What would Ho Chi Minh, that symbol of heroic resistance to the French and the US, make of it all?
Vietnam's prime minister, Phan Van Khai, leaves for the US this weekend with a 200-strong retinue, including 80 businessmen.
Mr Khai will get the red carpet treatment, dropping in on George Bush at the White House as well as meeting the US defence secretary, Donald Rumsfeld. Just as significantly, he will also ring the opening bell at the New York Stock Exchange - a gesture that speaks volumes about Vietnam's desire to join the capitalist club, notwithstanding its communist credentials.
Like its bigger neighbour China, Vietnam no longer shuns "capitalist railroaders" and is eager to partake in the global economy. Since the introduction of economic reforms in the 80s, Vietnam has enjoyed what the World Bank describes as "one of the greatest success stories in economic development". Yes, nearly one third of Vietnam's 80 million population still live on less than $1 a day, but that figure is falling fast.
To make further economic progress, Vietnam wants wider access to western markets, including the US. Trade is already booming between these former enemies, and since the restoration of diplomatic links, two-way trade has increased from just $451m in 1995 to $6.4bn in 2004. The US is a particularly important market for Vietnam's exports of clothing, fish, shrimps, furniture and coffee.
One of Mr Khai's main goals is to persuade Mr Bush to support Vietnam's accession to the World Trade Organisation (WTO) - following in the footsteps of China - to further boost exports.
But membership of the WTO may well incur heavy costs. According to Oxfam, the danger is that Vietnam will be forced to open up its economy too fast, allowing a flood of farm imports that could undercut local farmers - who make up most of the population - and ultimately endanger the country's broader national development strategy.
