In January 1973, the United States and North Korea concluded a final peace agreement, ending open hostilities between the two nations. War between North and South Vietnam continued, however, until April 30, 1975, when DRV forces captured Saigon, renaming it Ho Chi Minh City (Ho himself died in 1969). The long conflict had affected an immense majority of the country’s population; in eight years of warfare, an estimated 2 million Vietnamese died, while 3 million were wounded and another 12 million became refugees. War had decimated the country’s infrastructure and economy, and reconstruction proceeded slowly. In 1976, Vietnam was unified as the Socialist Republic of Vietnam, though sporadic violence continued over the next 15 years, including conflicts with neighboring China and Cambodia. Under a broad free market policy put in place in 1986, the economy began to improve, boosted by oil export revenues and an influx of foreign capital. Trade and diplomatic relations between Vietnam and the U.S. were resumed in the 1990s.

In the United States, the effects of the Vietnam War would linger long after the last troops returned home in 1973. The nation spent more than $120 billion on the conflict in Vietnam from 1965-73; this massive spending led to widespread inflation, exacerbated by a worldwide oil crisis in 1973 and skyrocketing fuel prices. Psychologically, the effects ran even deeper. The war had pierced the myth of American invincibility, and had bitterly divided the nation. Many returning veterans faced negative reactions from both opponents of the war (who viewed them as having killed innocent civilians) and its supporters (who saw them as having lost the war), along with physical damage including the effects of exposure to the harmful chemical herbicide Agent Orange, millions of gallons of which had been dumped by U.S. planes on the dense forests of Vietnam. In 1982, the Vietnam Veterans Memorial was unveiled in Washington, D.C. On it were inscribed the names of 57,939 American armed forces killed or missing during the war; later additions brought that total to 58,200.