This brings the cumulative number of frigates that Vietnam has contracted for with the shipyard as part of a restocking Gepard-3.9 project to six.
Itar-Tass quoted a shipyard spokesperson as saying engineers are putting the finishing touches to the manufacture of the hull.
Following the installation of technical positioning and other electronic components they will begin trial runs in the Baltic Sea and should be ready for delivery in early 2017, the news agency reported.
Vietnam received two first Gepard-class frigates from Russia in 2011 under a contract signed in 2006.
It signed another contract for two more such vessels in 2013, and the manufacture is on the right track.