The three-day ASEAN - Russia Naval Exercise began Wednesday at Indonesia's Belawan naval base in Sumatra.
The Vietnamese vessel will take part in communications, formation, search and rescue, and other activities at sea.
Its crew will get an opportunity to train in command and combat skills.
"This exercise is about peace, stability, and prosperity in the region," AFP quoted Russia's ambassador to ASEAN, Alexander Ivanov, as saying in a statement.
Indonesian first fleet commander Arsyad Abdullah said the exercise would "enhance the interoperability and understanding between the Russian and ASEAN militaries."
All 10 members of ASEAN are taking part in the exercise. Vietnam, Indonesia, Thailand, Singapore, Malaysia, Myanmar, and Brunei have warships or aircraft.
The Gepard-class frigate HQ-012 Ly Thai To was built by Russia, has advanced military equipment and was one of two frigates delivered to the Vietnamese Navy in 2011, the other being Dinh Tien Hoang.
Ly Thai To is designed to search, track and destroy floating targets and patrol territorial waters and special economic areas.
It is equipped with stealth technology to minimize detection by enemy radar.