If the US Department of Commerce had examined the records and practices in Vietnam objectively and fairly, they would have been able to acknowledge the fact that Vietnam was already a market economy like 72 other market economies recognised.

In his inauguration speech on Tuesday, South Korean President Yoon Suk-yeol reaffirmed he would seek a small government and push for growth and a market economy. And South Korea’s top four chaebols – Samsung, SK, Hyundai Motor and LG – seem ready to fuel the momentum.