Victims in Hangmen Also Die

The obvious answer is the Czechoslovakian people as they have the Nazis come into their home and take over. Their home becomes a place filled with fear, fear to live their lives as normal because of a people who come in and instill new rules, punishable by death. Looking deeper into it, the Nazis are seen as a people obsessed with personal indulgence. Their wants are satisfied almost as soon as they come about and this can be seen in the scene with the Nazi officer who chews on the sausage during his interrogation of an elderly woman. One would think his focus would be on his questioning of the grocer rather than his "need to feed" at that moment. The Nazi's are victims of themselves, unable to see a broader spectrum of life and deny themselves their every need, they become vicious predators killing thousands and leaving a people in utter despair. They become victims of their leader, a forceful tyranny that sweeps the nation and it seems as if all mental clarity has alluded them. Their own minds have been taken over by the ideals and policies of the Nazi party, and each member succumbs to "group think" and they become a mob of vengeance.

So in all, yes, the Jews of Czechoslovakia are the victims the audience readily identifies with, however the Nazi's are the unseen victims as they have fallen prey to themselves.