According to the latest update from the Vietnam Ministry of Transport, seven people had been rescued, while four seafarers were found dead and two more are still missing.
The search for the missing crew members is in progress.
Ships passing near the incident have been informed to be on the lookout for potential survivors.
The ill-fated freighter was reportedly on its way from Quang Ninh to Cua Lo in the Gulf of Tonkin when it had to anchor amid severe weather.
The contact with the ship had been lost shortly after midnight after the ship's master managed to send out a distress signal. The Vietnam-flagged cargo ship, with a deadweight of 5198 tons was built in 2013.