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The defeat at Dien Bien Phu led the French military to surrender their positions in Vietnam. The French left Vietnam, leaving the United States at the forefront of the conflict.
Communism
The French had fought there from 1946 to 1954; 1st Indochina War or French Indochina War.
US involvement began in Vietnam before the French defeat. Military advisers, intelligence, weapons, aircraft and the full support of the CIA's Air America. Vietnam was a French colony from the 1860s till 1940, when it was seized by Japan. Ho Chi Minh organized a resistance movement against the Japanese (and also against French collaborators). In the later stages of World War 2 the U.S. sent miliatary advisers to Ho Chi Minh and President Roosevelt promised the Vietnamese that if they threw the Japanese out of the country they would get independence after World War 2. In 1946 the French 'repossessed' Vietnam and the guerrilla war continued. The French suffered a devasting defeat in 1954 and withdrew. The country was then divided into North and South. The North was Communist; the South was very badly governed by a bizarre anti-Communist regime. Gradually, the U.S. inceased its involvement. Large scale U.S. involvement dates from about 1961 onwards.
It could hardly be called a victory because the objective was not achieved, and South Vietnam collapsed shortly afterward. Neither would I call it a defeat in the military sense, as the French were defeated at Dienbienphu. I would call it cutting the losses and walking away, and the US was not the first or the last country to do that.