diff --git a/.release-please-manifest-submodules.json b/.release-please-manifest-submodules.json
index 2b8d8d278eae..b07724557c2c 100644
--- a/.release-please-manifest-submodules.json
+++ b/.release-please-manifest-submodules.json
@@ -95,7 +95,7 @@
     "orgpolicy": "1.12.5",
     "osconfig": "1.13.0",
     "oslogin": "1.13.5",
-    "parallelstore": "0.3.2",
+    "parallelstore": "0.4.0",
     "phishingprotection": "0.8.9",
     "policysimulator": "0.2.7",
     "policytroubleshooter": "1.10.7",
diff --git a/parallelstore/CHANGES.md b/parallelstore/CHANGES.md
index 7e83acedcb4b..5f9e58e45e06 100644
--- a/parallelstore/CHANGES.md
+++ b/parallelstore/CHANGES.md
@@ -1,5 +1,13 @@
 # Changelog
 
+## [0.4.0](https://github.com/googleapis/google-cloud-go/compare/parallelstore/v0.3.2...parallelstore/v0.4.0) (2024-07-03)
+
+
+### Features
+
+* **parallelstore:** Add iam.googleapis.com/ServiceAccount resource definition ([b660d68](https://github.com/googleapis/google-cloud-go/commit/b660d6870658fe6881883785bcebaea0929fec0a))
+* **parallelstore:** Adding Import/Export BYOSA to the import Data request ([b660d68](https://github.com/googleapis/google-cloud-go/commit/b660d6870658fe6881883785bcebaea0929fec0a))
+
 ## [0.3.2](https://github.com/googleapis/google-cloud-go/compare/parallelstore/v0.3.1...parallelstore/v0.3.2) (2024-07-01)
 
 
diff --git a/parallelstore/internal/version.go b/parallelstore/internal/version.go
index 7d8787000b50..6a31033a4588 100644
--- a/parallelstore/internal/version.go
+++ b/parallelstore/internal/version.go
@@ -17,4 +17,4 @@
 package internal
 
 // Version is the current tagged release of the library.
-const Version = "0.3.2"
+const Version = "0.4.0"