Police in the central province of Quang Nam said Wednesday they had arrested seven suspects and seized counterfeit money worth more than US$11,000.
The group, including three women aged 32-47, was caught when they were trying to used forged VND200,000 bills to buy foods at local markets on May 15.
Police then seized a total of 1,258 forged bills.
Chu Thi Oanh, 47, a key member of the ring, told police that she had bought the money from China for 25 million yuan ($1,100) in total.
Police said they are looking further into the case, adding that they will seek cooperation from Chinese authorities.
Chu Thi Oanh, 47, one of the suspects who were caught when trying to use counterfeit money