This chapter analyzes the United States’ relations with the Socialist Republic of Vietnam from 1975 to the present. The termination of war in 1975 brought conflict of a different sort. Washington retained the wartime trade embargo and rejected Hanoi’s demands for “reparations.” Vietnam ignored US requests to account for possible prisoners of war and missing in action (MIA) on its territory. Attitudes shifted in the 1980s. America’s détente with the USSR opened possibilities for Moscow’s ally, Vietnam. Now in dire straits economically, Hanoi’s new leaders revamped the nation’s stagnant economy and opened trade with numerous nations. Vietnam was sufficiently pressed that in the 1990s it bowed to harsh US demands for what was called normalization. Diplomatic relations and trade followed. Vietnam–US relations took an ironic turn in the new century. As China emerged the dominant power in East Asia and expanded into the South China Sea, America increased its military presence in the region and formed a strategic partnership with Vietnam. Wary of China, Hanoi needed US assistance. But it feared dependency on its former enemy. Americans still condemned Vietnam’s authoritarian government and human rights’ abuses. Both seemed content with a relationship a Vietnamese diplomat called the “Goldilocks Formula”: “Not too hot, not too cold.”