The narrative elements are the best of the series, the action is the worst. The interaction and acting is natural enough to be acceptable melodrama, not eye-rolling melodrama like the 1st two. Akin to modern South Korean films or something Johnnie To/Dante Lam would do; Tsui Hark's shot composition and image quality is as classy. A novel Saigon, Vietnam War-period setting, and a strong central female character, too.
*Anita Mui, I love you =))))))))))* Gosh I don't know how I could forget to add this movie to my MUBI list. I really wonder how Vietnamese government at that time could let people filmed this movie in Saigon. It was 1987, only 13 years after the 1975 momentum, one year after Doi Moi era and long before Bill Clinton closed the sanctions against Vietnam. Just... how? and why? (see more in comment)