This study aims to investigate the determinants of the bilateral trade flows of Vietnam. The panel fixed effects estimation using Driscoll and Kraay standard errors and panel fixed effects two-stage least squares approach are employed to analyze balanced panel data, which includes fifty-three countries that have been continuously trading with Vietnam from 1997 to 2019. The estimated results reveal that free trade agreements have a positive effect on the bilateral trade flows in trading with developed or developing countries. Additionally, the bilateral trade flows between Vietnam and the developed countries are enhanced by the differences in income level. They are, however, impeded by institutional distance and transportation costs. In the case of trading with developing countries, transportation costs and exchange rates have a positive impact on bilateral trade flows. The study provides some crucial policy implications for policymakers involving international trading activities in developing countries such as Vietnam.