The article provides a comprehensive analysis of Vietnam's balancing policy from both theoretical and practical perspectives. It underscores that Vietnam's consistent implementation of this policy is rooted in its past experiences, particularly during the period from 1954 to 1979, when the country was caught in the midst of a competitive power struggle among major nations. The author examines two phases: the first, where Vietnam adroitly balanced its ties with China and the Soviet Union to mobilize resources against the US from 1954 to 1975, and the second, when it lost its balance and partly contributed to the northern border conflict with China in 1979. She further emphasizes that, the historical narrative serves as a valuable lesson for Vietnam in balancing its relations with major countries, given the current context in which competition between the US, Russia, China, and many other great powers remains highly intricate. Vietnam's national interests are closely intertwined with those of these major nations, and it can only maximize its benefits by balancing its ties with all parties. However, sustaining such equilibrium presents formidable challenges for Vietnam to navigate.