You're correct.
Vogt et al (2004) provided this version of the formula:
M(r) = 2.3265 x 10^5 V^2(r) r
where (r) represents the Mass inside or rotational velocity at the radius "r" from the center of the galaxy.
Using the MOND formula, the mass is:
M=V^4/Ga0
where "a0" is the mond acceleration constant.
Using this formula masses are calculated as:
M = V^4/1.59 x 10-2
The two equations will give similar masses.
Using NGC 4548 which has a cepheid distance of 16.2 Mpc (HKP final report) as an example:
The 2MASS K-band radius for this galaxy is 3.52' so the radius is 16.6 kpc. The rotational velocity for the galaxy is 215 (+/-20) km s-1 (Cornell University SFI++ database).
So using standard dynamics one gets a mass of 1.79x 10^11 solar masses.
Using MOND you only need the rotational velocity and one gets 1.34 x 10^11 solar masses.
As an interesting sidelight, using the standard Newtonian formulation, the mass calculated is dependent upon the radius. Radius can be defined in a number of ways, but often the radius is simply taken as the radius at which the surface brightness in the B-band drops to 25 mag arc sec^-2. At a given rotational velocity, lower mean surface brightness galaxies have larger diameters than higher mean surface galaxies. Thus when calculating masses, a lower SB galaxy actually has a larger calculated mass. Whether or not there is any physical reason why a lower mean SB galaxy should be more massive is a curiosity that would be worth investigating.
With the MOND formula, the mass is independent of the radius of the galaxy, and only depends upon the rotational velocity. Since the calculated radius depends upon the distance, the standard mass calculations have an additional uncertainty introduced by distance errors. On the other hand, the MOND masses have an additional uncertainty introduced by uncertainty in the MOND acceleration constant (a0) because the constant's value is empirically derived.