Annuals in the ’70s and early ’80s were not “events” so much as oversized stories that sometimes did things you wouldn’t see in a “normal” issue.
This one is pretty simple though. The Soviet Super Soldiers kidnap Peter Parker’s girlfriend (with Peter fighting them in civilian clothes–not trying a t all to hide his super-strength).
Then he and Hulk go rescue her.
Vanguard gets punched a lot.