In the face of the new trends of the era, foreign economic policy increasingly asserts its crucial role in the development process of the global economy as well as the development trajectory of each nation. For Vietnam, after more than 35 years of implementing the renovation policy, foreign economic policy has developed rapidly, making positive contributions to socio-economic development and propelling the country's development momentum in the new phase. Foreign policy plays a critical role for each country, affirming its national position and effectively utilizing internal advantages, efficiently exploiting international conditions, contributing to maintaining national sovereignty and actively contributing to global development. This article explores innovative approaches in foreign policy thinking, implementing multilateralism, diversifying international relations, drawing from international foreign economic policy experiences, and proposing solutions to further develop this field in the upcoming phase.