在经济全球化的背景下,国际直接投资和国际贸易规模不断发展壮大,并呈现出互补、替代和融合的复杂关系。中国越南关系正常化以来,随着双方贸易和投资规模的扩大,统筹促进双边投资和贸易越来越重要。本文从中国和越南直接投资与双边贸易的总体现状入手,以近些年中国越南的投资贸易额为样本数据,对中国在越南直接投资产生的母国贸易效应进行了回归分析,回归结果显示中方在越南的投资促进了中国对越南出口,而产生的进口效应不稳定,针对该结果结合发展中国家对外直接投资的相关理论和中越双边投资和贸易的实际情况进行了成因分析。 In the context of economic globalization, the scale of international direct investment and international trade continue to grow and develop, showing a complex relationship of complementarity, substitution and integration. Since the normalization of relations between China and Vietnam, it has become increasingly important to promote bilateral investment and trade with the expansion of bilateral trade and investment. This article starts from the overall status quo of direct investment and bilateral trade between China and Vietnam. Taking the investment and trade of China and Vietnam in recent years as sample data, this paper makes a regression analysis of the home-country trade effect of China’s direct investment in Vietnam. The regression results show that China is in Vietnam Investment has promoted the export of China to Vietnam, and the import effect was not stable. According to the result, the author analyzed the causes of the combination of the theory of FDI in developing countries and the actual situation of Sino-Vietnam bilateral investment and trade.