Vietnam's national football team finished second behind the Democratic People's Republic of Korea after drawing the Koreans in the final match at Hanoi's My Dinh Stadium on Friday.
The host players deserved to be praised for their concerted efforts although they failed to score a goal against the team who had qualified for the 2010 World Cup in South Africa.
In the two earlier games, Vietnam lost 0-1 to Australia's Under-23 players after routing Kuwait's U23s 3-0.
The Korean players took two 1-0 wins over both Australian and Kuwaiti squads in their earlier matches.
In another game on Friday, the socceroos and Kuwaitis fought to a scoreless tie, leaving the Australians in third place and the Kuwaitis in last.
"I think the scoreless tie was fair. Honestly, I am pleased with my players' performance," Vietnam's coach Henrique Calisto said after the game against the Koreans on Friday.
"They did their best. They kept the match under control. We had two chances but Viet Thang and Vu Phong failed to score."
DPRK's coach Jo Tong Sop said, "We played three games in [this tournament] and the game against Vietnam was the hardest. The Vietnamese players, especially the defenders, tried very hard today. I must praise the Vietnamese defenders for their performance."
The Thang Long-Hanoi Cup was organized to celebrate the 1000th anniversary of Thanh Long-Hanoi.
A similar football event will be held in Ho Chi Minh City on Tuesday September 28 and last until October 2. The Vietnamese U23s will compete with Singapore, Malaysia and Iran's U21s.