The man has been identified as Dau Ngoc Hung, 31, from Nghe An Province.
Hung was found 350 km west of the area where the Vinalines ship sent out the final emergency signal.
After receiving care, Hung has phoned home to inform his family.
According to a source from the Vietnam Marine Cooperation Center, Hung said the ship had been sunk deep at the bottom of the sea and he was the only survivor.
London Courage is on its way to Singapore.
According to Vinalines Shipping, the owner of the Vinalines Queen, the vessel went missing at 7am upon reaching the area northeast of Luzon Island, in the Philippines while carrying 54,400 tons of Nikel ore from Indonesia’s Morowali port to Ningde port in China.
Before that, the ship had sent a signal to the company saying it was listing at an 18 degree incline.
Vinalines said the vessel, built in Japan in 2005, is equipped with an advanced self-protection system that is able to send out emergency signals in potentially hazardous situations. This allows rescue forces to detect its location even when it is under water.