Trade and investment cooperation between Vietnam and Russia has achieved significant development during more than 70 years of establishing friendly cooperative relations and trust in political and diplomatic ties. This relationship has been further strengthened since the Russian Federation officially became the 156th full member of the World Trade Organization. Although specific results have been achieved, the reality of trade and investment between the two countries is not commensurate with the longstanding relationship and cooperation potential. The reason is that the two sides still face some challenges such as non-tariff barriers, competition from other countries, high cost and a long time of transporting goods and investment machinery, shortcomings payment process, and not diversified investment sectors. The article analyzes and evaluates the current trade and investment relations between Vietnam and Russia in period 2012 - 2022 and make some recommendations to solve the current challenges now and in the future.