What Pv Gas does

PetroVietnam Gas Joint Stock Corporation (PV Gas) is Vietnam's state-owned integrated gas company, operating the full gas value chain from offshore field collection through processing, pipeline transportation, storage, importation, and trading to end customers. Founded in September 1990 as a subsidiary of Vietnam National Oil and Gas Group (Petrovietnam), the company holds over 70% of domestic dry gas market share and approximately 70% of Vietnam's LPG wholesale market (with ~12% retail share). Its physical infrastructure comprises five gas pipeline systems exceeding 1,500 km in total length, three gas processing plants with combined capacity over 10 billion m³/year, and 14 LPG storage warehouses holding approximately 150,000 tons, including Vietnam's only 60,000-ton refrigerated LPG facility.

PV Gas generates revenue across six streams: dry gas sales to power plants (~90% of dry gas output) and fertilizer plants (~6%); LPG wholesale (PV GAS Trading) and retail (PV GAS North/South) with cylinder production via a dedicated subsidiary; LNG imports through the Thi Vai terminal (currently ~1 mmtpa, expanding to 3 mmtpa) and the planned Son My terminal (3-10 mmtpa); condensate byproducts sold to PV Oil under a business cooperation contract; CNG supplied to industrial customers and HCMC bus fleets (the company is the sole CNG provider in Vietnam); and steel pipe manufacturing/coating services via subsidiary PV PIPE (SAWL pipes up to X70 grade, 16"-60"). Pricing for dry gas is government-regulated; LNG pricing follows international benchmarks; multi-year take-or-pay GSPA structures (e.g., Shell 2027-2031 for 400,000 tpa; Jadestone's ~13,000 boe/d from late 2028) provide contracted volume.

The company serves a concentrated enterprise customer base spanning power generation (EVN, PV Power's Nhon Trach 3 and 4 plants, Genco 3, Ba Ria, Phu My, Ca Mau power plants), fertilizer production (Phu My and Ca Mau fertilizer plants supplying ~70% of Vietnam's nitrogen fertilizer gas demand), industrial manufacturing (ceramics, steel, porcelain), transportation (CNG bus fleets), and overseas LPG trading. PV Gas also delivers engineering services including pipeline coating (FBE, 3LPE, 3LPP), CNG engine conversion, and gas facility maintenance through PV GAS Services. In 2025, PV Gas reported consolidated revenue of VND 136,846 billion (~USD 5.2 billion, +27% YoY) and pre-tax profit of VND 14,360 billion (USD 570.5 million, +14% YoY), with a VND 100 trillion (~$3.8 billion) capital plan deployed across LNG infrastructure and strategic M&A through 2030.

Name

Pv Gas

Legal name

PetroVietnam Gas Joint Stock Corporation (PV GAS)

Website

https://pvgas.com.vn

Company type

Private

Founded year

1990

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

PV Gas is Vietnam's state-owned integrated gas company, operating over 1,500 km of pipelines, three processing plants, and LNG terminals to supply dry gas, LPG, LNG, CNG, and condensate to power plants, fertilizer producers, industrial users, and household consumers, holding more than 70% domestic market share in dry gas and LPG wholesale.

Ownership category

akta.pro rank

Product category

Integrated Gas Operations

NAICS

Pipeline Transportation of Natural Gas (48621), Pipeline Transportation of Natural Gas (4862), Pipeline Transportation of Natural Gas (486210), Industrial Gas Manufacturing (32512), Oil and Gas Field Machinery and Equipment Manufacturing (333132)

SIC

Natural Gas Transmisison & Distribution (4923), Natural Gas Transmission (4922), Natural Gas Distribution (4924), Oil & Gas Field Machinery & Equipment (3533)

akta.pro primary industry

NGL/LPG Trunkline / Transmission Pipelines (Interstate/Long-Haul) (TLAGAEAI)

akta.pro secondary industries

NGL/LPG Distribution / Local Delivery Pipelines (Terminal-to-Market) (TLAGAEAJ), Industrial CNG/LNG Supply & Distribution (Virtual Pipelines, Trucking, Satellite Storage) (EUALALAA), Gas Handling Equipment & Storage (Cylinders/Tanks/Valves) (IMAEACAL), LPG / Propane-Butane Products Pipeline Transportation (TLAGABAH)

Keywords

• Natural gas distribution
• LPG wholesale supply
• LNG regasification terminals
• Gas pipeline infrastructure
• Condensate production

Headquarters

HQ city

Ho Chi Minh City

HQ country

Vietnam

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Dry Gas Sales: PV Gas sells processed dry gas (methane-rich natural gas) through a pipeline network to power plants (~90% of dry gas output), fertilizer plants (~6%), and industrial manufacturers. Revenue is generated through long-term supply contracts with take-or-pay provisions, volume-based pricing tied to domestic gas tariffs.
2. LPG Wholesale and Retail: PV Gas is Vietnam's largest LPG supplier with ~70% wholesale market share and ~12% retail market share. LPG is sold through subsidiary PV GAS Trading (wholesale) and PV GAS North/South (retail). Products include 12kg and 45kg gas cylinders, bulk LPG for industrial customers, and automotive LPG. Revenue derived from volume-based sales across domestic and international trading.
3. LNG Import and Trading: PV Gas imports LNG through the Thi Vai terminal and upcoming Son My terminal, regasifies it, and sells to industrial customers and power plants. Multi-year supply contracts (e.g., 5-year Shell contract for ~400,000 tonnes/year from 2027) provide contracted revenue. Spot LNG imports supplement long-term supply.
4. Condensate Sales: Condensate (C5+ liquid hydrocarbons) is produced as a byproduct of gas processing at ~60,000 tons/year. Sold as feedstock to condensate processing plants for gasoline and fuel production, with pricing linked to regional and international markets.
5. CNG Sales: Compressed natural gas sold to industrial customers located far from pipeline networks and for transportation (bus fleets in HCMC). Sold through Vietnam CNG JSC and PV GAS South Company. CNG is priced ~10-30% cheaper than gasoline, providing competitive advantage.
6. Steel Pipe Manufacturing and Coating Services: PVPIPE manufactures SAWL steel pipes (up to X70 grade, 16"-60" diameter) and provides coating services (FBE, 3LPE, 3LPP), non-destructive testing, and steel pipe services to oil and gas industry customers domestically and for overseas projects.

Pricing tiers

Go-to-market motion1 record

Distribution channels7 records

Marketing channels4 records

Core offering

PV Gas processes, transports, stores, imports, and trades natural gas, LPG, LNG, CNG, and condensate products across Vietnam, operating an integrated value chain from offshore gas gathering through processing plants and a 1,500+ km pipeline network to power plants, fertilizer plants, industrial manufacturers, and retail LPG distributors. The company also provides pipeline engineering services including coating, steel pipe manufacturing, and facility maintenance through subsidiaries such as PVPIPE and PV GAS Services.

Product overview

PV Gas (Petrovietnam Gas Joint Stock Corporation) operates as Vietnam's leading state-owned gas company, offering a comprehensive portfolio of products and services across the entire gas value chain. The company provides core gas products including Dry Gas, LPG, Condensate, CNG, and LNG, alongside manufactured products such as LPG cylinders and steel pipes. Supporting services include gas gathering, importation, transportation and distribution via extensive pipeline networks (Cuu Long, Nam Con Son, PM3-Ca Mau, and Thai Binh systems totaling over 1,500 km), CNG engine conversion, maintenance and repair of gas facilities, pipeline coating services (FBE, 3LPE, 3LPP), and steel pipe manufacturing. PV Gas serves as a critical energy infrastructure provider, dominating Vietnam's domestic dry gas market while holding over 70% of the wholesale LPG market share.

Differentiator

Problem solved

Functional benefit

Products and services

• Dry Gas (Khí khô) Treated natural gas (methane-rich dry gas) supplied via pipeline networks to power plants and fertilizer/petrochemical plants as fuel and feedstock for power generation, fertilizer, methanol, and DME production.
• LPG - Liquefied Petroleum Gas (Khí dầu mỏ hóa lỏng) LPG produced from gas processing and imported, consisting of propane, normal butane, and isobutane, sold wholesale and retail through PV GAS Trading, PV GAS North, and PV GAS South for domestic cooking, industrial, automotive, and chemical feedstock uses.
• Condensate (Khí ngưng tụ) C5+ liquid hydrocarbon condensate (approximately 60,000 tons/year) produced as a byproduct of gas processing, sold to condensate processing plants as feedstock for gasoline, kerosene, diesel, fuel oil, and industrial solvents.
• CNG - Compressed Natural Gas (Khí thiên nhiên nén) Natural gas compressed at 200-250 bar, sold as a clean fuel to industrial customers located beyond pipeline reach and to urban bus fleets in HCMC via four CNG fueling stations; reduces CO2 by up to 20%, NOx by 30%, and SOx by 70% versus petroleum fuels.
• LNG - Liquefied Natural Gas (Khí thiên nhiên hóa lỏng) LNG imported and regasified at the Thi Vai terminal (with planned expansion to 3 mmtpa) and the upcoming Son My terminal (3-10 mmtpa), distributed to power plants, fertilizer producers, industrial customers, and residential areas.
• PV GAS LPG Cylinders (Bình khí PV GAS) PetroVietnam-branded gas cylinders in 12kg and 45kg sizes meeting DOT-4BA-240, DOT-4BW-240, and TCVN 6292-1997 standards, plus 0.6kg HDPE variants, produced and traded for household and commercial LPG distribution.
• Steel Pipes (Ống thép) SAWL steel pipes manufactured via 3-roll bending and submerged arc welding up to X70 grade, 16"-60" diameter, for high-pressure onshore/offshore pipelines, sour service pipes, and pipes for LNG/LPG terminals.
• Gas Gathering Service (Thu gom khí) National-scale gas gathering services collecting gas from offshore fields through affiliated companies and subsidiaries, with gradual expansion into international gas gathering and purchasing projects.
• Gas Importation Service (Nhập khẩu khí) LNG importation infrastructure and operations through the Thi Vai terminal (1 mmtpa, expanding to 3 mmtpa) and the planned Son My terminal (3-6 mmtpa) to meet increasing domestic gas demand as domestic production declines.
• Gas Transportation and Distribution Service (Vận chuyển và phân phối khí) Operation of five pipeline systems (Cuu Long, Nam Con Son, PM3-Ca Mau, Ham Rong-Thai Binh) totaling over 1,500 km, plus gas distribution stations and liquid product pipelines, providing gas transportation services nationwide.
• CNG Engine Conversion Service (Chuyển đổi động cơ) Conversion of gasoline and diesel engines to run on CNG, provided as the sole CNG conversion service in Vietnam, alongside operation of CNG fueling stations for transportation fuel applications.
• Maintenance and Repair Services (Dịch vụ bảo dưỡng sửa chữa) Comprehensive maintenance, repair, and upgrade services for gas facilities, pipelines, processing plants, and storage systems across Vietnam's gas infrastructure, delivered through PV GAS Services.
• Pipeline Coating Service (Dịch vụ bọc ống) Pipeline anti-corrosion coating services including Fusion Bonded Epoxy (FBE), Three Layer Polyethylene (3LPE), Three Layer Polypropylene (3LPP), concrete weight coating, and insulation coating for oil and gas pipeline projects.
• Steel Pipe Services (Dịch vụ ống thép) Steel plate supply, welding (SAWL, SMAW, GMAW), non-destructive testing (NDT), chemical and mechanical testing, and construction/installation of petrochemical equipment delivered through PVPIPE.

Quantifiable outcome

• 70%+ domestic dry gas market share maintained
• +4 more outcomes

Named customers9 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Four partnerships are on record, tiered core, flagship and strategic.

• Jadestone EnergycoreStrategic or Co-development Partner · 20 April 2026Jadestone Energy (AIM-listed, Singapore-headquartered) signed a Gas Sales and Purchase Agreement (GSPA) with PV Gas for gas supply from the Nam Du/U Minh discoveries offshore Vietnam. Daily contract quantity of 80 million scf/day (~13,000 boe/d gross) with take-or-pay at 90% of DCQ. Production targeted to begin in late 2028 with independently audited gross 2P reserves of 32 million boe.
• ShellflagshipStrategic or Co-development Partner · 9 January 2026PV Gas signed its first multi-year LNG supply contract with Shell, a five-year agreement delivering approximately 400,000 tonnes per year to the Thi Vai terminal from 2027 through 2031. This represents approximately 40% of Thi Vai's current one million tonne per annum throughput capacity, marking a milestone in Vietnam's integration into global LNG markets and shifting from ad hoc spot sourcing toward predictable long-term supply structures.
• Petrovietnam (Vietnam National Oil and Gas Group)coreOthersPV Gas is a subsidiary member of Vietnam National Oil and Gas Group (PVN/Petrovietnam). Petrovietnam is repositioning the group to become a diversified industry-energy conglomerate with strategic pillars covering refining (BSR), fertilizers and chemicals (PVFCCo, PVCFC), gas and LNG (PV GAS), petroleum distribution (PVOIL), and offshore wind engineering (PTSC), targeting to become the first Vietnamese enterprise on the Fortune Global 500 list.
• PetronasstrategicStrategic or Co-development PartnerPETRONAS and PV Gas strengthened strategic cooperation in the LNG sector, with Petronas identified as a key international partner for Vietnam's LNG import program. Petronas is Malaysia's national petroleum company and one of Southeast Asia's largest energy players.

Scale indicators18 records

Recent moves8 records

Expansion highlights6 records

Market position

Competitive moat5 records

Key highlights7 records

Customer concentration

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Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries11 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 Pv Gas