This paper discusses the relative peace that has reigned in Vietnam since 1989, within the framework of a larger East Asian Peace. The background for the peace is sought in changes in Vietnam’s foreign and domestic policies in the late 1980s, at the time when the Doi Moi reforms were introduced. Various aspects of ‘the Vietnam Peace’ are being discussed, first the external, and then the internal (civil) peace. In the end the paper discusses the sustainability of the Vietnam peace, under three alternative regional scenarios. The paper is based on recent literature, and on a number of interviews undertaken in 2005 and 2007.