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Doan Phuong Nam, 21, Pham Ngoc Son, 23, Bui Khac Khanh, Nguyen Van Son, and Nguyen Thanh Binh, all 24, are all from the province's Thanh Hoa Town.
The police said Saturday they would be investigated for murder, intentionally inflicting injury and disrupting public order.
According to local authorities, the victims, Phung Quang Huy, 22, and Nguyen Quang Linh, 21, visited a house in the town on March 6.
At 10h30 p.m., when the two were standing in a balcony on the house’s second floor, a group of men shot them from the ground.
Huy was killed instantly while Linh was severely injured.
Witnesses said the gunmen covered were in masks and coats and fled on two motorbikes.
The police found at the spot the three guns they had used for the shooting.
They said the five suspects are members of a loan sharking and gambling gang based in the province, and the shooting was the result of competition among gangs over territory.
Vietnam has capital punishment for murder.
