US Troops - M16A1 w/20-round mags (alternate M14), M60 GPMG - belt fed, M-72 LAW, M-79 40mm Grenade Launcher as the main weapons for the basic rifle squad.
VC/NVA Troops - a mix of AK-47 and Chicom Type-56 (alternate SKS), RPD GPMG, MAT49 SMG, PPSh-41 SMG, RPG-7 as the main weapons for the basic rifle squad.
I'd also include a radio for the US Troops, a pistol for an officer, possibly a shotgun in the mix, and have about 1/2 with flak vests. They'd be kitted out, more or less, like the Marines from Full Metal Jacket. I'd have to do more research on the NVA/VC especially to get them down.
Former Director of Product Development, Research and Design