This paper examines the evolution of Vietnam–China trade from the perspective of interregional value chains, tracing its transformation from historical trade networks to contemporary production-based integration. Drawing on Global Value Chain theory, Regional Value Chain frameworks and regional economic geography, the study analyzes how Vietnam–China trade has shifted from traditional exchange systems, including Silk Road maritime connections and tributary trade, to modern fragmented production networks driven by intermediate goods trade and economic corridors. Using a qualitative-descriptive methodology and secondary data from international organizations and academic literature, the study identifies three key dimensions of Vietnam–China trade. Firstly, the bilateral trade structure is characterized by Vietnam’s dependence on Chinese intermediate goods and its specialization in downstream assembly and agricultural exports. Secondly, Vietnam’s position within East Asian production networks reflects a typical GVC pattern of upstream dependence and downstream manufacturing specialization, consistent with the smile curve hypothesis. Thirdly, economic corridors such as the Kunming–Lao Cai–Hanoi–Hai Phong axis and Belt and Road Initiative-related logistics systems play a crucial role in facilitating cross-border production fragmentation and regional integration. The findings highlight that Vietnam–China trade is increasingly shaped by interregional production networks rather than simple final goods exchange. While this integration has supported Vietnam’s export-led growth, it also reveals structural asymmetries in value-added distribution, technological capabilities, and supply chain dependence. The study contributes to a deeper understanding of how historical trade linkages, industrial specialization, and logistics infrastructure jointly shape contemporary Vietnam–China economic relations within East Asian regional value chains.