Tran Le Sy Liem, 23, is still missing while the body of an unnamed 22-year-old female student was retrieved around 50 m from where they went missing.
The two victims are among four people who got swept away. The other two, both male students, were rescued by locals.
The four were a group of 16 recently graduated students from a university in Ho Chi Minh City visiting the Hon Gam Beach in Van Ninh District, the central province of Khanh Hoa, for a holiday.
Local authorities are still searching for Liem.
Khanh Hoa has several popular beach destinations, but drowning deaths are not uncommon in its beaches.
Three drowned from a boat overturned in Van Phong Bay in June this year and two Russian tourists drowned after swimming into deep waters in the resort town of Nha Trang in February.