Note that there should be a half-cogwheel between the anchor and the wreath, and a yellow scroll beneath the wreath with red letters (possibly HẢI QUÂN VIỆT NAM).
The next big question for us: will this flag be the naval ensign, or be hoisted only during ceremonies (like the Chinese PLA Navy flag)? Miles Li, 22 April 2014
Viet Nam People's Navy (Vietnamese: Hải quân - Quân Đội Nhân dân Việt Nam, HQ-QDND) (Navy, People's Army of Viet Nam, N-PAVN or more commonly Vietnamese Navy or Vietnamese People's Navy) is a Branch within the Viet Nam People's Army. It was established on 7 May 1955 with the establishment of the General Directorate of Coastal Defence (and) it formed the basis for the Navy Operational Command (based on the Vietnamese Ministry of Defence decree No. 284/ND signed by General Võ Nguyên Giáp to established Naval Research Board, under the General Staff, on 8 March 1949), but it traces its roots back to 2,000 B.C. Source: Wikipedia article Esteban Rivera, 13 February 2016