I agree this statue still give the image of old soviet style momumental statue, although not the excess Stalin style.
It is not too long ago that this statue was installed, in 2004. The commission and approval for it would be a few years earlier, say 2000 or before. By then Vietnam has already embarked on its economic reform. But perhaps the old political style still had not changed.
The articles are a bit critical of the quality and condition of this statue. As they are in English, they are for general online reading world-wide. It may be a sign of the fast changing Vietnam, gradually more transparent to the world, that the articles come from the site of a company located not outside Vietnam, but in Hanoi, Vietnam.
Some info about Vietnam's economy, from the CIA World Fact Book
"GDP growth averaged 6.8% per year from 1997 to 2004 even against the background of the Asian financial crisis and a global recession, and growth hit 8% in 2005 and 7.8% in 2006."