Petrovietnam Chemical & Services

What Petrovietnam Chemical & Services does

Petrovietnam Chemical & Services Corporation (PVChem), publicly listed on the Hanoi Stock Exchange (HNX: PVC), is a state-owned enterprise within the Petrovietnam (PVN) group that provides petrochemical products and technical services to Vietnam's oil and gas industry. The company operates primarily through its wholly-owned subsidiary DMC (Drilling Mud & Chemical Company / Công ty TNHH Dung dịch khoan và Dịch vụ Dầu khí), which was established in 2008 and reorganized as a limited liability company in 2020. DMC holds an estimated 70–80% market share in Vietnam's domestic drilling service market and serves major Vietnamese state-owned operators including Vietsovpetro and PVFCCo, as well as international oil and gas projects.

PVChem's core technology stack revolves around proprietary drilling fluid systems, industrial and extraction chemicals, and Grade G oilwell cement, with eight distinct chemical product lines covering bacterial treatment, drag reduction, wax dissolution, antifoaming, paraffin/asphaltene control, oil-water separation, demulsification, and corrosion inhibition. Operations are supported by four specialized chemical and cement laboratories, a manufacturing facility at Cai Mep Petrochemical Factory, and a service base at Vietsovpetro Port in Vung Tau. The product portfolio is complemented by mechanical maintenance, equipment supply, logistics, labor supply, and laboratory testing services, positioning DMC as an integrated service provider across the upstream oil and gas value chain in Vietnam.

The business model is overwhelmingly B2B enterprise field sales under individually negotiated multi-year service contracts, with revenue generated from drilling mud services, chemical product manufacturing, equipment supply, logistics, and labor services. Customers are concentrated among state-owned oil and gas operators and project contractors. Distribution is direct to customer sites including offshore platforms and drilling locations, with limited international reach (including engineer supply to projects in Japan). A forthcoming joint venture with Messer Southeast Asia to establish Cai Mep Industrial Gases Co., Ltd. — targeted for completion before end of 2028 — extends the company's scope into industrial gases, including hydrogen, nitrogen, oxygen, and argon production using energy-efficient air separation technology.

Name

Petrovietnam Chemical & Services

Legal name

Công ty TNHH Dung dịch khoan và Dịch vụ Dầu khí

Website

https://pvdmc.com.vn

Company type

Private

Founded year

2008

Operating status

Operating

Headcount range

11–50 employees

Short description

Petrovietnam Chemical & Services (PVChem), a state-owned subsidiary of Petrovietnam, provides proprietary drilling fluids, oilfield chemicals, and integrated upstream oil and gas services in Vietnam primarily through its DMC subsidiary, holding 70–80% domestic drilling service market share.

Ownership category

akta.pro rank

Product category

Oilfield Services & Petrochemicals

NAICS

Oil and Gas Field Machinery and Equipment Manufacturing (333132), Petrochemical Manufacturing (32511), Basic Chemical Manufacturing (3251)

SIC

Oil & Gas Field Machinery & Equipment (3533), Miscellaneous Chemical Products (2890), Chemicals & Allied Products (2800)

akta.pro primary industry

Oilfield & Refining Specialty Chemicals (IMAEABAI)

akta.pro secondary industries

Oilfield Equipment Manufacturing & Supply (Wellheads, BOPs, Surface Equipment) (EUALABAL), Oil & Gas Water Treatment & Production Chemicals (IMAEAJAI)

Keywords

• Drilling fluid services
• Oilfield chemicals
• Well cementing services
• Petroleum logistics
• Oilfield maintenance services

Headquarters

HQ city

Hanoi

HQ country

Vietnam

HQ region

Asia

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Drilling Mud Services: Provides drilling fluid services for oil and gas exploration and production wells in Vietnam and the region. Revenue is generated through service contracts with oil companies.
2. Chemical Products Manufacturing: Manufactures and supplies industrial chemicals including corrosion inhibitors, demulsifiers, biocides, wax dissolvers, drag reducing agents, and antifoam chemicals for oil and gas operations.
3. Logistics and Labor Services: Provides logistics services, mechanical maintenance, and labor supply services for oil and gas projects and external industries.
4. Equipment Supply: Supply of drilling equipment and oilfield supplies to customers.
5. Laboratory Testing Services: Provides specialized laboratory testing services for drilling fluids and cement products.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels3 records

Core offering

Through its subsidiary DMC, Petrovietnam Chemical & Services provides drilling fluid services, oilfield and industrial chemical manufacturing (corrosion inhibitors, demulsifiers, biocides, wax dissolvers, drag reducing agents, antifoams, paraffin/asphaltene control chemicals, deoilers, emulsifier breakers), Grade G well cementing products, laboratory testing, equipment supply, mechanical maintenance, logistics, labor supply, and warehouse/silo storage for oil and gas exploration and production operators in Vietnam and the region.

Product overview

Petrovietnam Chemical & Services Corporation (PVChem) operates primarily through its subsidiary DMC (Drilling Mud & Chemical Company), which offers a comprehensive portfolio of oilfield chemical products and services. The product lineup includes eight distinct chemical product lines: Bacterial Treatment, Drag Reducing Agent, Wax Dissolver, Antifoam, Paraffin & Asphaltene Control, Deoiler, Emulsifier Breaker, and Corrosion Inhibitors. These are complemented by a range of service offerings centered on drilling fluids (the core service using proprietary PVChem systems), industrial chemicals manufacturing, laboratory testing services, mechanical maintenance, equipment supply, logistics, labor supply, and warehouse operations. DMC maintains approximately 70-80% of Vietnam's domestic drilling service market share and operates the Cái Mép Petrochemical Factory.

Differentiator

Problem solved

Functional benefit

Products and services

• Bacterial Treatment Products
• Drag Reducing Agent (DRA)
• Wax Dissolver
• Antifoam Products
• Paraffin & Asphaltene Control
• Deoiler Products
• Emulsifier Breaker
• Corrosion Inhibitor Products
• Drilling Fluid Services
• Industrial & Extraction Chemicals
• Testing Services
• Mechanical & Maintenance Services
• Equipment Supply
• Logistics Services
• Labor Supply
• Warehouse & Silo Services

Quantifiable outcome

• Revenue of 427+ billion VND in 2023 (111% of annual plan)
• +3 more outcomes

Named customers7 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

One partnership is on record.

• Messer Southeast AsiamajorStrategic or Co-development Partner · 10 July 2026Messer Southeast Asia and PetroVietnam Chemical and Services Corporation (PVChem) signed a joint venture agreement to establish Cai Mep Industrial Gases Co., Ltd. The joint venture targets completion before end of 2028 and will focus on industrial gas production including hydrogen, nitrogen, oxygen, and argon using energy-efficient air separation technology. Messer is also expanding in Ho Chi Minh City and southern Vietnam with new industrial gas facilities supporting low-carbon hydrogen and green hydrogen production.

Scale indicators6 records

Recent moves5 records

Expansion highlights5 records

Broad incumbents

• Halliburton: Halliburton is the global incumbent in oilfield services, with a Baroid drilling fluids division that directly competes with DMC's drilling mud business and a multi-product line that overlaps with DMC's chemicals portfolio. Operates broadly across all upstream geographies versus DMC's Vietnam focus.
• SLB (Schlumberger): SLB is the largest global oilfield services company with extensive drilling fluids, production chemistry, and integrated services capabilities. Its Drilling & Evaluation and Production segments are direct analogs to DMC's core offerings, though SLB operates globally while DMC is Vietnam-centric.
• Baker Hughes: Baker Hughes is a major oilfield services incumbent with substantial overlap in production chemistry, drilling services, and industrial chemicals through its Oilfield Services & Equipment segment. Comparable in scope but vastly larger and globally diversified versus DMC.

Emerging players

• National Energy Services Reunited (NESR): NESR is an emerging-market focused oilfield services company providing drilling, production, and chemical services across MENA. Comparable to DMC as a regionally-concentrated oilfield chemistry and well services provider operating outside the dominant US/EU incumbents' core geographies.
• Solaris Oilfield Infrastructure: Solaris provides mobile chemical and sand management systems for oilfield operations, with overlap in production chemistry and wellsite chemical handling. Smaller and more specialized than the global incumbents but active in adjacent product categories to DMC's chemical portfolio.

Regional players

• Sinopec Oilfield Service Corporation: Sinopec Oilfield Service is a Chinese state-owned integrated oilfield services provider covering drilling, completion, and oilfield chemistry. Comparable to PVChem/DMC as an SOE-affiliated upstream services group, though operating in a different Asian geography.
• China Oilfield Services Limited (COSL): COSL is a Chinese state-owned oilfield services company providing drilling fluids, well services, and geophysical services. Comparable to DMC as an integrated drilling chemistry and well services provider, primarily operating in Chinese waters rather than Vietnam but addressing similar upstream customer needs in Asia.

Direct peers

• Newpark Resources: Newpark Resources is a US-based pure-play drilling fluids and oilfield chemistry provider, directly comparable to DMC's drilling mud services and industrial chemicals portfolio. Both companies sell proprietary fluid systems and production chemicals to upstream operators, with similar end markets and product categories.
• TETRA Technologies: TETRA Technologies is a US-based oilfield chemistry and water management specialist, offering production chemicals, completion fluids, and water treatment solutions that overlap directly with DMC's corrosion inhibitors, demulsifiers, biocides, and deoiler product lines.
• Petrovietnam Technical Services (PVS): PVS is a sister company within the Petrovietnam group, providing technical services for offshore oil and gas including construction, installation, and platform maintenance. Directly comparable to DMC's mechanical maintenance, logistics, and labor supply services, sharing the same Vietnamese SOE customer base.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 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 Chemical & Services