The outfit was inspired by waves and used mesh as the main material to create a see-through effect.
Phong revealed that it took him over a month to make the dress.
On Thurday, Fan also wore a butterfly-inspired dress made by Phong.
The designer said: "After wearing two of my designs, she wants to continue collaborating with me. Fan said she was surprised to see Vietnamese designs that are as sophisticated as other international brands.”
As a renowned actress, Fan was invited to events of many brands at Cannes this year, which takes place May 16-27.
On Chinese social network Weibo, many complimented Fan for her ability to look flawless in different dresses.
“Daring and versatile, that’s why the fashion world always favors her,” a commenter on Weibo wrote.
Fan, 42, started her career in showbiz when she was 17, and is known for her achievements as an actress, model, TV producer and singer. She currently has 63 million followers on Weibo.
Phong, 35, launched his own fashion brand in 2013.
Since 2014, he has stayed consistent with the message of empowering women throughout his collections. In addition to evening and cocktail dresses, he is famous for his top line of wedding dresses that are loved by many Vietnamese celebrities.
