Not exactly accurate.
During the Vietnam war, “the communist movement and united front organization in South Vietnam, Laos and Cambodia,” were collectively often called the Viet Cong.
“It was commonly shortened to VC, which in military alphabet code was spoken as Victor Charlie. It was further shortened to just Charlie.”
While Victor Charlie was shortened to Charlie, instead of having to say Victor Charlie, (since they couldn’t just say VC over the airwaves) to refer to the Viet Cong, Charlie is just a word in the military alphabet code, not a derogatory slur, like Jap is.
The military alphabet code, also known as the standard NATO phonetic alphabet.
"Alfa, Bravo, Charlie, Delta, Echo, Foxtrot, Golf, Hotel, India, Juliett, Kilo, Lima, Mike, November, Oscar, Papa, Quebec, Romeo, Sierra, Tango, Uniform, Victor, Whiskey, X-ray, Yankee, Zulu.
Numbers are pronounced as normal, except often 9 is pronounced “Niner” so it doesn’t get confused with 5."
“It is called the “NATO” alphabet because it was standardised by the NATO member countries back in the 1950s to allow accurate exchange of radio messages between air, naval and army f___es of all the NATO member nations.”