In shipping industry, the Letter of indemnity (LOI) is a common tool used by shipowners, ship operators, buyers, sellers and their bankers. Specifically, LOI is a document given by the party requesting some special requirement that deviates from a regulated practice to another to smooth their contractual obligations. However, there are still many doubts around using this document in the practice. This article aims to research the awareness of Vietnamese shipping firms while using this tool. A survey of Vietnamese shipping companies was conducted, then the collected data was analyzed related problems while applying LOI. The findings will not only enrich knowledge but also support Vietnamese shipping firms when using this useful shipping document in the international shipping.