While Việt Nam scored one of the world’s best annual GDP growth rates with 2.9% in 2020, it was ranked among one of the weakest performances in 2021 with an estimated annual growth of 2.5%. The Covid-19 pandemic seems to have revealed that the economic development model of Việt Nam of more than 35 years based on low-cost exports, land speculation and domestic consumption is now out of breath. In the international field, Việt Nam has been faced with China’s growing assertiveness, the bipolarisation of the US-China relations, and renewing tensions in the region. It has been seeking a closer relationship with the United States without damaging its ties with China, its first commercial partner. To overcome this strategic dilemma, Việt Nam has enhanced its multilateral role and responsibilities, from the ASEAN to the United Nations. It could also engage with Europe more intensively in this dynamic.