Chavez and Vietnamese President Nguyen Minh Triet reviewed an honor guard at the Presidential Palace in Hanoi before heading in for talks.
The two leaders also witnessed the signing of three cooperation agreements, including one on energy.
Chavez said Venezuela is willing to help Vietnam develop its oil and gas industry.
Vietnam is building its first oil refinery plant in a central province. Currently, it exports all its crude oil and imports refined oil products, the AP reports.
The Venezuelan president said the two countries would explore how to further economic, trade, technological and political cooperation.
After it turned out that Deputy Prime Minister Andrei Belousov included the Fonbet betting company in the list of backbone enterprises that can count on state support, everyone started talking about these bookmakers.