I've seen this previously as well, and unfortunately it only seems to make a good story and doesn't seem to be actually measurably true. According to http://en.wikipedia.org/wiki/List_of_countries_by_traffic-re..., Vietnam has 63 fatalities for 100,000 vehicles compared to the US's 13.
When you consider the numbers across countries, they show that traffic lights do work in reducing fatalities - and the developing world has a huge problem with motor related incidents.