Sri Lanka's navy had tried to send a ship to the distressed vessel yesterday but could not reach the area due to rough weather, Navy spokesman Commander Kosala Warnakulasuriya said.
Pacific Skipper, a Greek vessel which was in the vicinity had rescued 18 crewmen who were now on their way to Bangladesh. Other vessels in the area are still looking for the missing men.
Sri Lanka's northeastern coastal area was evacuated yesterday due to developing tropical cyclone, though the storm veered off at the last minute towards India.
Vietnam's Tuổi Trẻ newspaper reported on its English language online service that the vessel, Saigon Queen, was carrying a cargo of wood products from Myanmar to India.
The report quoted Vietnam Maritime Search and Rescue Co-ordination Center (MRCC) as saying that the ship had begun to roll and the cargo had shifted.
The ship had messaged saying sailors were trying to make the cargo fast shortly before losing contact.
MRCC and the Vietnam Shipping Co