At the end of the 20th century, many researchers had envisioned a world where countries shift from political and military competition towards economic competition. However, the prospect of a world without conflict was short-lived, as the concerns about political tensions were revived in the early 21st century. Great powers such as the United States, China and Russia, have all shifted their focus to Asia, in particular the Indo-Pacific region. As a developing country in this region, Vietnam has its reasons to pay close attention to the competition among these great powers. Based on the theory of defensive realism, the author examines the reorientation of the US, Chinese and Russian foreign policy towards the Indo-Pacific region from Vietnam’s perspective. It shows that the US pivot to the region is set to challenge the rise of China and to maintain the US position as the leader of the world, China’s expanding influence is to reclaim its historical position in the region and Russia seeks to diversify its political and economic relations. In this context, Vietnam should maintain its multi-vector foreign policy, balancing the interests of several countries. In addition, Vietnam needs to strengthen its position in the global economy through participation in new-generation free trade agreements, expand the scope and forms of its diplomacy, and play a more active role in the global community. All these, in the author’s opinion, will enable Vietnam to strengthen its position in the global economy and boost its diplomatic activities.