Thanks for the comments.
The Soldier ends up living through this event. As to why hasn't the VC already shot this Soldier, it just wasn't his time. I've been in a few firefights where guys to the left and right of me got hit but I didn't get a scratch and I was probably more exposed than they were. It just wasn't my time. Also, the VC just saw four guys get chopped up by this guy so I imagine he was probably in somewhat of a state of shock. Despite what popular belief might be, not all VC were hard core killers. Charlie used to "Draft" military aged men from villages, so some of them were just there because they were threatened, as well as their families, if they did not join.
Cheers,
James