The paper analyzes some features of Vietnamese immigration to the Russian Federation. We provide estimates of the number of Vietnamese citizens living in Russia, their distribution by region, and key areas of employment. The results obtained in the work are based on official data published by Rosstat, the Main Directorate for Migration of the Ministry of Internal Affairs of Russia, as well as some survey data conducted by the authors of the article. We can say that despite the existence of an agreement on a “comprehensive strategic partnership” between Russia and Vietnam, the potential of Vietnamese migration remains underestimated. The structure of migration flows from Vietnam to Russia is dominated by labor and educational migration. However, in recent years Russia has lost some of its advantages, which were formed during the Soviet Union. Vietnamese migrants find new directions for migration. Among them are the countries of ASEAN, the USA, the countries of Europe. The main barriers to realizing Vietnam's migration potential in relation to Russia are the maintenance of an asymmetric visa regime, a decrease in the competitiveness of Russian wages, and high bureaucratic barriers to the entry of Vietnamese businesses into Russian regions. Additional risk factors are geopolitical tensions and the volatility of the ruble exchange rate. Nevertheless, it is noted that there is still interest from Vietnamese entrepreneurs to open a business in Russia. Opportunities for expanding Russian-Vietnamese migration ties may lie in the plane of the implementation of the Free Trade Agreement between the EAEU and Vietnam, ratified in October 2016.