A finite element code for the numerical solution of the Navier-Stokes equation is parallelized by vertex-oriented domain decomposition. To accelerate the convergence of iterative solvers like conjugate gradient method, parallel block ILU, iterative block ILU, and distributed ILU methods are tested as parallel preconditioners. The effectiveness of the algorithms has been investigated when P1P1 finite element discretization is used for the parallel solution of the Navier-Stokes equation. Two-dimensional and three-dimensional Laplace equations are calculated to estimate the speedup of the preconditioners. Calculation domain is partitioned by one- and multi-dimensional partitioning methods in structured grid and by METIS library in unstructured grid. For the domain-decomposed parallel computation of the Navier-Stokes equation, we have solved three-dimensional lid-driven cavity and natural convection problems in a cube as benchmark problems using a parallelized fractional 4-step finite element method. The speedup for each parallel preconditioning method is to be compared using upto 64 processors.