According to Vietnamese authorities, the Trung Thao 36-BLC was anchored at Quang Ngai on Monday with 12 crewmembers aboard.
At about 0634 hours, a fire and explosion occurred on the port side in the vicinity of the number three cargo tank.
Quang Ngai Maritime Port coordinated with Dung Quat Port to dispatch marine firefighting and rescue assets to the scene.
The fire was brought under control by 0745 hours, and first responders brought 11 crewmembers safely to shore.
The body of the missing individual, identified as Nguyen Thanh Ly, was located later in the day. Imagery from the scene shows severe damage to the Trung Thao's port side, with the tank's top peeled back and a gap of several meters in length where the side of the hull once was.
The 2012-built Trung Thao 36-BLC is a 3,000 dwt product tanker, and she is Vietnamese-owned and operated.
She has no Equasis port state control inspection record.