Book was finished in 2002 and scheduled for publication in 2003, but evidently it was cancelled. Portions of the book can be read at http://www.itims.edu.vn/itims/forums/topic.asp?TOPIC_ID=727 (though sometimes this page is not accessible).
Archive of the translated text from the above itims.edu.vn link:

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HOBBIT Khúc dạo ðầu kỳ thú dành cho CHÚA TẾ CỦA NHỮNG CHIẾC NHẪN Vietnamese Hobbit Chapter 1
Vietnamese Hobbit Chapter 1 part 2
Vietnamese Hobbit Chapter 2
Vietnamese Hobbit Chapter 3
Vietnamese Hobbit Chapter 4
Vietnamese Hobbit Chapter 5