Fired at the muzzle, a representative 5.56 NATO load (4 g, FMJ, 920 m/s) reaches roughly 14 mm (0.5 inches) into kevlar nij iii. That is enough to defeat a typical barrier of this material — treat anything behind it as exposed.
About Kevlar NIJ III
A soft body-armor panel is roughly 5 mm of layered Kevlar.