Existing parallel file systems are unable to differentiate I/Os requests from concurrent applications and meet per-application bandwidth requirements. This limitation prevents applications from meeting their desired Quality of Service (QoS) as high-performance computing (HPC) systems continue to scale up. This paper presents vPFS, a new solution to address this challenge through a bandwidth virtualization layer for parallel file systems. vPFS employs user-level parallel file system proxies to interpose requests between native clients and servers and to schedule parallel I/Os from different applications based on configurable bandwidth management policies. vPFS is designed to be generic enough to support various scheduling algorithms and parallel file systems. Its utility and performance are studied with a prototype which virtualizes PVFS2, a widely used parallel file system. Enhanced proportional sharing schedulers are enabled based on the unique characteristics (parallel striped I/Os) and requirement (high throughput) of parallel storage systems. The enhancements include new threshold- and layout-driven scheduling synchronization schemes which reduce global communication overhead while delivering total-service fairness. An experimental evaluation using typical HPC benchmarks (IOR, NPB BTIO) shows that the throughput overhead of vPFS is small (<3% for write, <1% for read). It also shows that vPFS can achieve good proportional bandwidth sharing (<96% of target sharing ratio) for competing applications with diverse I/O patterns.