However, lead author Dr David McBride said the study showed a doubling of the risk of mortality from cancers of the head and neck, as well as an increase in oral cancers of the pharynx and larynx.
"Lung cancer contributed the greatest burden of deaths in both New Zealand and Australian veterans,'' he said.
The study noted veterans deployed in the Nui Dat area of Phuoc Tuy province experienced a toxic environment because of the widespread use Agent Orange, which contained the carcinogen dioxin. However, the study did not have specific data on herbicide exposure of individual soldiers.
Dr McBride said the findings were not at odds with evidence needed for compensation from Veterans Affairs New Zealand for ill-health caused by service in the Vietnam War.
He said the pattern of lower overall mortality was known as the 'healthy soldier effect' which was related to the fact the soldiers would have been selected for health and fitness.
Further work was still needed, including the selection of a non-deployed comparison group to reduce the `healthy soldier effect'.
The study, funded by the War Pensions Medical Research Trust Fund, is due to appear shortly in the international journal BMJ Open.