In 2020，when global trade and outbound investment suffered a severe recession due to the impact of COVID-19，Vietnam achieved positive development in the field of foreign trade and economic cooperation. The total import and export volume of goods trade increased by 5.4%，the export growth was strong，and the trade surplus reached a new high. The structure of export commodities improved，and import commodities continued to orient on serving both production and export. At the same time，Vietnam’s foreign trade also faced challenges，such as highly depending on foreign trade，over-dependence on single market for exports，and slow development of supporting industries. Vietnam’s economic and trade relations with China，the United States，the Republic of Korea，ASEAN，the European Union，Japan and other major trading partners have been developing steadily，while trade with China reached a record high，and that with the US grew rapidly，the trade creation effect of regional trade arrangements was increasing. In 2021，the continuing impact of COVID-19 is expected to bring uncertainties to Vietnam’s foreign trade development，but bilateral economic and trade relations between Vietnam and its trading partners still have broad future if regional trade arrangements can be fully utilized.