Vietnam is the country with the largest area of plantations of Australasian Acacia species (‘wattles’) in South-East Asia. Between 6 and 9% of the national land area is cultivated with tropical wattles (A. auriculiformis, A. mangium and A. × mangiiformis). From the perspective of its promoters, the wattle plantation industry in Vietnam may be seen as a success beyond expectations. We review the origins of this boom and ask what it has done to and for the coun- try’s landscape and people. The chapter combines findings and insights from an interdisciplinary research project in Thừa Thiên Huế province, north-central Vietnam. Research took place across upland and lowland wattle-growing regions, with ethnic minorities as well as the Kinh majority, and with long-term wattle growers as well as new en- trants. It drew on questionnaires, interviews and observations, as well as information from remote sensing, eco- logical surveys and hydrological assessments. We first describe how substantial areas of ‘new forest’ (short-rotation wattle plantations) were created, initially in degraded bushland, but now sometimes through clearing of highly bi- odiverse natural forest stands. These wattle plantations alter local hydrology, soils and biodiversity, and are exposed to risks including soil erosion and plant pathogens. The plantations provide wood chips and timber, supporting rev- enue, employment and a strong forestry industry. Incomes have risen appreciably for many, although unequally, and a class of successful entrepreneurs has emerged. These plantations alter the livelihoods and identities of upland ‘forest people’, historically shifting cultivators, contributing to what might be called ‘new forest people’. Ethnic mi- nority villagers are building new identities around the wattle economy and around their contracts with state forest agencies, seeing themselves increasingly as forest growers and protectors. We conclude by raising some questions regarding the social changes and issues of environmental sustainability linked to this wattle boom.