What Petrovietnam Coating does

Petrovietnam Coating Joint Stock Company (PV Coating, HNX: PVB) is Vietnam's first and only specialized manufacturer of anti-corrosion, insulation, and concrete weight coatings for oil and gas pipelines. Founded in 2007 and operating as a subsidiary of PV GAS within the state-owned Petrovietnam (PVN) ecosystem, the company runs a single ~500 km/year pipe coating plant in Phu My Industrial Zone I (Ho Chi Minh City), equipped with Dutch Bauhuis International B.V. technology installed in 2010. Its product portfolio covers Fusion Bonded Epoxy (FBE), Three-Layer Polyethylene/Polypropylene (3LPE/3LPP), Polyurethane Foam (PUF) and Multilayer Polypropylene (MLPP) insulation systems for depths up to 3,000m, shotcrete-method Concrete Weight Coating, bend and fitting coating, field joint coating, and wrapping coating, complemented by an ISO/IEC 17025:2005 (VILAS 797) accredited materials testing laboratory.

PV Coating generates revenue on a project-based, contract-by-contract basis through three GTM motions: direct enterprise sales to IOCs, national oil companies, and joint operating companies (Murphy Oil, PTTEP, PVEP, Vietsovpetro, Repsol, Petronas, Tokyo Gas, multiple JOCs); consortium participation as a specialized coating subcontractor under EPC primes (Vietsovpetro, TOS, TCO, PTSC) for major national gas pipelines such as Lô B – Ô Môn; and parent-mediated project referrals through PV GAS. The customer base is concentrated in Vietnam's offshore petroleum sector, with selective international exposure (Myanmar). FY2025 revenue was 831.61 billion VND (~USD 33M), a step-change from prior years driven primarily by the Lô B – Ô Môn gas pipeline program, with FY2026 guidance of 1,110 billion VND.

Name

Petrovietnam Coating

Legal name

Công ty Cổ phần Bọc ống Dầu khí Việt Nam

Website

https://pvcoating.vn

Company type

Public

Founded year

2009

Operating status

Operating

Headcount range

251–500 employees

Short description

Petrovietnam Coating (PVB, HNX) is Vietnam's only specialized pipe coating manufacturer, providing anti-corrosion, insulation, and concrete weight coatings for oil and gas pipelines to IOCs, JOCs, and the PVN/PV GAS ecosystem from its Phu My Industrial Zone plant.

Ownership category

akta.pro rank

Product category

Oil and Gas Pipeline Coating Services

NAICS

Coating, Engraving, Heat Treating, and Allied Activities (33281), Paint and Coating Manufacturing (32551), Oil and Gas Pipeline and Related Structures Construction (237120)

SIC

Coating, Engraving & Allied Services (3470), Paints, Varnishes, Lacquers, Enamels & Allied Prods (2851), Oil & Gas Field Services, Nec (1389), Services-Testing Laboratories (8734)

akta.pro primary industry

Tank, Pipeline & Marine Coating Services (Lining/Wrapping) (IMAIAKAJ)

akta.pro secondary industries

Application Equipment & Coating Services (Contract Coating, Surface Prep) (IMAEAGAL), Industrial Protective Coatings (Steel/Concrete/Equipment) (IMAIAKAB), Industrial & Protective Coatings (IMAEAGAB)

Keywords

• Oil and gas pipeline coating
• Anti-corrosion pipe coating
• Concrete weight coating
• Thermal insulation coating
• Field joint coating services

Headquarters

HQ city

Vung Tau

HQ country

Vietnam

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Pipeline Coating Services: Core revenue stream from providing anti-corrosion coating, concrete weight coating, and insulation coating services for oil and gas pipelines. Revenue is project-based, earned through contracts for specific pipeline sections with defined lengths and pipe diameters.
2. EPC Project Services: Engineering, procurement, and construction services for pipeline distribution systems, including gas pipeline installation for industrial customers.
3. Testing and Technical Services: Laboratory testing and inspection services for materials and coated pipe products, serving both internal quality control and external customers.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

PV Coating manufactures and applies specialized protective coatings for oil and gas pipelines, including anti-corrosion systems (FBE, 3LPE, 3LPP), concrete weight coating, and thermal insulation coatings (PUF, MLPP), as well as bend & fitting, wrapping, and field joint coating services. The company operates a dedicated pipe coating plant in Phu My Industrial Zone I with approximately 500 km of annual capacity, supported by an ISO/IEC 17025-accredited in-house testing laboratory. Services are delivered on a project basis to oil and gas operators, EPC contractors, and joint ventures in Vietnam and the region.

Product overview

Petrovietnam Coating (PV Coating) is a pipe coating manufacturing company providing comprehensive coating services for the oil and gas industry. The company's product portfolio consists of multiple coating technologies organized around anti-corrosion protection (FBE, 3LPE, 3LPP coatings), thermal insulation (PUF, MLPP coatings), and structural protection (Concrete Weight Coating). These core coating products are complemented by specialized services including Bend & Fitting Coating, Wrapping Coating for field applications, and Field Joint Coating for pipeline connections. The company also operates an ISO/IEC 17025 accredited testing laboratory providing material inspection and testing services. All products and services are delivered through the company's pipe coating plant in Phu My Industrial Zone, Ho Chi Minh City, Vietnam.

Differentiator

Problem solved

Functional benefit

Products and services

• Anti-corrosion Pipe Coating (FBE / 3LPE / 3LPP) Factory-applied anti-corrosion coating systems for oil and gas pipelines, including Fusion Bonded Epoxy (FBE), Three-Layer Polyethylene (3LPE, up to 85°C), and Three-Layer Polypropylene (3LPP, up to 140°C), for pipe diameters from 60.3 mm to 1219.2 mm. Used by oil and gas operators and EPC contractors on offshore, subsea, and onshore pipeline projects.
• Concrete Weight Coating Shotcrete-method concrete weight coating applied over anti-corrosion layers to provide negative buoyancy and mechanical protection for subsea pipelines, for pipe diameters from 168.3 mm to 1219.2 mm, with concrete compressive strength of 30–50 MPa after 28 days. Used by offshore pipeline operators and EPC contractors.
• PUF (Polyurethane Foam) Thermal Insulation Coating Three-layer insulation coating system consisting of FBE primer, polyurethane foam insulation layer, and PE/PP outer protective layer, with operating temperatures up to 150°C and water depth capability up to 300 m. Applied to flow assurance and high-temperature offshore and onshore pipelines.
• MLPP (Multilayer Polypropylene) Deepwater Insulation Coating Advanced multilayer polypropylene insulation coating for deepwater pipeline applications with operating temperatures up to 150°C and water depth capability up to 3,000 m. Targeted at deepwater and ultra-deepwater oil and gas flow assurance projects.
• Bend & Fitting Coating Anti-corrosion coating service for pipe bends and fittings using modified 3LPE/3LPP technology, including SPU insulation coating for complex-shaped pipeline components. Used on offshore and onshore pipeline projects where factory-coated bends and fittings are required to match line pipe coating systems.
• Wrapping Coating Field-applied anti-corrosion coating technology for pipelines and joints using a wrapping method, suitable for operating temperatures from -20°C to 121°C with no pipe diameter limitation. Used for field repairs, joint protection, and applications where factory coating is impractical.
• Field Joint Coating Service On-site field joint coating service using Liquid Epoxy, Heat Shrink Sleeve, High Density Polyurethane Foam (HDPUF), and Solid Polyurethane materials compatible with factory-applied pipe coatings to provide homogeneous protection across pipeline sections. Used by offshore and onshore pipeline installation contractors at laydown and installation sites.
• Inspection and Testing Services for Coating Materials and Products Material inspection and testing services for FBE materials, PE/PP materials, 3LPE/3LPP products, PUF/SPU insulation panels, concrete, and concrete-coated pipe products, delivered from an ISO/IEC 17025:2005-accredited laboratory (VILAS 797). Serves both internal quality control and external customers requiring independent coating qualification testing.
• EPC Pipeline Distribution Services Engineering, procurement, and construction (EPC) services for gas pipeline distribution systems connecting to power plants and industrial zones, including the 21 km, 6"/10"/14" Nhơn Trạch low-pressure gas distribution system delivered for PV GAS. Serves gas distribution operators, power plants, and industrial customers.

Quantifiable outcome

• 2025 revenue of 831.61 billion VND, 154% of plan
• +4 more outcomes

Named customers16 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature7 records

Partnerships

Ten partnerships are on record, tiered key, core, minor and historical.

• SWPOC (Southwest Pipeline Operating Company)keyStrategic or Co-development Partner · 14 January 2026Pipeline operator for the Lô B - Ô Môn gas pipeline project. SWPOC is the project operator, coordinating PV Coating's pipe coating services within the overall project execution.
• Vietsovpetro (Liên doanh Việt - Nga)coreStrategic or Co-development PartnerVietnam-Russia joint venture operating oil fields in Vietnam. Vietsovpetro serves as operator for offshore oil blocks and main contractor for pipeline projects. PV Coating provides pipe coating services for Vietsovpetro projects including Dai Hung, RC8 Block 09.1, and participates in consortium for Lô B - Ô Môn project and Đại Hùng Nam EPCI project.
• PTTEP (PTT Exploration and Production Public Company Limited)coreStrategic or Co-development PartnerThai national oil company and exploration operator. PTTEP engaged PV Coating for line pipe and bend coating services for the Zawtika field development project in Myanmar, marking PV Coating's international market entry in 2022.
• TOS (Thiên Nam Maritime Services - Công ty Cổ phần Dịch vụ Hàng hải Thiên Nam)keyChannel Partner/ Reseller/ DistributorMaritime services company and member of the VSP-TOS consortium. PV Coating provides pipe coating services for the shallow water section (PC1) of Lô B - Ô Môn project under this partnership, coating 80.3 km of 28-inch and 39.2 km of 18-inch pipe.
• TCO (Tan Cang Offshore - Công ty Cổ phần Dịch vụ Biển Tân Cảng)keyChannel Partner/ Reseller/ DistributorOffshore services company and member of the VSP-TCO-TIMAS consortium. PV Coating provides pipe coating services for the deep water section (PC2) of Lô B - Ô Môn project under this partnership, coating approximately 216.4 km of 28-inch pipe.
• TIMASminorChannel Partner/ Reseller/ DistributorMember of the VSP-TCO-TIMAS consortium for deep water pipe coating section (PC2) of Lô B - Ô Môn project.
• PTSC (Petrovietnam Transportation and Technical Services Joint Stock Company)keyStrategic or Co-development PartnerPetrovietnam subsidiary serving as main contractor for offshore projects. PTSC coordinates with PV Coating for pipe delivery and installation logistics, including pipe loadout operations from PTSC Phú Mỹ port for Lô B - Ô Môn project.
• Bauhuis International B.V. (Netherlands)historicalTechnology or IntegrationDutch coating equipment supplier that installed PV Coating's pipe coating production lines in 2010. Technology partnership that established PV Coating's manufacturing capabilities.
• PV GAS (Tổng Công ty Khí Việt Nam)coreStrategic or Co-development PartnerParent company and primary strategic partner. PV Coating became a subsidiary of PV GAS in 2009. PV GAS provides strategic direction, project referrals, and support for PV Coating's participation in national gas infrastructure projects.
• PVN (Tập đoàn Dầu Khí Quốc Gia Việt Nam - Petrovietnam)coreStrategic or Co-development PartnerState-owned national oil and gas corporation. PV Coating operates within the Petrovietnam ecosystem as a subsidiary of PV GAS, participating in national energy infrastructure projects under the parent group's strategic direction.

Scale indicators12 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Tenaris: Tenaris is a leading global supplier of steel pipes and related services, with coating operations integrated into its OCTG and line pipe product offerings. Tenaris is comparable to PV Coating in coating technology for line pipes but competes from a much larger pipe manufacturing base rather than as a specialty coating service provider.
• Vallourec: Vallourec is a global manufacturer of seamless steel tubes with integrated pipe coating capabilities (including anti-corrosion and thermal insulation). It overlaps with PV Coating on coating technology (FBE, insulation) for oil and gas pipe applications, though Vallourec's primary business is pipe manufacturing rather than dedicated coating services.
• Saipem: Saipem is a large Italian E&C company serving oil and gas with EPC services that include pipe coating and insulation as part of broader pipeline and field development projects. Saipem competes with PV Coating on offshore pipeline coating scopes within the same oil and gas value chain, though it operates as a much broader incumbent covering engineering, drilling, and construction.
• TechnipFMC: TechnipFMC is a leading oil and gas services company operating across subsea, surface, and onshore/offshore EPC scopes, with pipeline-related coating activity sitting within its broader project portfolio. Comparable to PV Coating as a counterpart in oil and gas pipeline project supply chains, particularly on offshore Vietnam and SEA projects where both serve similar customer sets.

Regional players

• Wasco Energy: Wasco Energy is a Malaysian oil and gas services provider with pipe coating capabilities serving Southeast Asian offshore and onshore pipeline projects. It is a relevant regional comparable to PV Coating given shared SEA geography, oil and gas pipeline focus, and similar coating technology offering.
• PT Apexindo Pratama Industri: Apexindo Pratama is an Indonesian drilling contractor with adjacent pipe-related and OCTG supply capabilities serving Southeast Asian oil and gas markets. It is a regional peer operating in the same SEA oil and gas service market and customer base as PV Coating, with some overlap in adjacent equipment/materials supply.

Direct peers

• ShawCor: ShawCor is the global leader in pipeline coating services, providing FBE, 3LPE/3LPP, insulation, concrete weight and field joint coatings for oil and gas pipelines. ShawCor is the most directly comparable peer to PV Coating given overlapping technology stack (FBE, 3LPE/3LPP), identical end-market (oil and gas pipelines), and comparable service portfolio across anti-corrosion, insulation, and weight coatings.

Others

• Sumitomo Corporation: Sumitomo Corporation is a Japanese trading and investment conglomerate with significant pipe-related businesses, including trading of coated line pipes and participation in energy infrastructure projects. It is comparable to PV Coating as an adjacent participant in the oil and gas pipe coating value chain, particularly on cross-border projects in Southeast Asia and the Middle East.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/pvcoating

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

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 Petrovietnam Coating