The duo are Nguyen Tuan Diep, 41, reporter at the media center of the northern Quang Ninh Province, and Hoang Van Trinh, 35, at the local "Nong Thon Ngay nay" (Rural Today) newspaper office.
On Tuesday, a company in Ha Long of Quang Ninh reported to police it had been blackmailed with messages and phone calls requiring it to pay money or else information on its wrongdoings would be provided to the press.
As demanded, it paid the blackmailer VND250 million on Wednesday afternoon at a local market.
Quang Ninh police and prosecutors subsequently caught Diep red handed as he was receiving the cash from a company representative.
Expanding their investigation, police arrested Trinh, identified as Diep’s accomplice.
Investigators are gathering more information to probe both reporters. It's not revealed what information regarding the company that the reporters threatened to expose.