial CHP) (EUALALAB), Gas Distribution Operations (Day-to-Day Field & System Operations) (EUAJAAAB)

Keywords

• Natural gas distribution
• Low pressure gas supply
• LNG distribution
• Industrial gas pipeline
• Compressed natural gas

Headquarters

HQ city

Ho Chi Minh City

HQ country

Vietnam

HQ region

Asia

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Supply Chain, Infrastructure, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. Natural Gas Sales (Low Pressure Gas): Sale of natural gas delivered under low-pressure conditions to industrial customers through pipeline infrastructure. Methane accounts for up to 85% of composition.
2. LNG/Regasified Gas Sales: Sale of regasified LNG sourced from terminals like Thi Vai LNG Terminal, distributed to industrial clients.
3. CNG (Compressed Natural Gas): Sale and distribution of compressed natural gas to customers.
4. Technical Services: Technical services including consulting, design, installation, inspection, supervision, maintenance and repair of gas industrial systems and projects.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels3 records

Core offering

PV GAS D (Công ty cổ phần Phân phối Khí thấp áp Dầu khí Việt Nam) distributes natural gas products including Low Pressure Gas (NG), Compressed Natural Gas (CNG), Liquefied Natural Gas (LNG), Re-gasified LNG, and Liquefied Petroleum Gas (LPG) to industrial customers across Vietnam through an extensive pipeline network. The company serves over 130 factories in 20+ industrial zones spanning Ba Ria-Vung Tau, Dong Nai, Ho Chi Minh City, and Thai Binh provinces. PV GAS D also provides technical services including consulting, design, installation, inspection, supervision, maintenance, and repair of gas industrial systems.

Product overview

PV GAS D operates as a natural gas distribution company offering a portfolio of energy products and services. The core offerings include Low Pressure Gas (NG) delivered via pipeline under 49 barg, Re-gasified LNG transported from LNG storage facilities, Compressed Natural Gas (CNG), Liquefied Natural Gas (LNG), and Liquefied Petroleum Gas (LPG). These products are distributed through an extensive pipeline network exceeding 100 km with capacity of 7.6 million Sm3/day across industrial zones in Ba Ria-Vung Tau, Dong Nai, Ho Chi Minh City, and the Northern region. The company also provides technical services including consulting, design, installation, inspection, supervision, maintenance and repair for gas industrial systems. PV GAS D is the official LNG distributor appointed by PV GAS in the Vietnamese market.

Differentiator

Problem solved

Functional benefit

Products and services

• Low Pressure Gas (NG) Natural gas delivered to industrial customers under low-pressure conditions (under 49 barg), composed mainly of hydrocarbons with methane accounting for up to 85%. Calorific value ranges from 37-42 MJ/Sm3.
• Re-gasified LNG Natural gas re-gasified from LNG sources and transported through pipelines from LNG storage facilities to industrial consumers.
• Compressed Natural Gas (CNG) Natural gas compressed for transport and delivery to industrial customers in areas without pipeline access.
• Liquefied Natural Gas (LNG) Liquefied natural gas imported and distributed through the Thi Vai LNG Terminal to industrial clients across Vietnam.
• Liquefied Petroleum Gas (LPG) Petroleum gas products distributed to industrial customers as an alternative energy source.
• Technical Services Technical services related to gas industrial systems including consulting, design, installation, inspection, supervision, maintenance, and repair services for industrial customers.

Quantifiable outcome

• 20-30% reduction in CO2 emissions compared to coal/oil fuels
• +2 more outcomes

Named customers10 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Eight partnerships are on record, tiered core and strategic.

• Etrillion (Hoa Lien Group)coreGTM or Marketing Partner · 19 April 2026Natural gas supply contract signed for ASEAN Ceramic Valley Vietnam project in Thanh Hoa. Gas supply planned from June 2026, reaching 160,000 Sm3/day (57.6 million Sm3/year) by 2030. Project targets 170 million ceramic products/year for global market.
• EVN (Electricity of Vietnam)coreGTM or Marketing Partner · 3 April 2026Framework agreement signed for LNG supply from Vung Ang LNG storage to Quang Trach II & III power plants. Also signed LNG sales contract appendix for Nhon Trach 3 & 4 power plants under 25-year contract with PV Power.
• PV PowercoreGTM or Marketing Partner · 3 April 202625-year LNG supply contract for Nhon Trach 3 & 4 power plants, Vietnam's first LNG gas power complex.
• Shell Eastern TradingcoreGTM or Marketing Partner · 1 December 2025Shell has supplied Vietnam's inaugural LNG cargo in July 2023 for commissioning of PV Gas's Thi Vai terminal. Shell handled over 72.9 million tons of LNG globally in 2025. PV Gas signed term LNG sale and purchase agreement with Shell covering 2027-2031 period following tender process concluded in late 2025.
• SHINECstrategicStrategic or Co-development Partner · 6 October 2025Cooperation agreement signed for sustainable development in energy sector. SHINEC operates Nam Cau Kien Industrial Park (Hai Phong) and 8 other industrial zone projects nationwide. Both companies share vision for clean energy and sustainable development.
• Nghi Son Refinery (NSRP)coreStrategic or Co-development Partner · 16 September 2025Comprehensive cooperation MOU signed for supply of natural gas/LNG as fuel and raw material for Nghi Son Refinery. NSRP is Vietnam's largest refinery with 10 million tons/year processing capacity and USD 9 billion investment. MOU covers naphtha, condensate, LPG business and natural gas/LNG supply.
• Jadestone EnergycoreGTM or Marketing PartnerGas sales and purchase agreement (GSPA) signed with PV Gas for gas supply from Nam Du/U Minh discoveries offshore Vietnam. Daily contract quantity of 80 million scf/day (approximately 13,000 boe/d gross) with take-or-pay provision at 90% of DCQ, targeted to begin late 2028.
• PV GAS (Petrovietnam Gas)coreStrategic or Co-development PartnerParent company and sole shareholder. PV GAS has named PV GAS D as its official LNG distributor in the Vietnamese market. PV GAS D is a subsidiary of PV GAS under Petrovietnam.

Scale indicators11 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• Tokyo Gas: Japan's largest city gas utility and one of PV GAS D's strategic shareholders. While operating on a much larger and more diversified scale (LNG import, power generation, retail and industrial), Tokyo Gas provides the closest comparable on LNG procurement, city-gate distribution economics and industrial customer management practices relevant to PV GAS D's growth.
• Saibu Gas: Japanese city gas utility holding a strategic stake in PV GAS D. Comparable as a Japanese regional gas distribution incumbent with experience serving industrial clusters, providing operational benchmarks and LNG procurement expertise relevant to PV GAS D's growth strategy.
• Petronas Gas: Malaysian state-owned gas processing, transmission and distribution operator under Petronas. Comparable to PV GAS D as a Southeast Asian state-affiliated gas infrastructure operator, though Petronas Gas operates at broader scope (including processing and transmission) and larger scale than PV GAS D's distribution-focused mandate.

Direct peers

• Mahanagar Gas (MGL): Indian city gas distribution company (GAIL/Shell/BPCL consortium) distributing PNG and CNG to industrial, commercial and domestic customers in Mumbai and neighboring regions. Directly comparable to PV GAS D on business model, industrial-customer focus, pipeline-plus-CNG portfolio and consortium-based strategic shareholder structure.
• ENN Energy Holdings: China's largest private-sector natural gas distributor, connecting industrial, commercial and residential customers via an extensive city-gate and pipeline network. ENN is highly comparable to PV GAS D on business model (pipeline distribution to industrial customers), revenue mix (usage-based gas sales plus value-added services) and growth trajectory into LNG and integrated energy solutions.
• Indraprastha Gas (IGL): Indian city gas distribution company with majority stake held by state-owned GAIL, distributing natural gas (PNG) and CNG to industrial, commercial and residential customers in Delhi NCR. Comparable to PV GAS D given the state-affiliated parent structure, mixed pipeline-plus-CNG distribution model, industrial-customer concentration and emerging-economy market context.
• Perusahaan Gas Negara (PGN): State-owned Indonesian natural gas distributor operating a nationwide pipeline and distribution network serving industrial, commercial and residential customers. PGN is the most directly comparable peer to PV GAS D given the analogous state-owned gas-distribution mandate, industrial customer base and pipeline-led business model across a Southeast Asian industrializing economy.
• Gujarat Gas: India's largest city gas distribution company by volume, operating PNG and CNG networks across Gujarat and neighboring states. Comparable to PV GAS D on industrial-customer-heavy gas distribution, geographic concentration within industrializing state economies, and participation in India's CGD bidding rounds analogous to PV GAS D's industrial-zone expansion strategy.
• Hong Kong and China Gas (Towngas): Hong Kong-based natural gas utility with extensive mainland China gas distribution operations serving industrial, commercial and residential customers. Comparable to PV GAS D on pipeline-led industrial gas distribution, long-tenor customer contracts, and parent/strategic-shareholder relationships that provide LNG procurement and operational expertise.

Regional players

• Manila Gas (Manila Electric Company / Meralco energy segment): Philippine energy operator with growing gas distribution activities. Comparable to PV GAS D as a Southeast Asian energy utility expanding into natural gas distribution for industrial customers, though Meralco's primary business remains electric distribution rather than gas.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/petro-viet-nam-low-pressure-gas-distribution-jsc

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries4 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about PV GAS D