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The monument is entirely western in its design: in that it is in sharp contrast with another prominent monument of Bangkok, the Democracy Monument, which uses indigenous Thai forms and symbols. The central obelisk, although originally Egyptian, has been frequently used in Europe and America for national and military memorials - its shape suggesting both a sword and an outstanding mark that it holds in a territory,  here it is designed in the shape of five bayonets clasped together.

The five statues, representing the army, navy, air force, police and civilian bureaucracy, are in a standard western heroic style, familiar in the 1940’s in both fascist and communist states, and were executed by the Italian sculptor Corrado Feroci, who worked under the Thai name Silpa Bhirasi. The sculptor did not like the combination of his work with the obelisk, and referred to the monument as the victory of embarrassment. The monument became an embarrassment in a more political sense in 1945 when the Allied victory in the Pacific War forced Thailand to evacuate the territories it had gained in 1941 and return them to France. Many Thais regard the monument as an inappropriate symbol of militarism and a relic of what they now see as a discredited regime. Nevertheless the monument remains one of Bangkok's most familiar landmarks.

The Monument is one of Bangkok's major traffic intersections. There is a BTS Sky Train station of the same name to the south of the Monument, Victory Monument Station, and the expressway has an exit nearby to the north at Sanam Pao. Many Bangkok BMTA bus lines stop around the Monument's traffic circle, including lines no.8, 12, 14, 18, 26, 27, 28, 29, 34, 38, 39, 54, 59, 63, 74, 77, 92, 96, 97, 108, 112, 139 and 515. Many private commuter van lines also use the Monument as a terminus. Rajvithi Hospital and Robinson Department Store are located at the intersection.