Russian President Vladimir Putin hailed relations with Vietnam on Tuesday during a meeting at the Kremlin with his counterpart Tran Duc Luong.
"I note with great satisfaction that the relations between our countries are developing positively and answer to the spirit of co-operation that has been built in the past," he said at the start of talks with Luong.
Putin said that economic co-operation was an important aspect of bilateral relations and that he and Luong would "analyse all pluses and minuses of recent times."
While bilateral trade had risen almost 80 percent from 2000 to 2002, it was slightly down in 2003, he said.
"I hope we can find a solution to this, especially as the level of political co-operation is very high," Putin said.
Luong said he hoped his visit would "enliven the relations" between the two countries.
Luong arrived in Moscow on Monday at the start of a three-day visit during which is he also set to hold talks with Prime Minister Mikhail Fradkov and Boris Gryzlov, speaker of the State Duma, the lower house of parliament, during his stay.
He met with Foreign Minister Sergei Lavrov earlier Tuesday.
He was accompanied by Prime Minister Vu Khoan and Foreign Minister Nguyen Dy Nien. A delegation of 72 businessmen is also taking part in the visit.
Moscow-Hanoi relations have been gradually strengthened in the last few years, after long stagnating following the fall of the Soviet Union in 1991.
Russia has important investments in Vietnam's oil and gas industry. It also co-operates in the sectors of hydro-electricity, industry, military, education, health and meteorology.
Russia has also agreed to help Vietnam build its first nuclear power plant, although those plans remain on paper only.
Total bilateral trade stood at 651 million dollars (540 million euros) in 2003, according to official Vietnamese figures.