The article focuses on analyzing the ‘Cam Ranh policy’ of the Vietnamese government as well as the implementation of this policy since 2002 via its relations with major powers such as Russia, the United States and Japan. The article indicates that these great powers have a significant presence in Cam Ranh Bay. While the China factor is an important cause of American and Japanese interest in Cam Ranh, the traditional relationship with Vietnam and the Far East policy are the driving the choices of Russia in the region.