On March 15, while walking along the Velikaya River, Hoang Phi Hung, a medical student at Pskov State University, saw two boys aged 10 and 11 fall into a hole in the ice, Vietnam News Agency reported on Saturday.
Hung joined hands with a Russian man to quickly rescue the two.
With his medical knowledge, Hung managed to keep their body temperature up, which helped save their lives.
The governor of Pskov Oblast, Mikhail Vedernikov, also handed over a note of thanks to Andrey Strugin, the other rescuer.
Around 80,000 Vietnamese live in Russia.
Last year Vu Duc Huynh, a Vietnamese technical intern in Japan, received a letter of appreciation from authorities of Fukuoka Prefecture for springing into action to save a woman who fell off a bridge into a river.