The Contributors Towards Victory marks the 67th anniversary of defeating the Nazis and the 37th anniversary of Vietnam 's Southern Liberation Day.
A collection of 131 paintings in oil, watercolour, pencil and mixed media include many subjects, including portraits, landscapes and still life.
Most of the works on display are portraits of Russian heroes, military generals, scientists, writers, poets and artists who devoted themselves to the construction and defence of their country.
Some other works, including Red Square and Neskutchny Landscape, depict the peaceful and beautiful landscapes of Russia , while his still life works feature many kinds of flowers, including lilacs and dahlias.
The 62-year-old also shows his love of the Vietnamese people and the country with works that recall his trip to Hanoi five years ago, including the Literature Temple Gate and My Heart in Vietnam .
As a correspondent of the Russian Academy of Stamps and one of the top artists in portrait stamp design, Iliukhin is also displaying a portion of his portrait stamp collection in the exhibition.
Ma Thanh Cao, director of the museum, said: "The exhibition is held to commemorate the memorable events of two nations and to promote bilateral cultural exchange between the Vietnamese and Russian people."
Iliukhin has worked in the fine arts for 50 years with more than 1,000 paintings, including 500 portraits of his relatives, friends, students and admirers.
In 1980, he established the private fine arts school, Staraya School , where he has trained many talented artists.
Iliukhin is a member of the Creative Artists Association and is known as a fine arts critic, writer and poet with ten published books of poems.
His paintings can be seen at 97A Pho Duc Chinh street in district 1 until May 17.