UPDATE: Tuoi Tre, a leading daily in Vietnam, reports that the Vietnamese Navy has confirmed the plane crashed into the ocean. According to Navy Admiral Ngo Van Phat, Commander of the Region 5, military radar recorded that the plane crashed into the sea at a location 153 miles South of Phu Quoc island.
When contacted, Malaysia Airlines declined to confirm or deny the reports, saying that the Malaysian authorities are working together with the Vietnamese government on the matter.
Meanwhile, Al Jazeera reports that China has dispatched two maritime rescue ships to help locate the missing plane.
BREAKING NEWS: Malaysia Airlines says it has lost contact with a Boeing 777 with 227 passengers and 12 crew aboard en route from Kuala Lumpur to Beijing, and the airline says it is working with authorities to locate the plane.