The ship was allegedly en route from Hai Phong to Can Tho, carrying a cargo of clinker at the time. A total of 11 crew members were onboard.
Local media reports suggest the ship was caught in stormy weather at around 10.30 am of 30 November, which probably caused a cargo shift and a subsequent capsizing.
The 10 crew, except from the Captain, went into life rafts and were rescued by search and rescue forces a few hours later.
The Captain sank with the ship and his body was reportedly found about two nautical miles from the scene.
It is yet unsure why the Captain did not make it. Reports say he fought to ensure his crew were safely evacuated to rescue boats but he did not have time to escape.
Further information surrounding the incident are yet to be confirmed.