The deadly incident occurred at about 11:00 am at the site, located on Le Hong Phong Street in Ngo Quyen District, authorities reported.
The overhead crane gave way on Le Quang Bay, 49, a local man, who was driving a motorbike on the street, killing him instantly.
The crane also hit two women, causing minor injuries.
The operator, Vo Ngoc Long, 42, was also seriously wounded in the collapse.
The contractor that used the crane is Bach Dang 5 Construction Company under the Bach Dang Construction Corporation, the district police said at a press briefing on Wednesday afternoon.
The cause has yet to be identified, according to police.
The contractor immediately gave VND50 million (US$2,220) to the family of the dead victim as initial support.
The municipal government also offered VND10 million ($445) to the family and VND3 million ($133.5) to each of the injured people.
Three days before the deadly accident, that crane underwent a quality inspection, and the quality certification is valid until 2016, according to the municipal Department of Construction.
The inspection was carried out by a unit under the Ministry of Labor, War Invalids and Social Affairs, the department said.
Multiple deadly incidents involving falling cranes have occurred throughout Vietnam over the past several years.
On May 5 this year, a crane suddenly collapsed at a construction site in the southern province of Dong Thap, killing a 32-year-old woman and her two children.
The accident occurred on Road 842 in An Loc Ward of Hong Ngu Town when the woman, Cao Tuong Van, was carrying her kids – a seven-year-old boy and a three-year-old girl – to school on a motorbike.
At that time, the driver of the crane was operating the equipment at an unfenced construction site for the Hong Ngu 2 Bridge, when it suddenly tumbled onto the three victims.
The provincial authorities said the accident might have been brought about by the crane truck driver, who failed to operate the machinery in accordance with standard procedures.
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